8 ways to get motivated with a mid-year money check up

Now that we’ve reached the halfway mark of the year, it’s a great time to reassess your financial situation. A mid-year money check-up can help you stay on track with your goals and make any necessary adjustments. So let's take a closer look at some key areas to review and fine-tune for a successful financial year ahead.

1. Review your budget

Has your budget been keeping up with your lifestyle? Take a peek at your spending habits over the past six months. Are there any surprises or areas where you can tighten up? Use apps like Frollo to get a clear snapshot of your financial flow and where you can cut back.

2. Boost your emergency fund

Life’s full of unexpected twists and turns. Make sure your emergency fund is in good shape. Aim to have three to six months worth of living expenses stashed away. It’s your safety net for those unplanned expenses like car repairs or medical bills.

3. Check your progress on financial goals

Remember those goals you set at the start of the year? Whether it’s saving for a holiday, paying off debt, or boosting your super, now’s the time to see how you’re tracking. Celebrate your wins and tweak your plan if you’re falling behind.

4. Tackle high-interest debt

Debt weighing you down? Focus on paying off high-interest debt first like credit cards. Consider consolidating your debts to a lower interest rate or balance transfer credit card. It’s all about lightening your load.

5. Revisit your investments

Market changes can impact your investment portfolio. Review your investments to ensure they align with your risk tolerance and financial goals. Diversify if needed and make adjustments to keep your portfolio balanced.

6. Review your insurance coverage

Life happens, and you want to be prepared. Review your insurance policies; health, home, car, and life insurance. Make sure your coverage is adequate and shop around for better rates if needed. Peace of mind is priceless.

7. Plan for taxes

Tax time has arrived so it pays to start planning now. Organise your documents, track your deductions, and consider speaking to a tax professional. This way, you’ll be ready to maximise your return and avoid any last-minute stress.

8. Update your financial records

Keeping your financial records up to date is crucial. Review your bank statements, update your budget, and make sure all your financial documents are organised. It’s like giving your finances a good spring clean.

Your mid-year money check-up is the perfect way to ensure you’re on track to meet your financial goals. Use these tips to help make your second half of the year financially strong.