Rebalance Your Finances at the Midyear
As easy as it can be to get lost in summer fun, this season is also a great time to think about your financial situation. Anything can happen even in just the span of a few hours, so the odds are high you’ve experienced something in the past six months that has impacted your finances or goals.
Check out this guide on how you can prepare for and perform a midyear financial checkup.
Understand Your Credit Score
Due to the risk-based element of lending, a person’s credit score can play a big factor in determining whether they’re eligible for a loan and what their interest rate will be. For instance, if you need an emergency personal loan but your credit score is low, you might not get the best rates or even receive one at all.
The good thing is your credit scores can always be improved. If it aren’t something you understand, a simple search on online will offer easy free resources—or you can ask for help at your local credit union!
Self-Audit Your Finances
To get a better sense of where you’re at, you should self-audit various aspects that might affect your finances:
- Cash Flow: Compare your January to June spending against your budget, and make necessary changes so you aren’t overspending.
- Life Events: Consider any recent or future life-changing events, such as marriage, a new child, a new car, or a new home.
- Taxes: After assessing these life events, look at your most recent tax return and identify any needed adjustments to your withholdings. That way, you can avoid owing money or receiving too large of a refund.
- Debt: Instead of lumping your debts together, review them separately. Are there certain ones you can consolidate or refinance?
- Other: You should also think beyond borrowing money when it comes to audits.For example,do you need to update your beneficiaries?Have you recently checked your medical, pet, auto, life, and other types of insurance coverage?
Visit Your Credit Union
If you find your finances are bit tighter than you’d like, credit unions offer a variety of loans for specific needs with more affordable interest rates. Check their websites or visit a branch for information on personal loans, auto loans, mortgage options, and more. You could also look at consolidating or refinancing. As member-focused, not-for-profit institutions, credit unions are there to help provide clarity and determine the best next steps.
After seeing where you are now, make it a goal to check in with finances on a consistent basis. The more control and awareness you maintain, the better you can conquer the rest of the year and stay financially secure!
Adapted from the Pennsylvania Newsmakers segment originally aired on July 26, 2026.