The Rational Mid-Year Financial Checkup: Your Blueprint for Peace & Prosperity

Life doesn’t slow down, and sometimes, neither do your finances. With the whirlwind of daily obligations, personal changes, and shifting economic conditions, it’s easy to veer off track from the financial goals you set at the beginning of the year. That’s why a mid-year financial check-up is so important.

Think of it like your annual doctor’s visit, except instead of checking your vitals, you’re checking your savings, debts, spending habits, and overall financial health. You’re evaluating where you are right now, what’s changed over the past year, and where you want to go. With a little help from the Rational Finance Framework, you can make thoughtful, grounded decisions that support long-term happiness and stability, not just short-term survival.

A Mid-Year Financial Check-Up: Step By Step

Ready to check in on your financial health? Here’s a practical breakdown of what to review and why it matters.

1. Review What’s Changed

A lot can happen in a year or even six months. Any of the following can significantly shift your financial picture:

• Job change or change in income (promotion, layoff, side gig, etc.)
• Marriage or divorce
• Birth or death in the family
• Moving to a new home or city
• Changes to your investment or retirement accounts
• New debt (car loan, mortgage, credit cards, etc.)
• Large unexpected expenses (medical bills, home repairs, etc.)

Start your check-up by listing the changes that have occurred in your life since your last review. These shifts can reveal new opportunities or new risks that need to be accounted for in your financial plan.

2. Review Your Credit Reports

Though reviewing them is a tedious task, your credit reports are a crucial piece of your financial puzzle. Everyone is entitled to a free credit report from each of the three major bureaus at least once per year. Reviewing your reports allows you to:

• Spot any errors or outdated information
• Detect potential fraud or identity theft
• Understand where your credit score stands and how lenders see you

If you notice anything suspicious or incorrect, take action right away. It’s better to deal with it now than let it snowball into a bigger issue down the line. It’s also imperative to check all three reports, as one or more may have conflicting or incorrect information you need to dispute or correct.

3. Reconnect With Your Goals

What do you really want your life to look like? If you’ve already mapped out financial milestones, now’s the time to check your progress. If you haven’t yet, here’s how to set clear financial goals to guide your journey with financial milestone mapping.

Ask yourself:

• Have my goals or priorities changed?
• Are my current financial habits moving me toward those goals?
• If I keep going the way I’m going, will I get there on time?
• If I’m not on track for my milestones, what adjustments should I make?

Financial milestone mapping is far more than simply numbers. It helps you create a financial plan that’s in sync with your real life, values, and priorities. Managing your finances and reaching your ideal life requires you to consider every aspect of your situation, monitor your progress, and update your process as needed. 

4. Determine Where You Want to Be a Year From Now

Once you’ve re-centered your aim and taken stock of your situation, look ahead. Where do you want to be by the next mid-year check-in?

Do you want to: 

• Pay off a specific debt?
• Build your emergency fund?
• Save for a home, trip, or major milestone?
• Increase your investments?

Write down your objectives, create a plan, and check in with yourself again in a year to see how far you’ve come.

Get the All-Clear at Your Next Financial Checkup With Rational Finance

Your financial decisions shouldn’t be driven by trends, pressure, or outdated rules. They should be guided by what truly matters to you. 

That’s the foundation of the Rational Finance Framework. It’s an approach that prioritizes clarity, context, and customization. It helps you identify what you want most out of life and aligns your finances with those desires, giving you the tools and insight to make decisions that support your vision of success and stability. Rational Finance is structured, goal-oriented, and designed around your life, your specific circumstances, and your long-term aspirations.

With Rational Finance, you don’t have to second-guess whether you’re making the “right” financial moves. Every decision is rooted in your goals, values, and what a fulfilling life looks like to you. This approach helps you create a clear, practical strategy for a future that aligns with your vision, empowering you to make confident choices today so you can enjoy more freedom, purpose, and joy tomorrow.

Investment advice offered through PFW Advisors, LLC, a SEC-Registered Investment Adviser. Registration does not imply a certain level of skill or training. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by PFW Advisors, LLC or its representatives is stated or implied. The information contained herein is for educational purposes only. It is not intended to provide, and should not be relied on for, any tax, legal or investment advice. You are advised to seek the advice of a qualified professional before making any decision based on any specific information contained herein. The particular tax consequences of any investment or strategy will depend on your specific tax situation.

The links above are provided as a courtesy. We make no representation as to the completeness or accuracy of information provided at these websites. When you access one of these websites, you are leaving our website and assume responsibility and risk for your use of the websites to which you are linking.