Your mid-year money check-up: 8 things to review

Remember the money goals you set in January? It's June now, and if you're honest, you haven't checked them in months. That's normal, and the halfway point is the perfect moment to catch up. This mid-year money check-up walks you through eight things to review, so the second half of the year goes to plan.

A mid-year money check-up is the fix. It's a slightly longer review than your usual monthly look, done once around June or July, covering the bigger things that don't need attention every month.

Set aside about an hour. Work through these eight areas in order, and you'll end up with a clear, realistic plan for the rest of the year.

1. How Are Your Goals Really Doing?

Start with the goals you set at the beginning of the year. For each one, compare where you are with where you'd expect to be at the halfway point.

Say your goal was to save $6,000 this year, or $500 a month. By the end of June you'd hope to have $3,000. Instead you have $2,400, which is 40% of the goal. To finish on time, you'd need $3,600 over the next six months, or $600 a month.

Is $600 realistic? If yes, great. If not, that's fine too. We'll come back to resetting targets at the end.

2. Which Subscriptions Crept In?

Six months is plenty of time for new subscriptions to appear. A free trial you forgot, an app you signed up for once, a price rise on something you already had.

• List every recurring payment and its current price.
• Mark anything you haven't used in the last month.
• Note which annual renewals are coming in the second half of the year.

Cancelling two $10 a month subscriptions now saves $120 over the rest of the year, and $240 every year after that. More on finding the ones you forgot.

3. Are Your Debts Going Down?

Write down every debt with its balance now and at the start of the year. Credit cards, loans, car finance, buy now, pay later plans, mortgage.

Look for two things. First, is the total going down? Second, has any balance gone up? A card that grew over six months is worth a closer look before it grows another six.

Also check the interest rates. Promotional rates often end after a set period, and it's easy to miss when a 0% deal quietly turns into a normal rate.

4. Is Your Emergency Fund Still the Right Size?

Your costs may have changed since you last set your target. Rent went up, a new baby arrived, you switched to freelance work. Recalculate three to six months of your essential costs and compare it with what you have.

Also check whether you dipped into it this year. If you did, that's exactly what it's for. Just make refilling it a priority for the months ahead.

5. Has Your Investment Mix Drifted?

Markets move, and over six months your mix of cash, investments, crypto and other assets can shift without you doing anything. One holding that did well can quietly become a much bigger share of your wealth than you planned.

Look at how your wealth is split today and ask if you're still comfortable with it. This isn't a prompt to trade on news. It's a chance to notice drift and decide calmly. Here's how to read your asset mix. If you're unsure what suits you, a qualified adviser in your country can help.

6. Is Your Insurance Still a Good Fit?

Insurance is easy to set and forget. But life changes, and so do prices. Spend a few minutes on each policy:

• Home, contents or renters insurance. Does it still cover what you own?
• Car insurance. When does it renew, and has the price jumped?
• Life or income protection. Have your responsibilities changed this year?
• Health or travel cover. Do you have trips planned that need it?

Put renewal dates in your calendar a few weeks early, so you have time to compare rather than auto-renewing at a higher price.

7. What Big Costs Are Coming Before December?

The second half of the year is often expensive. Back to school costs, weddings, birthdays, car services, annual renewals and the holidays.

List everything you can think of with a rough amount and month. Then work out how much you'd need to set aside each month to cover them without borrowing. If the holidays are a big one, this holiday spending plan shows how to start early.

8. Reset Your Targets for the Second Half

Now bring it all together. You know where your goals stand, what you've freed up and what's coming. Time to set honest targets for the next six months.

You have three options for any goal that's behind:

Finish by writing down your top three goals for the rest of the year, each with a number and a date. If goals keep slipping, these are the most common reasons and how to fix them.

Make Your Check-Up Easier With Netvo

Netvo puts most of this check-up on a few screens. Your net worth and History chart show how the year has gone so far, and the Distribution view shows how your wealth is split. The subscription tracker lists every renewal with your total monthly spend, and Future Payments holds the big costs coming later in the year.

Goals and Milestones show exactly where each target stands, and the AI Coach projects when you'll reach them at your current pace, so resetting targets is based on real numbers. All private, with no account and no bank login.

Frequently Asked Questions

Netvo is a private net worth tracker for iOS and Android. More from the blog.