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Tips for a Midyear Financial Check-Up: Stay on Track and Achieve Your Goals


Jun 28, 2023



As we reach the midpoint of the year, it's an opportune time to take a step back and assess our financial health. Conducting a midyear financial check-up allows us to evaluate our progress, make necessary adjustments, and ensure we're on track to achieve our financial goals. In this blog post, we'll explore some essential tips to help you conduct a successful midyear financial review.

Review Your Budget:

Begin by revisiting your budget and assessing your spending patterns. Analyze your income, expenses, and savings to see if they align with your goals. Look for areas where you may have overspent or opportunities to save more. Consider using budgeting apps or spreadsheets to track your financial transactions effectively.

Evaluate Your Debts:

Take a close look at your outstanding debts, such as credit cards, loans, or mortgages. Assess your progress in paying them off and calculate your current debt-to-income ratio. If necessary, explore strategies to reduce your debt burden, such as consolidating high-interest debts, negotiating lower interest rates, or creating a repayment plan.

Check Your Savings:

Evaluate the state of your savings accounts. Are you consistently contributing to your emergency fund or other savings goals? Aim to have at least three to six months' worth of living expenses saved in an easily accessible account. If you haven't been saving regularly, it's never too late to start. Automate your savings by setting up automatic transfers from your paycheck or checking account.

Assess Your Investments:

Review the performance of your investments, including stocks, bonds, mutual funds, or retirement accounts. Consider consulting a financial advisor or using online tools to evaluate your portfolio's diversification and risk level. If needed, rebalance your investments to align with your long-term financial goals and risk tolerance.

Evaluate Insurance Coverage:

Take a moment to reassess your insurance coverage, including health, life, home, and auto insurance policies. Ensure your coverage is adequate for your current circumstances and make adjustments if necessary. Consider shopping around for better rates or exploring bundle discounts to save money without compromising coverage.

Review Retirement Contributions:

Examine your retirement savings contributions and assess whether they're sufficient to meet your retirement goals. Maximize your contributions to employer-sponsored retirement plans like 401(k)s or IRAs. If you receive a salary increase, consider increasing your contribution percentage to take advantage of potential employer matches or tax benefits.

Revisit Financial Goals:

Reflect on the financial goals you set at the beginning of the year. Evaluate your progress and make any necessary adjustments. Celebrate your achievements and reassess goals that may require modification due to changing circumstances. Setting SMART (specific, measurable, attainable, relevant, and time-bound) goals will help you stay focused and motivated.

Plan for the Future:

Use your midyear financial check-up as an opportunity to plan for the future. Consider major upcoming expenses, such as vacations, home renovations, or education costs. Start saving for these goals or adjust your budget accordingly. Also, explore strategies for long-term financial planning, such as estate planning, retirement projections, or setting up college funds for your children.


A midyear financial check-up is an invaluable exercise that empowers you to take control of your finances and make informed decisions. By reviewing your budget, debts, savings, investments, insurance coverage, retirement contributions, and financial goals, you can identify areas for improvement and ensure you're on track to achieve financial success. Remember, consistent effort and periodic evaluations will lead to long-term financial stability and the realization of your dreams.

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Equal Housing Lender

Hitch, Inc. NMLS #2383367 #2383367

2158 NW Toussaint Drive. Bend, Oregon 97703

1. Qualified applicants may borrow up to 95% of their home’s value. This does not apply to investment properties.

2. HELOCs have a 10-year draw period. During the draw period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) the total of all accrued finance charges and other charges for the monthly billing cycle. During the draw period, the monthly minimum payments may not reduce the outstanding principal balance. During the repayment period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) 1/240th of the outstanding balance at the end of the draw period, plus all accrued finance charges and other fees, charges, and costs.The lender will calculate this amount by taking the outstanding Account Balance on the last day of the draw period and dividing it by 240 months and then adding any finance charge that accrues but remains unpaid during the monthly billing cycle plus any other fees, charges and costs to the fixed principal payment that is due. During the repayment period, the monthly minimum payments may not, to the extent permitted by law, fully repay the principal balance outstanding on the HELOC. At the end of the repayment period, the borrower must pay any remaining outstanding balance in one full payment.

3. The time it takes to get cash is measured from the time the Lending Partner receives all documents requested from the applicant and assumes the applicant’s stated income, property and title information provided in the loan application matches the requested documents and any supporting information. Most borrowers get their cash on average in 21 days. The time period calculation to get cash is based on the first 4 months of 2024 loan funding's, assumes the funds are wired, excludes weekends, and excludes the government-mandated disclosure waiting period. The amount of time it takes to get cash will vary depending on the applicant’s respective financial circumstances and the Lending Partner’s current volume of applications. Closing costs can vary from 3.0 - 5.0%. An appraisal may be required to be completed on the property in some instances.

4. Not all borrowers will meet the requirements necessary to qualify. Rates and terms are subject to change based on market conditions and borrower eligibility. This offer is subject to verification of borrower qualifications, property evaluations, income verification and credit approval. This is not a commitment to lend.

5. The content provided is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply.