As summer begins, June offers the perfect opportunity for a mid-year financial check-up. Whether you're focused on shoring up your budget, retirement planning, making sure you are fully insured, or debt reduction, now is the time to take control of your financial health.
This blog can assist government employees at the federal, state, and local levels—and is packed with practical tips to help you finish the year strong.
Review Your Budget and Spending Habits
Start with a clear view of where your money is going. Use a budgeting app or spreadsheet to categorize your expenses.
Look for opportunities to:
- Reduce discretionary spending (subscriptions, dining out)
- Reallocate funds toward savings or debt
- Plan for upcoming seasonal expenses like back-to-school or holidays
Evaluate Your Retirement Contributions
Mid-year is a smart time to assess your retirement savings strategy. Check how much you’ve contributed to:
- 401(k), 403(b), or Thrift Savings Plan (TSP)
- IRA or Roth IRA
- Pension plans
If you're behind on your yearly goals, consider increasing your payroll contributions. Small changes now can mean big differences later.
Review Your Insurance COVERAGE
Insurance needs can change, especially if you've had a major life event this year (marriage, new child, move, etc.).
Check the status of:
- Health and dental coverage
- Life insurance
- Disability or supplemental insurance
Pay Down High-Interest Debt
Government employees often qualify for low-interest financial products, including personal loans and credit cards with better terms.
If you're carrying high-interest debt:
- Prioritize paying off credit cards and personal loans
- Consider a GEA-endorsed financial partner for a debt consolidation option
Less interest paid = more money for savings and investments.
Use GEA’s Financial Planning Calculators
Not sure where to start with your financial check-up? The GEA Financial Planning Tools page offers a suite of free financial calculators to help government employees plan smarter.
You can:
- Estimate your retirement savings needs
- Calculate how long your money will last in retirement
- Build a debt reduction plan
- Explore savings growth projections
These tools are easy to use and built specifically for public sector workers looking to improve their long-term financial wellness.
Your Financial Future Is Worth a Mid-Year Review
Whether you're planning to retire in 5 years or just trying to get out of debt, a mid-year financial check-up helps you stay on track. By making small adjustments now, you’ll be better prepared for year-end expenses—and long-term goals.
Take 30 minutes this week to check in with your money—and use the GEA Financial Calculators to get started. Your future self (and your wallet) will thank you.
