Give yourself goal power

A REVIEW OF YOUR FINANCES HALFWAY THROUGH THE YEAR GIVES YOU TIME TO ADJUST TO CHANGING NEEDS

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AS the year inches closer to its halfway point, many of us may find ourselves swept up in the demands of everyday life.

With so much going on, it's easy to let financial check-ins slip down the priority list. However, setting aside time for a mid-year money review could be one of the most valuable steps you take all year.

Here, Liz Colfer, director and chartered financial planner at wealth management firm Five Wealth, offers valuable insights into how a mid-year financial check-in can help you monitor your progress and make smart adjustments before the year wraps up.

She also highlights the benefits of a mid-year review, and suggests three essential questions to help steer the process.

It helps you adapt to life changes.

Major life changes can happen at any time. That's why the halfway point is a great opportunity to review your finances and adjust them to fit any new circumstances. "People could have had a salary increase, might have moved house or gone to a different job and be looking at new pension schemes," highlights Colfer.

"We're seeing a lot of clients coming out of fixed-term mortgages that they've had for a number of years and witnessing the impact of those higher costs coming through.