KENT PATRICK: Pause to reassess your money goals

Published 7:44 am Saturday, July 19, 2025

As the year races past its halfway mark, many people find themselves reflecting on their progress—personally and professionally. But one crucial reflection that often gets overlooked is the status of your finances. A mid-year financial review is a powerful tool that can help you stay on track toward your financial goals, adjust plans as needed, and improve your overall financial health.

Why a Mid-Year Review Matters

Just like regular health check-ups keep your body in good shape, a mid-year financial

review helps ensure your money is working for you. Life is unpredictable, and changes—whether planned or unexpected—can affect your financial situation. These could be shifts in income, expenses, market conditions, or even changes in your personal goals, such as buying a home, starting a family, or planning for retirement. Without a financial check-in, you risk falling behind on savings, overspending, or missing opportunities to invest wisely.

What to Look For in Your Review

1. Budget Check: Are your spending habits aligned with your goals? Review your income and expenses. Have any bills increased? Are there areas where you can cut back or need to allocate more funds?

2. Savings Progress: Are you on track with your emergency fund and retirement  savings? The mid-year point is a good moment to increase contributions if possible.

3. Debt Management: Evaluate your debt repayments. Have you paid down credit cards or loans as planned? Can you accelerate payments to reduce interest?

4. Investment Portfolio: Market fluctuations happen, so reassessing your investments can help you balance risk and return based on your timeline and comfort level.

5. Life Changes: Have there been any changes in your family, job, or health that might affect your finances? Update your financial plan accordingly.

Benefits Beyond Numbers

Performing a mid-year review gives you peace of mind. It reduces financial stress by allowing you to proactively manage your money instead of reacting to surprises. It also motivates you by highlighting progress and helping you reset goals for the remainder of the year.

Tips for an Effective Review

• Set aside dedicated time—ideally an hour or two—to go through your finances without distractions.

• Use budgeting apps or spreadsheets to track your numbers clearly.

• Consult with a financial advisor for personalized guidance.

• Involve your partner or family to ensure everyone is on the same page.

In Conclusion

A mid-year financial review is more than just crunching numbers. It’s a chance to pause, reflect, and steer your finances toward a stronger future. Whether you’re aiming to build wealth, get out of debt, or simply feel more confident with your money, taking this simple step can make a big difference.

Don’t wait until December to evaluate your financial health. Make the most of the year by reviewing your finances now and finishing strong.

Kent Patrick is with Bush Wealth Management. This information should not be construed by any client or prospective client as the rendering of personalized investment advice.  For more information, please visit BushWealth.com for full disclosures.