A Stronger Financial Finish: Why Conducting a Midyear Financial Review Matters More Than Ever

COLUMBUS, Ohio - As we approach the midpoint of 2026, the Ohio Department of Commerce Division of Financial Institutions (DFI) encourages Ohioans to pause and review their financial footing. A midyear financial review can help ensure you're still on the path toward achieving your financial goals for the year and, if necessary, identify potential adjustments to get your finances back on track.

These kinds of assessments can help individuals navigate economic challenges that continue to face many households. Although a recent survey showed that Ohio had a lower rate of increase in consumer debt relative to other states, recent data from Experian shows that Americans owed $18.57 trillion in total debt in 2025, a 3.5% increase from the previous year. And while affordability may be a major issue of concern, this time of year offers a natural time to step back and evaluate your overall financial picture.

DFI Interim Superintendent Ingrid White says even small changes can make an impact.

"Whether you're working toward paying off debt, building savings, or planning for the future, a midyear check-in gives you the clarity you need to move forward with confidence," White said. "Financial goals can shift throughout the year, and that's okay. What matters is taking the time to recalibrate. Even small adjustments can help stabilize your financial footing and position you for success through the remainder of 2026."

The Division recommends the following steps when conducting a midyear financial review:

• Review and Update Your Budget: Look at spending patterns from the first half of the year. Identify costs you can reduce or eliminate, such as subscriptions or unnecessary add-on expenses.
• Reassess Retirement Contributions: If possible, increase contributions or ensure you're maximizing employer matches to support long-term financial stability.
• Address High-Interest Debt: Prioritize paying down credit cards or other high-interest balances to ease financial strain over time.
• Rebuild or Strengthen an Emergency Fund: Aim to maintain three to six months of living expenses in an easily accessible savings account for unexpected needs.
• Invest Toward Long-Term Goals: Continue contributing toward major priorities such as home ownership, education savings, or retirement. Incremental, consistent investing can make a meaningful difference.

For additional guidance, Ohioans should utilize widely available credit monitoring tools and review their credit reports through the various consumer reporting agencies. By conducting a credit check on a regular basis, you can help identify potential errors or early signs of identity theft, ensuring your financial peace of mind.

For additional helpful midyear financial tips from the Division, visit com.ohio.gov/MidyearCheckin.

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Robert Rutkowski (rut-KOW-ski), Deputy Superintendent, Division of Financial Institutions, Ohio Department of Commerce
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About the Ohio Division of Financial Institutions
The Division of Financial Institutions is part of the Ohio Department of Commerce. The department is Ohio's chief regulatory agency, focused on promoting prosperity and protecting what matters most to Ohioans. We ensure businesses follow the laws that help them create jobs and keep Ohioans safe. To learn more about what we do, visit our website at www.com.ohio.gov.