Halfway through the year, how are your finances doing?

Financial goals don’t change. People drift from their financial plans by mid-year because human beings can change their minds (Photo: iStock)

By the middle of the year, many people take stock of their financial goals and assess whether they are still on track. A mid-year review offers an opportunity to examine savings, spending habits, debt levels and income growth, helping to identify both progress made and areas that need attention.

However, financial literacy expert Patrick Wameyo says financial health should not be assessed only twice a year. Ideally, financial reviews should take place daily, weekly or monthly.

According to him, the goal is to monitor behavioural changes and measure whether they are producing the desired financial results. While waiting six months to review finances may limit opportunities for timely adjustments, he believes a mid-year check-in can still provide valuable insight into how close people are to achieving their goals.

Patrick adds that financial goals do not fall on their own, but people fail to align with the activities and amounts allocated in the budget. A budget, he explains, is only a document until spending and saving habits align with the plan.