Mid-Year Financial Tune-Up: Simple Steps to Refocus and Refresh Your Financial Plan

Just like a car needs a tune-up to keep running smoothly, your financial life benefits from performing semiannual reviews. June is the perfect time to pause, reflect, and make any adjustments needed to keep your financial goals on track for the rest of the year. If you’ve gotten off track for one reason or another, it’s a great chance to hit a reset button and finish the year strong.

At StillWater Financial Advisors, we walk (or sometimes run) through life alongside our clients—not just once a year during tax season or big transitions, but throughout the entire messy journey. Here’s a simple mid-year financial checklist to help you reset, refocus, and realign your money with what matters most to you.

1. Revisit Your Goals

Whether you’re saving for a home, planning a family vacation, or preparing for retirement, your goals will likely shift as life evolves. Take a few moments to reflect:
- What are my short- and long-term goals? Have they changed or are they still relevant?
- Have any major life changes occurred recently (job change, new child, move, etc.)?
- Are my priorities clear and reflected in my current plan?

If anything in your life has changed, there’s a good chance your financial plan should change as well.

2. Review Your Budget and Spending

A lot can happen in six months—from

grocery price swings to monthly subscriptions

you forgot you had. Look over your recent

spending and ask:
- Where is your money going each month?
- Are you living within your means?
- Is your spending aligned with your values?

A budget isn’t about restriction—it’s about

intention. And when done well, it creates freedom

and clarity. That’s why we like to call this document

a spending plan, to reflect the empowerment it can

bring to your finances.

3. Check In on Your Emergency Fund

Life throws curveballs. A fully stocked emergency fund can make all the difference. A good rule of thumb is at least 3–6 months’ worth of essential expenses. As you get closer to retiring, this figure should likely increase.
- Do you have enough set aside for the unexpected?
- Is your emergency savings in a place that’s accessible but not tempting to spend?

This simple check can give you serious peace of mind. If you are underfunded in this area, that likely moves to the top of your saving priority list.

4. Tidy Up Your Investments

Mid-year is a great time to evaluate how your investments are performing—and more importantly, whether they’re aligned with your risk tolerance and goals.
- Has your portfolio drifted off course?
- Are you diversified across asset classes?
- Does your investment strategy reflect your values (e.g. faith-based, impact-focused)?

Working with a financial advisor (like us!) ensures you’re not navigating this alone. We don’t think savvy portfolio management is rocket science, but it does take consistency and discipline in the face of all kinds of markets to see the most beneficial results. We have found that even the most capable of individuals benefit from having objective, confident execution support in this area.

5. Check Your Tax Withholding

The last thing anyone wants is a surprise tax bill next April. If your income has changed this year—through a raise, a new job, or side income—you might need to adjust your withholdings or estimated payments. This also includes the possibility of withholding too much. If you are on track to hold too much in taxes, make some adjustments to put more money in your pocket today rather than waiting for a refund. We are not fans of giving the government interest free loans when it could have been in your hands working. Ideally you are shooting to owe less than $1,000 but also get back less than $1,000. We like to run intuitive tax projections to help clients visualize this and make necessary changes.

6. Review Your Insurance and Estate Documents

Life insurance, disability insurance, and estate planning documents are often “set it and forget it”—until it’s too late. In reality, all of these things need regular maintenance just like your investments. Life insurance and disability needs analysis should be done no less often than every 2 years. Your life is changing and the industry is changing which could necessitate coverage updates, or bring a chance to get more for less.

Estate plans should be reviewed no less often than every 5-8 years (or around any major life change).
- Are your beneficiaries up to date?
- Do you have the right coverage in place?
- Is your will or power of attorney current?

These are small but essential steps to protect your family and your legacy.

7. Give Generously (and Strategically)

If generosity is part of your financial plan, mid-year is a great time to review your giving strategy. Generosity is at the heart of what we do and believe in at Stillwater. We love helping clients understand what is possible, and get creative about ways to leverage existing tools to expand their impact. When ready, we see generosity as one of the common denominators to living a fulfilling life.
- Do you have your generosity goals clearly defined?
- Are you using the most advantageous approach to achieve your goals?
- Are there ways to involve your family in the giving conversation to create additional connectedness?

Giving should be joyful and impactful—and it’s even more rewarding when it’s part of a thoughtful plan that sets you up well for not only this year, but the aspirational wishes you have for the future. The more wealth you have, or build, the more important it is to spend some time developing a custom strategy. However, creative philanthropy is something for all ages and stages of givers!

Conclusion

A mid-year check-in isn’t about being perfect—it’s about being honest and intentional. If anything in on this list feels overwhelming, that’s okay. You don’t have to do it alone.

At StillWater Financial Advisors, we’re here to walk with you—whether you need a second opinion, a sounding board, or a complete financial refresh. It is the reason our company was founded and we wake up every day to do what we do. We love building relationships and helping be a part of seeing goals and dreams become reality. Reach out today to start the process of getting your mid-year tune-up, and let’s make sure your money is working as hard as you are.

Contact us → www.stillwaterfa.com/contact