With summer winding down and kids heading back to school, now is an ideal time to take stock of your finances—especially after a season of elevated spending and shifting priorities. Whether you’re fine-tuning your budget, catching up on savings goals, or planning ahead for fall and holiday expenses, this mid-year checklist offers eleven smart strategies to help reinforce your financial foundation for the months ahead.

1. Review your summer spending

Summer often brings higher costs across the board. Childcare and day camps can stretch budgets, while back-to-school shopping adds another layer of expenses. Utility bills usually climb during the warmer months, and summer vacations have become more costly—the average trip is up 24% in 2025 compared to last year, now topping $7,000 for many families (source: Bankrate).

Instead of just noting what you spent, look for patterns and key takeaways:

Did you rely on credit cards more than usual, and how quickly can you pay those balances down?
Were certain categories—like childcare or entertainment—consistently higher than expected, and should you build them into your budget as recurring seasonal costs?
Did a vacation or home project dip into savings, and how will you replenish that account?

Turning your review of these expenses into a reset helps you plan more realistically for the rest of the year.

2. Plan for education costs, now and ahead

The start of a new school year brings a wave of expenses—from notebooks and uniforms, to tutoring, sports, and technology. For college students, it can also mean tuition payments, housing deposits, and travel costs. These near-term expenses can strain cash flow if they aren’t built into your budget, while the long-term challenge of rising tuition makes saving just as important.

Things to consider:

Build back-to-school and extracurricular costs into your budget as recurring seasonal expenses.
If you’re covering college costs, weigh how much should come from savings versus current income.
Contribute regularly to a 529 or other education savings plan, and confirm that your contributions align with long-term goals.
If college is close, review how withdrawals could affect taxes or financial aid.

3. Reset your budget for the rest of the year

If summer spending pushed you off course, don’t wait until the holidays to recalibrate. A mid-year budget reset ensures you have a realistic plan for the remaining months of 2025.

Review the following:

Forecast expenses through December, including insurance premiums, holiday travel, and seasonal utilities.
Identify areas to cut back if you overspent this summer.
If you’ve had an income increase, consider directing part of it toward savings or debt reduction before lifestyle creep absorbs it.

4. Boost your retirement contributions

Take a moment to log in to your accounts and review your year-to-date contributions. A common benchmark is to save around 15% of your income for retirement, including employer matches.

Consider the following:

Are you contributing enough to capture your employer’s full match?
Can you increase contributions by 1% this fall or with your next raise?
Are you taking advantage of the 2025 limits—$23,500 for 401(k)s and 403(b)s, with an extra $7,500 if you’re 50+ and up to $11,250 for ages 60–63 depending on your plan?
For IRAs, have you contributed the maximum of $7,000 (or $8,000 if you’re 50+)?

Even small increases now compound into significant progress over time.

5. Check your progress on savings goals

Mid-year is also the right time to see how you’re doing on the goals you set in January. Whether you’re building an emergency fund, saving for a down payment, or paying down debt, checking in now helps you avoid surprises later.

Things to consider:

Compare your actual savings or debt reduction against the goals you set for 2025.
If you’re behind, decide what adjustments can be made—cutting expenses, redirecting windfalls, or automating contributions.
For an emergency fund, aim for at least three to six months of essential expenses, and adjust upward if your job or income is less predictable.
For large purchases (like a home or car), confirm whether your timeline still makes sense in light of rising costs and interest rates.

6. Manage the impact of inflation

As we explored in our recent article “Why Inflation Might Be Sticking Around (And What It Means for You),” headline numbers can be misleading. While gas prices have eased, service costs and tariffs are keeping underlying inflation elevated.

When reviewing your finances:

Identify where inflation is impacting your budget most—such as groceries, dining, clothing, or healthcare—and decide whether these increases are temporary or if your budget needs a permanent adjustment.
Decide whether these increases are temporary or structural—and whether your budget should be permanently adjusted.
Avoid making drastic investment changes based on short-term headlines. Instead, keep your long-term goals in focus.

7. Revisit Your Investment Strategy and Risk Tolerance

Strong market performance in the first half of the year may have shifted your asset allocation—potentially increasing your portfolio’s risk without you realizing it. Life changes could mean your risk tolerance has evolved as well. Mid-year is a good time to meet with your investment advisor to review your current mix and make adjustments if needed.

Schedule a meeting with your investment advisor to:

Review whether your current allocation still reflects your target mix.
Identify any overweighted or underweighted areas caused by market shifts.
Discuss how recent life events may have changed your willingness or ability to take on risk.
Explore whether rebalancing or adjusting your strategy makes sense going forward.

Your advisor can help ensure your portfolio stays aligned with your goals, timeline, and financial comfort zone.

8. Prepare for year-end tax strategies

Opportunities like tax-loss harvesting, charitable giving, and maximizing deductions often require action before December. Laying the groundwork now gives you more flexibility and less stress later.

To prepare:

Review whether tax-loss harvesting opportunities exist in your portfolio.
Consider whether a Roth conversion fits your situation before year-end.
Maximize contributions to tax-advantaged accounts. In 2025, HSA limits are $4,300 for individuals and $8,650 for families, plus $1,000 catch-up for those 55 and older.
If you plan charitable gifts, explore whether donating appreciated stock could provide a bigger tax benefit than cash.

9. Reevaluate your insurance coverage

As life changes, so do your insurance needs. With open enrollment and renewal season just around the corner, August is an ideal time for a coverage check-up.

Review the following:

Does your homeowner’s policy reflect today’s rebuilding costs?
Has your auto insurance kept up with rising repair and replacement costs?
Are your health and life insurance coverages still appropriate for your family’s needs?
Would shopping for quotes or bundling policies lower your costs?

10. Plan for upcoming expenses

Healthcare costs, holiday spending, or large purchases may be on the horizon. Building in savings buffers now helps ensure you’re prepared without derailing other priorities.

Instead of letting these costs sneak up:

Set aside money each month to pre-fund upcoming expenses like holiday gifts, travel, or annual insurance premiums.
Look at last year’s holiday spending to guide this year’s budget.
If travel is on the horizon, compare airfare or lodging costs now; prices typically rise closer to the holidays.

11. Schedule your year-end financial review

Don’t wait until December to meet with your financial advisor. By scheduling a review in the fall, you leave enough time to make meaningful changes before year-end deadlines.

During this meeting, you might:

Adjust retirement contributions to maximize annual limits.
Explore year-end tax strategies with your advisor.
Revisit your estate plan or beneficiary designations to ensure they are current.

Proactive planning now means fewer last-minute decisions later.

Making the Most of Your Mid-Year Check-In

The months ahead are full of financial opportunities—from maximizing retirement contributions to planning for year-end tax strategies. Talking with a trusted advisor now can help you take advantage of them. Contact Aspire Planning Associates at (925) 938-2023 to get started.