Stay financially fit this summer with these smart mid-year strategies
Now that tax season is over and summer is here, it is tempting to extend those vacation plans to your financial plan as well. With a relaxed mindset, time off work and increased outdoor activities, it's easy to lose focus on your long-term financial goals. But before you schedule that next tee time or weekend getaway, why not check in on your financial progress? In fact, summer is a great time to revisit your financial plan to ensure you're still on track at the half-way point in the year. Summer spending can add costs like higher electricity bills and more frequent dinners out. Add an unpredictable stock market to the mix and it's easy to veer off course. Here are six intentional steps you can take to keep your financial plan in check this summer.
1. Revisit your financial goals.
Reflect on whether life changes have taken place that could call for adjustments to your financial plan. Did you start a new job? Is your family growing? You may also want to assess your spending habits and budget to make sure they are still supporting your financial objectives. Additionally, review old accounts in case there may be a 401k that needs to be rolled over and reinvested. Revisiting your financial goals regularly helps to ensure they remain aligned with your short-term and long-term retirement planning needs.
2. Review your portfolio and rebalance.
It is a good idea to regularly revisit your asset allocation, or how your investments are split between equities, fixed income and cash. This allocation should align with your situation, comfort with market fluctuation and investment goals. Your risk tolerance may have changed due to life events or market volatility, which could require an investment rebalance to stay on track. A financial advisor can help review your risk tolerance and portfolio, and help to make necessary adjustments.
3. Seek out tax savings.
It's common to wait until March to pull tax documents together, but reviewing tax-savings strategies mid-year can provide insight and allow time to make changes. Consider reviewing withholding options, health savings account (HSA) contributions, 401(k) contributions and/or required minimum distributions (RMDs) to ensure you're on track for tax time. Additionally, tax laws may have changed, so staying informed gives you the opportunity to better adapt and prepare for tax time.
4. Assess your estate plan.
Whether you've created an estate plan or have it on your to-do list, now is a good time to make it a priority. Having updated documents in place such as your Last Will and Testament, trust, power of attorney and healthcare directives ensures your wishes will be met without complications. Additionally, creating a summary document that outlines your estate plan and financial information can be a valuable resource for your loved ones to have in the event of an emergency or transition.
5. Update your insurance policies.
If you've experienced life changes such as a marriage or divorce, it is important to review and update life insurance policies. If your current employer does not offer adequate life insurance benefits, you may consider an individual policy to bridge the gap. Reviewing your insurance coverage ensures you have the appropriate level of protection and that it aligns with your financial priorities. It also gives you the opportunity to update your beneficiaries if needed.
6. Check in with your financial team.
One of the most important aspects of managing wealth and your retirement plan is having the right team in place. It is a good idea to schedule a mid-year check-in with your financial advisor, CPA, estate attorney and other key professionals. Even a brief meeting can uncover opportunities and identify strategies that may need revising. Yes, summer is meant for sunshine and making memories. But taking time for financial steps now isn't about restriction, it's about empowerment. A mid-year check in can help avoid year-end stress and set you and your loved ones on course for a smooth rest of the year.
For customized financial planning to help you reach your financial goals, or if you have questions about your current financial plan, click here to schedule a time to speak with a Bayntree financial advisor.
Mid-Year Financial Planning Checklist
| Action Step |
Why It Matters |
Suggested Timing |
| Revisit your financial goals |
Aligns your plan with recent life changes |
Early summer |
| Review & rebalance investments |
Maintains proper risk and diversification |
Quarterly or mid-year |
| Check tax-saving opportunities |
Allows time to adjust contributions or withholdings |
Mid-year to early fall |
| Assess estate documents |
Ensures your wishes are up to date |
Annually or as needed |
| Update insurance coverage |
Reflects family/lifestyle changes |
After major life events |
| Meet with financial professionals |
Helps you stay on track and uncover new ideas |
Mid-year and year-end |
Frequently Asked Questions About Mid-Year Financial Planning
Why is summer a good time to review your financial plan?
Summer marks the halfway point of the year, making it a natural checkpoint. Tax season is behind you, you have a clear picture of your income and spending so far, and there is still enough time to make meaningful adjustments before year-end. Waiting until December leaves little room to act on what you find.
What life events should trigger a review of my financial goals?
Starting a new job, getting married or divorced, having a child, receiving an inheritance, or approaching retirement can all shift your financial priorities. Any significant change in income or family structure is a signal to revisit your plan and confirm your goals still reflect your current situation.
What does it mean to rebalance a portfolio?
Rebalancing means adjusting your investment mix back to your intended allocation. Over time, market movements cause some assets to grow faster than others, shifting your risk exposure beyond what you originally planned. Rebalancing brings your portfolio back in line with your goals and risk tolerance.
What tax-saving opportunities are worth reviewing mid-year?
Mid-year is a good time to check whether you are on track with 401(k) contributions, HSA contributions, and tax withholdings. If your income has changed or tax laws have been updated, you may have opportunities to reduce your tax bill that are not available once the year ends.
How do I know if my estate plan needs to be updated?
If you have had a major life change — marriage, divorce, the birth of a child or grandchild, or the death of a named beneficiary — your estate documents likely need a review. Even without a life change, confirming your beneficiary designations and powers of attorney are still accurate at least once a year is a good practice.
When should I review my life insurance coverage?
Life insurance should be reviewed after any major life event, particularly marriage, divorce, the birth of a child, or a significant change in income. If your employer-provided coverage has gaps, a mid-year review is a good time to assess whether an individual policy makes sense to bridge them.
How often should I meet with my financial advisor?
At minimum, a mid-year and year-end meeting gives your advisor enough touchpoints to catch issues early and adjust your plan before deadlines arrive. More frequent check-ins may be appropriate during periods of market volatility or major life transitions.
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Investment advice is offered through Bayntree Wealth Advisors, LLC, an SEC-registered investment adviser. Insurance and annuity products are offered separately through Bayntree Wealth Advisors. Bayntree does not provide, and no statement contained herein shall constitute, tax or legal advice. You should consult a tax or legal professional on any such matters. Opinions expressed herein are solely those of Bayntree Wealth Advisors. All content is for informational purposes only and is not intended to provide the basis for any financial decisions.
