by Saiqa Anne Qureshi, Staff Writer, FWSF MarCom Committee
July marks the peak of summer, Independence Day weekend, vacations, barbeque, beaches, and the mid-point of the year, which is a good time to take stock of our annual financial goals and expenditures.
Assess Spending vs. Budget – take stock of where your spending is against budget and consider adjustments that might be needed. This may include reviewing spending, but also a consideration that the budget may require adjustment. At a time with more price volatility and some additional inflationary pressures, certain spending category budgets may not be accurate and need modified.
It is always good to look at your monthly subscriptions and take stock of how much they are being used and if they provide good value for money. In the last year, have you used streaming services, delivery services, premium gym memberships etc. Possibly consider a budgeting app or tool that could support you for the rest of the year in terms of your planning and management of expenditures.
Assess the value of the emergency fund. Not just having one, normally three to six months of expenditures, but the values being used to consider the amount needed. If you estimate that you need three to six months of expenses, and your expenses go up, you need to consider increasing the value of your emergency fund as well, to match those expense increases.
Mid-year is also opportune to check in on your insurance. Are you carrying the right types, do you have the right coverage and should time be set aside to consider options for when your renewals come up? Setting aside that time, before a renewal comes due, allows you space to have that research done in advance of renewal time.
Additional items should be reviewed such as savings and investments goals, beneficiaries, and estate planning. See this newsletter’s Member Tips section where these particulars and more are illustrated in greater detail.
Now that 2025 is halfway through, let’s make sure we are on track with our financial plans for 2025!
From Connections Newsletter (Food For Thought): July 2025
Resources:
https://www.morganstanley.com/articles/mid-year-financial-planning-checklist
https://www.schwab.com/learn/story/your-mid-year-money-check-up
https://www.cnbc.com/select/midyear-financial-checkups-what-to-look-at/
https://www.bankofutah.com/mid-year-check-in-3-steps-to-keep-your-financial-story-on-track
https://servicecu.org/budgeting/mid-year-financial-check-in-how-to-assess-and-adjust-your-budget/
––––––––––––––––––––––
The suggestions of the contributor do not constitute professional advice and are intended for general informational and educational purposes only. Nothing contained herein is intended to be or should be used as a substitute for professional advice, and readers should not act or rely on this information without seeking specific guidance directly from a qualified professional.
The opinions and information expressed in this blog/post/webpage are solely those of the contributor and do not necessarily reflect the views of FWSF. FWSF is not responsible for any errors or omissions in this content or any damages resulting from its use.