Now that we are halfway through the year, it's time to check your finances and see how things look or what areas might need some help. Life is busy and things can slip right through the cracks, so here are a few questions to ask yourself for this mid-year checkin.
1. Are you maximizing your FSA impacts?
A Flexible Spending Account (FSA) is an account that can go towards covering medical copays, prescriptions, preschools, summer camps, and even elder care. You can be reimbursed for any of these expenses through your account, just be sure you review the rules and requirements to stay qualified. For more information, check out the resources below.
- What is a Dependent Care FSA?
- More About FSAs
- FSA Frequently Asked Questions
- Tracking and Reporting Apps
2. Should I adjust my W-4 to reflect changes in family, income, or deductions?
Let's say you got divorced, had a child, or got a new job sometime this year; This would be a great time to review your W-4, looking for things like how much federal income tax you have been charged so far this year and compare it to last year's numbers.
If your paychecks show less taken out compared to last year, then you might be under withholding and may owe more money this next tax season. Look at your current W-4 and make sure all the relevant information is correct, use an estimator to see where you might end up, and make adjustments to get where you want to be. Here are some great resources:
3. Are all of your subscriptions up to date?
Many of us have several subscription services that we pay for, whether they are annual memberships, streaming platforms, or gaming systems. Sometimes we can have so many that we forget which we are paying for, and even have multiple accounts for the same service.
Take time now to download an app like Rocket Money, Mint, or Monarch Money to track your income and spending. Some apps may even offer free credit checks, subscription cancellations, and will check for lower price options for you to save money. Look for yourself below:
4. Have you properly planned for any big medical expenses with your HSA?
Sometimes medical expenses can be planned, like getting braces or scheduling Lasik surgery for your eyes. Make sure you account for the time it takes to get appointments, keep detailed receipts, and file for reimbursement before your employer's deadline.
Don't wait until December, because then you might not be able to maximize on your Health Savings Account (HSA). Here are some pages to help you understand HSAs better:
5. Are you ready for Back-to-School expenses?
They might seem little, but Back-To-School supplies can add up quickly and fly off the shelves even faster. Some items (like technology) might even break your budget if you aren't prepared.
Start setting aside some savings if you haven't already, and shop early to get the best savings. Check out the resources below for some good money saving ideas:
6. Have you thought about the holidays?
Again, it is super important to budget and plan your vacations or holiday shopping to avoid spending more than you intended. Wherever you go for the holidays, start saving some money for flights, hotels, or gas if you're driving. This will only help minimize stress that is sometimes associated with this hectic season, so get ahead and be prepared.
And if your trip or holiday is coming up too fast to save for it, here's a tip. DON'T just charge your trip to your credit card! No matter how low the rates are on your card, they likely don't beat the rate you'd get from a short-term personal loan. Enjoy a much lower rate and don't balloon your credit card bill!
7. How does your storm kit and protection look?
The majority of Florida's year is spent awaiting hurricanes, and it is even more important to prepare as much as you can for the unexpected. Review your home insurance to see what damages might be covered, and start building a storm kit. Gather supplies like batteries, generators, and shelf stable food just in case you lose power this year.
- Hurricane Damage Coverage Frequently Asked Questions
- Hurricane Preparedness
- Disaster Supply Kit Builder
- Check your Area for Weather Updates
It’s hard to believe we’re already halfway through the year — which makes now the perfect time to pause and check in on your finances. Whether it’s reviewing your FSA usage, updating your W-4, or planning ahead for back-to-school and holiday spending, a mid-year financial checkup can help you stay organized and avoid surprises later.
Once you've taken stock, start thinking ahead with these tips for setting strong financial goals for 2026.