Mid-Year Financial Check-In: Major Life Events

The year is flying by, isn’t it? It feels like just yesterday we were setting our New Year's resolutions, and here we are halfway through 2025. This midpoint is an ideal time to take a step back and reassess your financial goals. Major life events can bring about significant shifts in your financial landscape, and acknowledging these changes now can keep you on track for the year.

Family Updates

Major family changes, such as marriage, welcoming a new child, dealing with health concerns, or preparing for kids heading to college, can all have substantial financial implications. It’s crucial to review and possibly update your insurance policies to reflect these changes. Consider adjusting your savings plans or budgeting for increased expenses that these life events may bring.

Career Shifts

Whether it’s a promotion, a job change, or planning for retirement, career shifts can greatly impact your income and savings goals. It's a good time to assess your investment contributions and make any necessary adjustments to your retirement plans. Updating your household budget to align with new earnings can help ensure long-term financial stability.

Major Investments

Purchasing property, inheriting assets, or making significant financial moves require careful consideration. These actions can alter your risk tolerance and have tax implications, making it essential to reassess your investment strategies. Aligning them with your new financial reality can help you stay on top of your goals and mitigate any unexpected challenges.

Taking stock of the past six months can reveal whether these or other major life events have had an impact on your financial strategy. Reflect on any changes, and consider how these shifts might require a financial plan tweak. There's no better time than now to consult with a financial professional or review your current strategy to ensure you're ready to tackle the rest of the year with confidence.