Potentially one of the best parts of summer is the longer days and shorter nights. This year, the summer solstice falls on 21 June, marking the halfway point of the year.
While it has traditionally been associated with new beginnings and growth, it can also be an ideal moment to pause and review your financial situation.
You may even find that this period coincides with your annual leave, offering the chance to dedicate some quiet time to important financial housekeeping tasks.
Ultimately, taking time to ensure your financial situation is in good shape can provide some much-needed clarity and confidence for the year ahead.
So, continue reading to discover six financial tasks to consider as part of your mid-year review.
1. Examine your financial goals
Your overarching financial plan should ideally be tailored to your goals and specific circumstances. Yet, without even realising it, these often change over time.
For instance, you may have recently welcomed a new child into the family, meaning you require more financial protection.
Or, you may have realised you’ve accumulated a larger pension than expected, which could mean you can bring forward your retirement date.
Taking a moment to reassess your goals in the middle of the year could help ensure that your plan continues to align with your lifestyle.
2. Evaluate your portfolio
Just as your goals shift throughout the year, so too do market conditions. This is especially the case given the turbulence caused by fears of a global trade war in the first half of 2025.
As such, you may want to ensure that your investment portfolio remains balanced and in line with your tolerance for risk, time frame, and long-term goals.
If, after reviewing your portfolio, you find that changes are necessary, you may decide to work with your financial planner. They could adjust the allocation between sectors, asset classes, and geographical areas in order to maintain the appropriate level of risk.
Just note that it’s usually worth speaking with your financial planner before making any significant changes to your portfolio to ensure your changes keep you on track towards your long-term targets.
3. Review your pension savings
Whether you’re years away from retirement or have already entered the next phase of your life, it’s vital to review your pension savings regularly. The middle of the year could present the perfect opportunity to do so.
If you’re still building your fund, it’s worth examining how much you’re contributing and whether this amount is likely to be sufficient to support your dream lifestyle once you stop working.
This could help you identify whether you need to take additional steps to bolster your pots.
Even if you’ve already retired and are accessing your pension, a review might give you confidence that your fund will last you through the remainder of your retirement.
Read more: Why financial stability could be the secret to a happy retirement
4. Top up your emergency fund
Even though it’s nearly impossible to predict the future, you can still prepare for it.
An emergency fund can act as a practical buffer if the unexpected happens, whether that’s a broken boiler, a loss of income due to illness, or a family crisis.
Without one, you may be forced to dip into savings earmarked for other purposes, derailing your progress towards your long-term goals.
A good rule of thumb is to hold between three and six months’ worth of essential household expenses in an easy access savings account.
If you’re self-employed, retired, or have many dependants, it might be prudent to save as much as 12 months of expenses in your fund.
Even if you already have one in place, the mid-year point could be the ideal time to top up your emergency fund.
Doing so may give you additional peace of mind that you’re less likely to have to rely on high-interest debt to cover unexpected costs.
5. Prepare for the end of the tax year ahead of time
While it might seem early, preparing for the next tax year end now could save you some time and stress later down the line.
It’s worth taking stock of the various allowances available to you, such as your Annual Allowance and ISA limits, and considering how you might want to use them before they expire.
Doing so now could give you the time to spread out contributions throughout the rest of the year without affecting your standard of living.
The 2025/26 tax year won’t come to an end until 5 April 2026. Still, some forward planning could help you avoid a last-minute rush.
6. Arrange a review with your financial planner
While there is plenty you can do on your own to organise your finances, speaking to your planner could provide some additional clarity and a new perspective.
A financial planner could help you check whether you’re still realistically on track to meet your goals, adjust for any changes in your personal circumstances, and show you where you can make use of any relevant tax allowances ahead of the new financial year.
They might also identify areas that need attention that you previously overlooked. This could include any investments that no longer suit your appetite for risk, or forgotten pension funds.
Get in touch
We could help you conduct your mid-year financial check-up, allowing you to secure some peace of mind for the remainder of 2025 and beyond.
If you’d like to learn more about working with us, please get in touch. Email hello@sovereign-ifa.co.uk or call us on 01454 416653.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.
The Financial Conduct Authority does not regulate tax planning.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.
The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
Note that financial protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.
Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.
Approved by Best Practice IFA Group Ltd on 12/6/25