Somehow, we’re already halfway through the year (we know, we’re shocked too).
This is the point when a lot of therapists start to feel that subtle financial anxiety creeping in.
You’ve been heads down seeing clients, doing the work, and suddenly you realize:
“I have no idea how my practice is doing financially.”
If that’s you, take a breath. You’re not behind. But now’s a great time to pause, check in, and make sure your practice is actually on track to hit your goals (or at least not surprise you at tax time).
Here’s a quick and helpful mid-year financial checklist for therapists to guide you through it.
1. Are You Paying Yourself Consistently?
Let’s start with the big one.
Are you getting a regular paycheck from your therapy practice?
Even if it’s not a huge amount, paying yourself consistently builds stability and helps you make smarter financial decisions in your personal life. If you’ve been waiting until the end of the month to “see what’s left,” it might be time to rethink that.
Set a baseline salary and stick with it, then treat any leftover profit as a bonus, not a guess.
2. Check In on Revenue and Expenses
Now’s a good time to ask:
- How much have you brought in so far this year?
- What are your average monthly expenses?
- Are there any subscriptions or tools you’re not using?
Even a 15-minute scan of your books can give you some clarity here. If you’re using bookkeeping software (or working with someone like us), it should be pretty easy to spot trends or red flags.
3. Have You Set Aside Enough for Taxes?
This one sneaks up on a lot of therapists.
If you’re not setting aside taxes as you go, your bank account might look fine now, but it won’t feel so great when your CPA gives you a number in April.
We recommend setting aside 25–30% of your net income for taxes (depending on your state). If you’ve fallen behind, that’s okay. You’ve still got time to catch up before year-end.
4. Look at Your Session Rates (Yes, Really)
When was the last time you adjusted your rates?
If you’ve taken additional training, gotten full, or just noticed that your expenses have gone up, it might be time to revisit your pricing. (We wrote a great blog about private practice pricing here.)
Mid-year is a natural point to review this. You don’t have to raise your rates, but you do want to be sure your current ones still work for your business and lifestyle.
5. Review Your Big Financial Goals
Remember that thing you said you’d do this year?
Maybe it was saving for maternity leave.
Maybe it was hiring a virtual assistant.
Maybe it was just taking Fridays off without panic.
Now’s the moment to ask: Are you actually on track to make that happen?
You don’t need a complicated spreadsheet or a 5-year plan. But even a little clarity now can help you make the next six months count.
Want Help Figuring It Out?
You don’t have to do all this in one sitting.
You don’t even have to do it alone.
At Traktion, we help therapists check in on their numbers, get clarity around their cash flow, and build a practice that actually supports their life.
If you want to spend the second half of the year feeling more confident about your money, we’re here.
Let’s make it make sense.
Simply use our calendar to book a quick introductory call.
Until next time!