With the first six months of 2025 coming to a close in a week, I've begun the Slife household's annual mid-year review.
Although my wife and I regularly track our household spending and savings, I've found it beneficial to conduct a broad review at mid-year. A six-month look-back provides a helpful perspective on our financial situation, and it helps us anticipate (at least in a measure) how the rest of the year might unfold.
Among other things, a January-June review helps us determine if the budget figures we put in place late last December need updating. Already I know that some surely do! We've incurred more automotive and home-repair expenses than anticipated. Additionally, we've borne unexpected travel and lodging costs (related to important out-of-state family matters) that have eaten into our savings.
Reviewing the numbers here at mid-year lets us know how we need to adjust our spending and savings targets as the second half of the year begins next week.
Another thing we do at mid-year is double-check our giving, ensuring that we've followed through in a timely manner with pledges and commitments (2 Corinthians 9:5).
Beyond the budget
Of course, our mid-year financial review will also include an assessment of our investment holdings. For us, that is a relatively quick process since SMI Private Client manages most of the money that my wife and I have set aside over the years (we rolled our old workplace accounts into IRAs at Private Client in 2018).
One exception is that I continue to manage my workplace 401(k) (I still enjoy DIY investing!), so I'll review those holdings and ensure they align with the SMI strategies' July recommendations.
Lastly, we'll double-check our comprehensive financial plan in MoneyGuide. We set up a plan using MoneyGuide in 2019 and revised it just a few months ago. So this weekend's review will focus primarily on refreshing our memories regarding the goals we've set.
Try it, you'll like it!
If you haven't been conducting a mid-year financial review of your household finances, I encourage you to do so — especially to ensure that your spending, saving, and giving are on track. And if you utilize a financial planning tool such as MoneyGuide, reviewing your comprehensive plan will remind you of your objectives and help you assess your progress.
I consider my mid-year review akin to the stewardship task described in Proverbs 27:23, written for people whose wealth was in livestock and land. "Know well the condition of your flocks, and give attention to your herds..." In our day, we should be well aware of the condition of our various financial accounts and other material things that God has entrusted to us.
Happy (early) mid-year!
