Somehow, we are already halfway through the year! That makes it a great time for a temperature check on your finances. Conducting a mid-year financial review is smart because it prevents an end-of-year panic and gives you ample time to evaluate and adjust your goals.
We’ve put together a few tips to help you achieve your financial goals. With a little planning, you can make sure your finances are healthy throughout the year.
Evaluate your budget
When we say “budget,” what we really mean is to check your spending against your earnings. First, determine how much you can spend. Don’t be afraid to set limits! Determine what you can realistically afford without dipping into your savings: Take your monthly income and deduct your regular expenses. What you have left over is your discretionary income.
Next, track your spending. Log into your Mobile and Internet Banking app to keep tabs on your account balance and easily review transactions. Or go old-school by holding on to receipts and deducting the amounts from your budget as you go. You can also use a budgeting app that will track expenses for you.
Assess both savings and checking
Let’s review the difference between these two accounts: A checking account lets you use your money for everyday needs. You can deposit your paycheck, withdraw cash, use a debit card, pay bills, and transfer money online as often as you need. Nusenda offers checking accounts designed to fit what you need. You’ll find low or no monthly fees, direct deposit, digital banking tools, and our Community Rewards® program to help you get the most from your money.
While checking accounts let you access your money right away whenever you need it, savings accounts allow you to put money away over time. A good first step is to re-evaluate your savings plan to ensure your money is working for you. Check your budget to identify more savings opportunities. You can utilize the 50/30/20 rule, a framework that divides your income into three categories: Needs (50%), wants (30%), and savings (20%). A good rule of thumb is to make sure you keep at least 3-6 months of expenses in your savings to act as an emergency fund. Start small. By putting a little bit of money aside every month, you can reach your savings goals!
Review your FSA and/or HSA
Your Flexible Spending Account (FSA) or Health Savings Account (HSA) are health accounts that use pre-tax dollars, which lowers your overall taxable income. You might choose to change your contributions to optimize tax savings, adjust to new medical needs, or align to a new family situation. The amount you choose should be adjusted according to your real-life circumstances.
For 2026, the IRS has set the contribution limit for HSAs at $4,400, while the FSA limit is $3,400. While you can change your HSA payroll deductions at any point during the year, the FSA elections made during Open Enrollment are locked in for the entire fiscal year. The one exception to this rule is if you experience a Qualifying Life Event (QLE). Examples of QLEs include job transitions, aging out of parental health-care coverage, getting married or having a child, or becoming a U.S. citizen, among other circumstances.
Do some big-picture thinking
What are some long-term goals you have? This is where you can get a little philosophical: What does success look like for you? Consider how your unique core values and life goals can align with your finances and take actionable steps to support these goals. For instance, you might have a dream to own property, set your kids up for financial success, or retire on your own terms.
Make these goals “bite-sized” so you avoid feeling overwhelmed. One strategy for this is to apply the smart framework. The smart acronym stands for:
- Specific: Creating precise goals helps you stay on track.
- Measurable: Track your progress so you can adjust your goals in real time.
- Achievable: Make sure your goals are realistic, so you don’t get discouraged.
- Relevant: Align your financial goals with your core values and lifestyle.
- Time-bound: It’s helpful to set a clear deadline to meet specific goals.
Make your financial health a priority
At Nusenda Credit Union, we care about your financial wellness. That’s why we’ve partnered with industry-leading BALANCE to provide you with free access to expertly crafted financial education and resources to help with your fiscal matters. BALANCE counselors are experts in all aspects of personal finance and credit. And, because BALANCE doesn't sell any financial products, you can be sure the information and advice you receive are objective and unbiased.
Finally, make sure to take advantage of programs that put cash back in your pocket. Earn Your Return and Community Rewards allow you to earn cash back and The Power of Change lets you round up your Nusenda Visa® debit card purchases to the nearest dollar and use the change to boost your savings, pay down debt, or donate to your favorite cause!
Nusenda is dedicated to improving our members’ financial well-being and supporting them through affordable products, friendly service, community involvement, and financial education. We'd love to find other ways to help you reach your goals. Stop by a branch or make an appointment to meet with us today. With these steps, you’ll be setting yourself up for a smooth fiscal year!