We are officially mid-way through 2014. True, this isn’t a newsflash. But did you know this a perfect time to do a financial review?

I know, I know, your mind is set on relaxing and having “hot fun in the summertime!” Who wants to (strategically) think about their money right now?

Yet, this half-way point represents a perfect time to do a review of your money and money-based goals. The slower pace is an invitation to pause, evaluate, reflect and perhaps press “reset.” Something you’re likely doing professionally, anyway.

Even if you’re not steeped in a traditional “corporate” work environment, you might be engaged in a mid-year performance review process of some sort. So, why not do the same when it comes to your finances? Why not take a pulse check and compare where you are vs. where you thought you’d be by now – six months into the year?

This makes July the perfect time to apply the concept and exercise of a mid-year workplace performance review to your finances. 

A financial review allows you to identify opportunities you may have overlooked up to this point and/or to identify tweaks that will enable you to course-correct for the six months ahead.

Here’s a three-phase “looking” process, along with questions, that will: 

  • ensure you stay conscious about what’s going on with your money, and 
  • also potentially set you up to experience (even more) financial success and finish the year strong.

Looking at Now

  • Pull your banking, investment and credit card statements – what are your current balances?
  • What habits are you practicing daily, weekly, monthly?
  • How do you feel – excited, energized, lethargic, dismayed, or something else?

Looking Back

  • What goals did you set at the beginning of the year?
  • What habits did you commit to changing or developing?
  • How do these measure up to where you are now? Are you on/off track?
  • What mistakes (in action or judgment) did you make?
  • What did you accomplish?
  • How proud do you feel about the progress you’ve made? How disappointed do you feel about where you’ve fallen short?

Looking Ahead

  • As a result of the two phases above, do you need to change any goals or any of the parameters you’ve established for achieving them – in other words, is a “reset” in order?
  • What new goals or habits would you add to your plate for the next six months?
  • If distractions and unexpected commitments threw you off-course, what do you intend to do to minimize how these may negatively impact you moving forward?
  • What would make you feel most satisfied when 12/31 arrives?

Performing a financial review is not only helpful for confirming what has happened and shedding light as to why your results are what they are, but it can also serve as a preview for what’s to come.

This exercise can help you objectively assess and adjust the choices you’re making and provide insight as to the ones you’d benefit from making. Additionally, it can highlight if the systems, processes and framework you have in place are as supportive of your efforts as you think they are and need them to be.

Are you dreading doing this financial review because it’s summer; because you don’t want to face what you’ll discover; or both?

Well, remember this: it’s perfectly fine for you to be in vacation mode…your money, not so much! Your money should be working for you 24/7/365.

Second, if you’re concerned about how long this will take, then break it down – carve out three (3) 30-minute windows – maybe during lunch – to address each phase noted above.

Finally, focus on the power you’ll gain from the insight you’ll discover as a result of having a meaningful conversation “with” your money.

Need another incentive to perform a mid-year financial review? Just like any other relationship, your money won’t grow as much as it could without your purposeful attention, direction, and action.

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