How to Do a Mid-Year Financial Checkup (June 2025)

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Let’s face it: life moves fast. The kids are finishing up school, summer’s rolling in, and maybe—just maybe—you’ve lost track of those money goals you set back in January.

If that sounds familiar, don’t sweat it. June is the perfect time for a mid-year financial checkup. A few simple adjustments now can prevent big headaches later—and set you up for a strong second half of the year.

Whether you’re a busy parent juggling family life or just trying to build wealth without burning out, this guide will walk you through a straightforward financial tune-up in less than an hour.

1. Revisit Your 2025 Money Goals

Pull out your January goals. (If you didn’t write them down—no worries, start now.)

Ask yourself:

• Did I hit any early wins?

• Am I behind—and why?

• Have our priorities changed?

Life happens—job changes, medical stuff, new expenses with the kids. If your original plan no longer fits your reality, tweak it. Goals are meant to be used, not worshipped.

Money Dad tip: Choose one financial goal to finish strong by December. Focus beats perfection.

2. Audit Your Spending (Without Guilt)

This isn’t about shaming yourself for the Target runs or travel ball fees. This is about getting clarity.

Pull the last 3 months of spending. Use a tool like Monarch, YNAB, or a simple spreadsheet. Sort into broad categories:

• Needs (housing, groceries, utilities)

• Wants (dining out, Amazon, entertainment)

• Goals (debt payoff, savings, investing)

Look for leaks:

• Subscriptions you forgot about

• Dining out creep

• Impulse spending after long days

Money Dad tip: Don’t cut everything—just redirect $100-$300/month from “meh” expenses to things that move you forward.

3. Update Your Net Worth

Your net worth is the scoreboard of your financial life—assets minus debts.

June is a great time to update it. Track:

• Checking/savings accounts

• Retirement accounts

• Brokerage accounts

• Home equity

• Cars (optional)

• Credit cards

• Loans (student, car, mortgage)

Money Dad tip: Even if it’s not where you want it yet, track it anyway. Small progress feels a lot bigger when it’s visible.

4. Check Your Emergency Fund

Are you still sitting on 1–3 months of core expenses? Or did life nibble away at your savings?

Use this midpoint to restock your emergency fund if needed. You don’t want to be one car repair away from a credit card crisis.

Money Dad tip: Treat your emergency fund like an insurance policy—boring, but essential. Automate a small transfer weekly if it feels too hard to fund all at once.

5. Review Your Debt Paydown Plan

Whether you’re crushing credit card debt, chipping away at student loans, or just trying to stay afloat—this is your moment to adjust.

Ask:

• Can we increase payments by even $50/month?

• Should we refinance?

• Do we need to pause and prioritize cash flow for summer?

Money Dad tip: Debt is a math and mindset game. You don’t have to be perfect. You just have to keep going.

6. Plan for Summer & Fall Spending Now

Look ahead:

• Summer vacations?

• Back-to-school costs?

• End-of-year sports fees?

• Holiday travel?

Create sinking funds now. Even $20/week per category helps take the sting out of big upcoming expenses.

Money Dad tip: A budget is not a cage—it’s a game plan. Give your future self a break.

7. Have a Family Money Talk

June is a natural time to pull your partner (and even your kids) into the conversation.

Try:

• A budget date night

• A money walk with your spouse

• A family goal jar for something fun

Money Dad tip: Talk about money early, often, and with heart. Financial literacy is one of the best gifts you can pass down.

Final Thoughts: This Isn’t a Test—It’s a Tune-Up

You don’t need to overhaul your life in one afternoon. But taking a beat in June to realign your money with your goals can be the difference between coasting into 2026—or scrambling to recover.

You’re not behind. You’re right on time.

Finish the year on purpose. Let’s build something better—one small win at a time.

✅ Mid-Year Financial Checkup Checklist

• Revisit money goals

• Review 3 months of spending

• Update net worth

• Refill emergency fund

• Adjust debt payoff plan

• Set summer/fall sinking funds

• Have a family money talk

Want help doing this with support? I walk families through this process every quarter in The Money Dad coaching program. Schedule an INTRO CALL for guidance to grow your wealth—without sacrificing what matters most.

Let’s get your money back on track.

—Kevin

The Money Dad

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