Have You Scheduled Your Mid-Year Financial Check-Up?

The path to financial success isn’t always smooth. Fortunately, a financial check-up can help you stay on track.

We’re halfway through the year, a time when it’s all too easy to drift into the lazy days of summer. But while you’re relaxing, don’t forget that it’s also the perfect time to check in with yourself about your financial plan.  

As the year progresses, unexpected events can occur, and they may impact your finances. A mid-year financial check-up provides you with an opportunity to revisit and adjust your goals. You may want to consider recent changes in your life, ranging from your employment and living arrangements to your personal relationships. And don’t forget Bank of Canada interest rate shifts, which can also have a major impact on your finances!  

Needless to say, there’s no shortage of factors that can affect your financial plan. The question is, what should you do about it? 

Schedule Regular Check-Ups 

Checking in with your CFP professional or QAFP^® professional regularly can help you hit the reset button — and ensure you’re prepared when you experience significant life changes.  

As a personal example, when my son was diagnosed with type 1 diabetes last year, one of the first people I called was my professional financial planner. We not only discussed the impact that the additional costs would have on our financial plan but talked about government programs that he would now qualify for.  

Put simply, scheduling a mid-year review with your financial planner can help you learn about economic shifts and tax changes that may impact your plan. You may even discover new opportunities that will benefit you. 

Tips for Conducting Your Mid-Year Check-Up 

To make the most out of your mid-year financial check-up, try these tips.  

• Review your budget — Are you staying on track? Summer is one of the easiest times to drift away from your budgeting goals. From road trips to extra socializing, the fun you enjoy at this time of year can lead to additional expenses. For this reason, it pays to discuss any changes you might need to make. 
• Consider your goals — Do they still make sense? Has one goal become a bigger priority than it was before? It’s best to adopt a holistic view when considering your goals — and carefully evaluate what you want to prioritize. 
• Revisit your Lending — Do you have a mortgage or loan due? If so, a mid-year check-up is the perfect opportunity to review it. This is especially true at times when interest rates are shifting. 
• Remember: you don’t have to do it alone — If you aren’t already working with a CFP professional or QAFP professional, now is the time to reach out to one. A skilled and knowledgeable planner with the right qualifications can help you see your full financial picture — and take concrete steps toward your goals. 

Less Financial Stress is Good for Your Health 

Updating your financial plan is crucial. By performing a mid-year financial check-up, you can make necessary adjustments, reinforce positive habits, and refocus on your financial well-being.  

According to the 2024 FP Canada™ Financial Stress Index, 48% of Canadians who don’t have a financial planner cite money as a source of stress. That’s compared to just 36% who do work with one. By partnering with a planner to keep your financial plan up to date, you can help ensure that you stay on track with your financial goals — and significantly reduce your financial stress.  

To find a CFP professional or QAFP professional who can help you review your financial plan, use the Find Your Planner tool. 

Caval Olson-Lepage is a CFP professional and Manager at Innovation Wealth