How to Overcome Post-Pandemic Challenges and our Mid-Year Recap

Post-pandemic challenges will be with us for a while. In order to move beyond them, you will need a mid-year review. “A mid-year review is a great way to energize your annual goals and performance, in a little-to-low-pressure way.”

In this episode of the Financial Griot podcast, the crew is finally back together. On the table, our mid-year recaps from major medical expenses, new pets, inflation, and looming recession; it’s been a rough six months. Lovely also shares the lessons she is learning along the way. 

This is going to be heavy. To make this actionable, we highly recommend that you do your own midyear recap. Even invite some friends or family members.

This is your opportunity to recalibrate.

Your Mid-Year Life Checklist

Examining your habits midway through the year can help you reach your mental, spiritual, and financial goals. Here are steps you can take for a mid-year review that’s comprehensive enough to change your life:

Review your apps and relationships

A 2018 report found that the average person launches roughly nine apps per day and interacts with roughly 30 apps over the course of a month. On average, people spend 5 hours and 45 minutes on their phones per day. Individuals check their phones an average of 63 times each day.

Taking stock of the apps you use and don’t use is a great way to free up some storage on your phone, as well as on your screen. While you’re at it, you could also take time to organize your remaining apps, perhaps by color or by category

Cleaning up your peer group too. You are the sum of the four people that are closest to you. If they are falling behind and subaverage, you are or will be too. Remember this is all about the quality of time, relationships, and purpose. Create space so that you can purpose deep work.

Update the Budget

Budgets change throughout the year. Use your mid-year personal financial review to make sure you’re staying on track with your saving, spending, and income goals.

Review your credit card statements and pay close attention to fees. Assess if you have enough for emergencies.

Most financial advisors recommend having at least six months’ worth of monthly fixed expenses. I say start where you are and go for at least $2,500 per adult in your household.

Try to see where your financial priorities lie as well as your financial liabilities. Reviewing your spending habits for the first half can develop strategies to change or improve them during the second half. While you are at it, check your credit reports.

When it comes to your finances, you can’t use cruise control on curved roads.

Make sure your Mid-Year Covers All things Tax-Deferred or Tax Deductible

There is always room in your budget for your retirement. Not planning for retirement will only lead to more work, heartache, headaches, and despair. That’s a whole lot of avoidable future pain with investing in medicine today.

Finding ways to make the adjustments to your employer-sponsored plan is also tax-preferred. The IRS considers contributions to your 401k, 403b, or 457b as tax deferred.

This means they save you on your upcoming taxes, but you only have until December 31 to contribute.

As a bonus, you can also look for tax-deductible expenses i.e. Medical and dental expenses, Student loan interest, Extra home mortgage interest, Property taxes, and Charitable contributions to close out the year.

All of this could lead to big savings on your tax return (due next April).

Plan for the Holidays But Also Plan for the Next Year

Holidays don’t just sneak up on us. Like birthdays, rent, and Beyonce concert tickets, they are cyclical.

Although the holiday season can be stressful for many reasons, it doesn’t have to be. Plan ahead and build a mental map of what you would want for yourself and your family. Try not to over complicated. Holidays are supposed to be periods of rest and recalibration.

If possible, aim to avoid making it financially stressful for you. Most kids and adults crave quality time and exercise. You don’t have to do everything immediately. Skip the vacation this year and make it a staycation instead. You can send the kids to Granma and stay Home Alone like in the movie. Approach life differently.

Also, read the Power of Saving Now. This can radically improve your November and December.

About The Financial Griot and how to keep up with us beyond the mid-year:

The Financial Griot is a play on two words (Finance + Griot) that hold significance in closing the wealth gap while embracing our differences.

We tell the stories that others don’t. Stories about growth, opportunity, and embracing changes. Beyond that, we talk about Finances.

Specifically, how to become Financially literate, incorporate actionable steps and ultimately build generational wealth.

Can you imagine being a Millionaire in 20 years or less? Yeah, it’s possible. 80% of millionaires are first generation.

That means they didn’t come from wealth. We teach you how. Join a community of subscribers that welcome a fresh take on money.

Connect with TFG Crew aka the Hosts: 

• Alainta Alcin – Blogger, Travel and Money Enthusiast @alainta_alcin
• Lovely Merdelus – Entrepreneur and Small Business Growth Specialist @lovelymerdelus
• Lawrence Delva-Gonzalez – Federal Auditor, Blogger, and Tax Specialist @theneighborhoodfinanceguy

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