More than halfway into 2025, now is a good time to check back on those financial goals we set for ourselves in the beginning of the year.
"The midyear point is a really good time to check in on your status and how you're doing that, or if you've not done that, to go ahead and start the process of setting up those financial goals for yourself," said Thomas Nitzsche, a financial educator at the nonprofit Money Management International.
Those goals can include retirement savings, debt payoff or increasing an emergency fund.
"Are you contributing up to the max that your employer will contribute to? Are you doing that on your own?" asked Nitzsche. "Are taking a look at your life insurance, or maybe even looking at your renewals on your home and auto insurance?"
A lot can change in six months, which is why Nitzsche says now is the time to compare and reevaluate budgets.
"You see, 'Oh, yikes, I'm not in a good spot for the holidays.' I know it's going to be coming up before you know it," said Nitzsche. "You can do a bit of a spending freeze on some of your non-essential spending between now and then to be able to save up some money."
Planning for the second half of the year can save consumers in the long run.
"It's certainly never too early to start a plan for holiday spending, because what we find is that a lot of people just don't have any plan going into that," Nitzsche said. "Then they turn to credit cards, because they are a relatively safe, familiar tool for people to use when they're faced with a shortfall."
Nitzsche also recommends checking credit reports for any error or signs of fraud.
Consumers should also talk to a financial advisor and consider exploring savings accounts with competitive rates or bonus offers.
"See what's out there and move that over if it's in your best interest. But just make sure that it aligns with all your goals," said Nitzsche. "You can't just hope that everything's going to be OK. It does take some concerted effort, planning, and some work on your to make sure that those things are taken care of."