Summer is the perfect time to revisit your financial goals. With half of 2025 behind us, there are still six months ahead to make meaningful progress.
Even if your plans from January didn’t go as expected, there’s still plenty of time to refocus and finish the year strong.
Check Your Financial Progress
Begin by reviewing your current financial situation. Review your bank statements, see how much you've been spending over the past six months, and compare them to the goals you set earlier this year.
If you're not where you wanted to be, that's okay. Many people adjust their financial plans mid-year, and it's often more helpful than waiting until the end of the year.
Smart Ways to Save Money
Summer gives you several chances to build your savings:
Emergency Money: Try to save enough to cover 3-6 months of your regular expenses. If that seems like a lot, start with $500 or $1,000 and build from there.
Plan for Future Costs: Consider upcoming expenses, such as back-to-school shopping, holiday gifts, or annual bills like insurance. Save a little each month now so these don't come as a surprise to your budget later.
Save for Goals: Whether you want to take a trip, renovate your home, or buy something special, determine how much you need and divide it by the number of months you must save.
Make Saving Automatic: Set up your bank account to automatically transfer money to savings right after you receive your paycheck. This way, you save before you have a chance to spend it.
Pay Down What You Owe: Focus on reducing debt with these approaches:
Pay Off High-Interest Debt First: Credit cards typically charge the highest interest rates, so prioritize paying off these debts before other types of debt when possible.
Consider Refinancing: Now is a great time to review your interest rates, especially on your mortgage. A lower rate could mean big savings and help you pay down your balance faster.
Use Extra Money Wisely: If you receive a tax refund, bonus, or extra money from anywhere, allocate it toward paying off debt for the most significant impact.
Take Care of Your Investments
If you have retirement accounts or investments, give them some attention:
Check Your Mix: Ensure your investments remain balanced according to your preferences. Sometimes, the stock market changes things, and you may need to adjust accordingly.
Retirement Savings: If your job matches your 401(k) contributions, ensure you're getting the whole match - it's essentially free money. If you can save more, consider increasing what you put in.
Use Tax-Smart Accounts: Take advantage of IRAs, health savings accounts, or other accounts that save you money on taxes.
Simple Changes That Add Up
Minor improvements can make a big difference:
• Cancel subscriptions you don't currently use
• Choose bank accounts that don't charge monthly fees
• Save 1% more of your income if you can
• Set up automatic bill payments to avoid late fees
Your Simple Action Plan
1. Look: See where your money stands right now
2. Plan: Decide what changes you want to make
3. Set It Up: Use automatic transfers and payments to keep things moving without having to think about it
Keep Moving Forward
Checking on your finances mid-year gives you six months to make impactful changes. Focus on improvements you can stick with rather than trying to change everything at once. Small, steady changes usually work better than big, dramatic ones.
The money decisions you make today will help you for years to come. Start with one or two changes that feel manageable and build from there.