Mid-Year, Mid-Win: How to Check Your Financial Pulse 

Do one thing: Many people underestimate what they spend. Make sure you know where your money is going by tracking your spending. 

Steps to Improve Your Finances

When it comes to improving their financial situations, more than 80% of U.S. adults are interested in making enhancements, according to a national survey conducted in May 2025. But here’s the rub: some 40% of those polled say they aren’t sure how to manage their personal finances to make those improvements into realities.  

Start With Monthly Spending

One quick way to take control of your money is to do a deep dive into your monthly spending to figure out where every single dollar goes. Here’s how to get started:

• Set aside an hour or so of uninterrupted time. 
• Gather your credit card bills and financial statements.
• Go line-by-line through each one to see what you spent.
• Adjust category by category to begin spending less than you earn.

Be Brave When Facing Your Finances  

While those steps may seem daunting, they can be accomplished as long as you’re willing to take the time — and continue to pay attention to your spending. The important thing is to be brave and face the situation so you can take control and begin to move forward. After all, those who know where they stand financially tend to be more confident in their decision-making when it comes to handling money. 

Take Your Financial Pulse

Once you have a better idea of where you stand financially, make sure you stay on top of it.  Consider this your mid-year money checkup.  “It’s helpful to check your financial pulse frequently and course-correct,” notes Samantha Mockford, CFP, a wealth advisor with Citrine Capital in San Francisco. We checked in with Mockford and other financial experts to get their take on how to successfully review your financial progress at mid-year. (Spoiler alert: It doesn’t have to be complicated.)

Automate Savings

Did you automate your savings this year? If you set up a savings or money market account (at any point) and are having money moved over automatically into that account weekly or monthly, good for you! Now, go take a look at the balance. Notice how the automated savings are growing, Mockford says, and take a moment to be encouraged. 

Pay Down Debt

Millions of Americans are deep in debt. But anyone who is taking steps to pay down that high-interest debt should take this time to monitor their progress. Whether you have thrown hundreds or thousands at your balances since last year, take a moment to see how far you have come.  

Consider a Sinking Fund

If irregular or unexpected expenses stress you out, this mid-year check-up could be the impetus you need to start a sinking fund. “That’s when you set aside cash each month or with each paycheck,” Mockford explains, that’s “earmarked for a specific purpose. Most of the year, you do not spend from it, but when it comes time to replace furniture, pay for kids’ summer camps, go on vacation, or pay a big vet bill, you’ll be ready!”

Cash Holdings and Emergency Funds

Certified financial planner Ashley Rittershaus, founder of Curious Crow Financial Planning, says there are a few factors she reviews with clients at mid-year, including a review of cash holdings to see if the amount is appropriate, based on an individual’s financial situation.

• One rule of thumb is to have 3-6 months of expenses for an emergency fund, but a larger cash reserve may make sense based on your personal situation, she says. For example, if your income isn’t stable or you have some large upcoming expenses.

• On the other hand, Rittershaus explains, you may find you’ve accumulated more cash than you need for your situation, in which case you can direct the excess to other goals.

• To maximize the interest you earn on your cash, consider holding cash reserves in a high-yield savings or money market account that is FDIC-insured.

Income and Expenses

Review your projected cash flow (income and expenses) for the year to understand whether you’re expected to have a cash flow surplus or deficit, notes Rittershaus. (A surplus is having extra money left over, and a deficit is not having enough to cover your total expenses.)

• Surplus. If a surplus is expected, make a plan for where to direct that money. This might be to pay off high-interest debt, build up your cash reserves, increase your retirement contribution, or invest in a taxable brokerage account.

• Deficit. If a deficit is expected, make a plan for how to cover that, either by cutting expenses or pulling from other assets, based on your situation and goals.

The Bottom Line for Mid-Year Check-Ups

Monitoring your finances regularly doesn’t have to be a bummer. Depending on where you are, you may be able to treat yourself in the second half of 2025, says Alvin Carlos, CFA, CFP, a financial planner and managing partner with District Capital Management in Washington, D.C.

“I love checking our budget versus our actual spending in the summer,” Carlos explains. “If we spent too much in the first half of the year, we can pare back our Fall or Christmas plans. If we have an extra pot of cash we haven’t spent, I might take more pickleball lessons or do something fun!”

With reporting by Casandra Andrews