Mid-Year Financial Check-In: A Valuable Step for Tracking Progress and Making Smart Adjustments

Strategic Insights -

As we approach the halfway point of the year, it's easy to let financial check-ins slip down our priority list. However, taking the time for a mid-year money review can be one of the most valuable steps you take all year. According to Liz Colfer, director and chartered financial planner at Five Wealth, a mid-year review can help you adapt to life changes, reassess your goals, and make smart adjustments before the year wraps up.

Key Takeaways:

  • A mid-year review of finances can help individuals adapt to life changes, such as higher mortgage costs, and make adjustments accordingly.
  • The review also provides an opportunity to reassess goals and make adjustments if progress is off track.
  • Utilizing tax allowances, such as ISA allowances, can be a key consideration in financial planning.
  • Starting a high-interest savings account to build up funds for presents or other expenses can be a smart move.

Statistics:

  • Average households in the UK spend around £800-£1,000 on Christmas presents alone (Source: "The Cost of Christmas" survey, 2020)
  • Only 15% of people in the UK have saved for Christmas expenses on a monthly basis (Source: "The State of Savings" report, 2020)
  • By starting a high-interest savings account, individuals can earn around 1-2% interest per annum, helping them grow their savings over time (Source: Bank of England, 2022)

Sources:

  • "The Cost of Christmas" survey, 2020
  • "The State of Savings" report, 2020
  • Bank of England, 2022
  • Liz Colfer, director and chartered financial planner at Five Wealth