Summer Is Flying By—Is Your Financial Plan Still on Track?

We start the year with the best intentions. Set goals. Make plans. Maybe even write them down. But by the middle of the year, life tends to take over. 

Work gets busy. Summer distractions kick in. And those financial goals? They often get pushed aside. That’s why this is the perfect time to hit pause and take a quick look at where things stand. There's still plenty of time to make meaningful progress before the end of the year. Even small changes now can set you up for a strong finish.

Here are three ways to reset and refocus:

Revisit Your Financial Goals (And Reset If You Need To) 

Think back to the goals you set in January. What still matters? What has changed? It’s totally fine to revise or simplify. And if you didn’t set clear goals earlier in the year, this is a great time to start.

💡 Try choosing one specific, realistic financial goal to work toward between now and December.

Take Stock of Your Net Worth

 Your net worth is simply what you own minus what you owe. It gives you a big-picture view of your financial progress. Checking in mid-year can help you see where you’re headed. Have your savings increased? Has your debt gone down? Even small shifts can add up.

 💡 Compare where you are now to where you started the year. You might be further ahead than you think.

Adjust Your Cash Flow Plan

Spending patterns often change throughout the year, especially during summer. This is a good time to look at where your money is actually going and make sure it still matches your priorities. Are you spending more than you planned? Are your savings goals still realistic? Planning ahead now can help you avoid surprises later.

💡Review your monthly spending and update your plan for the rest of the year.

Keep the New Tax Law in Mind

 The recently passed OBBBA bill brings several tax changes that could affect your planning this year. For example, the cap on state and local tax (SALT) deductions has been increased to $40,000 temporarily—up from the previous $10,000 cap—though it may begin to phase out for household incomes above $500,000. Other provisions include a boosted standard deduction for seniors, expanded child tax credits, and deductions for tips, overtime, and auto‑loan interest—all of which can impact high‑income professionals. You can read more about the bill in this Kiplinger article. It's a smart move to talk with your CPA or financial planner now to see how these changes apply to your situation and whether there are opportunities to adjust contributions or filing strategy before year-end.

Final Thoughts

You're halfway through the year—and if you're like most physicians, the pace hasn’t let up. This is a chance to step back, check in on your goals, and make sure your financial decisions are still supporting the life you’re working so hard to build.

Need support staying on track?

Check out our self-paced course, Vitals Check: Your Money Game Plan for Post‑Residency Life. It’s built for early‑career physicians facing real‑world financial decisions. The course includes short videos, practical guidance, and tools like:

• A net worth tracker
• A monthly cash flow planner
• A goal‑setting worksheet to keep your priorities front and center

These tools are designed to help you organize your finances, make confident decisions, and stay focused on what matters most.

👉 Explore the course here

Additional Resources: 

Why Budgeting Matters -Align your Finances

Wrenne Financial Planning is a registered investment adviser. The content of this blog post is intended for informational purposes only and is not intended to be investment advice. The views expressed in this blog post are subject to change based on market and other conditions. Some information has been obtained/provided from third party sources and is believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information, and it should not be relied on as such.