With the end of June fast approaching, you’re already halfway through the 2025 fiscal year—and it’s the perfect time to take a close look at your budget. Whether you’re tracking every penny or just trying to stay on target, a mid-year review can help you spot trends, adjust forecasts, and avoid surprises later. Here’s how to make your check-in meaningful and manageable.
1. Compare Budget vs. Actuals
Start by comparing your actual spending and income so far this year against your 2025 budget projections. Look at:
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Monthly totals for each category
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Year-to-date (YTD) totals
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Any big variances—both over and under budget
If your software allows, run budget-to-actual reports to make this faster. If you’re using spreadsheets, create a side-by-side comparison. Pay special attention to categories like office supplies, subscriptions, staff costs, and any project-based spending.
2. Investigate the Gaps
Are there any line items significantly over or under budget? Now’s the time to dig into why.
Ask yourself:
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Were there unplanned expenses or emergencies?
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Are some recurring costs (like software or utilities) higher than expected?
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Are there savings in areas like travel or training that could shift later?
Understanding the why behind the numbers helps you make smarter decisions going forward, rather than just reacting.
3. Check Revenue and Reimbursements
If your office brings in revenue—through services, billing, or reimbursements—compare what you’ve received against your projections. Are collections on track? Are there delays or dips in income that could affect your second-half budget?
If your department relies on reimbursements (say, from insurance companies, grants, or clients), check to make sure you’re submitting them promptly and tracking what’s still outstanding.
4. Revisit Your Forecast
Once you know where you stand, update your forecast for the rest of the year. Are there expected changes in staffing, equipment needs, rent, or technology? Planning ahead now lets you make small adjustments instead of scrambling in Q4.
You might find you need to:
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Shift funds between categories
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Delay a purchase until Q1 2026
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Prioritize a project that’s now more urgent
Forecasting isn’t about getting it perfect—it’s about staying prepared and flexible.