A Mid-Year Financial Reset: What to Keep, What to Fix, What to Revisit

January often gets the spotlight when it comes to making changes. But by June, most people find that real life has taken over. Tasks have been put off, well-intentioned commitments were overrun by a busy life, and new habits might not have stuck.

That is why this point in the year is a useful checkpoint for a simple reset. A mid-year reset is not about making big changes. It is about making sure nothing important has quietly fallen by the wayside.

Start with what to keep. Many of the big, most important parts of life do not need frequent changes. Financially, sticking to your saving or distribution plan, periodically reviewing all the parts of your finances, and staying committed through market ups and downs are all habits worth maintaining. Now that we are on the other side of the financial busy season (the holidays and tax time), it is a good time to evaluate some of the more granular goals you want to keep. Are you living out the life you planned to? Make refreshed plans to keep the good things going.

If there are changes to make, now is the time to take a fresh look. Over time, small things can creep into our lives and take up valuable time, space, and money. These issues are rarely urgent on their own, but together they can slowly erode your plans if left unchecked. Summer is a great time to refresh your commitments and achieve some goals by addressing the small things holding you back. Small changes are the key to making it a fulfilling process rather than an overwhelming one.

Revisit your goals: Is your income and spending in sync? Are there upcoming decisions, like travel, retirement, or family gifting, that should be planned for rather than reacted to? How might you set yourself up for success when times get busy again? Revisiting goals frequently (not just in January) is a good way to adjust and prevent small things from getting in the way. Recognizing what worked well and what unintentionally crept into your life can help you plan for what’s coming. So, take time this summer to do a quick reset; you will thank yourself in January.

- Kyle McCune, CFP®, Reify Wealth Advisors

This article was included in the Reify Wealth Advisors Quarterly Newsletter.