Midyear Budget Checkup: Are You on Track?

Is your financial life on track in 2025?

Half the year has already gone by, and it feels like just yesterday we were making New Year’s resolutions, setting financial goals, and dreaming about all the places we’d visit in 2025.

But here we are: July has arrived, the days are longer, summer is in full swing — and your budget… how is it doing?

Here’s a practical financial check-up to help you explore the world without maxing out your credit card.

Look in the rearview mirror: what has worked so far?

Before thinking about the months ahead, it’s worth taking a good look back — after all, that’s one of the key purposes of this midyear break.

What did you plan financially at the start of the year? What goals did you write down (on paper or in an app)? How many of them have you accomplished so far?

Also, ask yourself: Did you manage to keep your emergency fund active? Did you save for travel? Were there unexpected expenses that threw everything off?

How’s your travel and leisure fund doing?

Many Americans prioritize travel in their budgets — and rightfully so! Travel is an investment in well-being, learning, and creating memories.

But it’s easy to get excited by flash sales or spontaneous trips and lose control.

Ask yourself whether you know how much you’ve already spent on travel this year, and plan monthly savings for the months ahead.

Revisit your monthly expenses: do they still make sense?

Midyear is a great time to do a kind of “financial cleanup,” especially by reviewing unused subscriptions like various apps and services.

A good tip is to check your full statement from last month and identify expenses you can cut or renegotiate.

Sometimes, saving $50 a month on small things can turn into a fantastic weekend at the beach.

Beware of summer temptations

Last-minute deals, festivals, trips with friends, Airbnb bookings, and even new camping gear can seem irresistible.

And that’s okay — summer is meant to be enjoyed. But try to avoid impulse decisions.

A great tip is the “24-hour rule”: saw something cool that you hadn’t planned for? Wait a day. If it still makes sense, buy it. If not, you’ve just saved money.

And your credit card — how’s that going?

You need to assess whether your credit card is helping or hurting you.

In addition, revolving debt, high interest rates, and uncontrolled installment payments can turn your dream trip into a financial nightmare.

Use this time of year to check outstanding balances, negotiate fees, look for better credit card options, and assess whether your card aligns with your lifestyle.

Make small adjustments — they’re worth gold

You don’t need a full financial overhaul in July. Small tweaks can have a big impact by the end of the year:

• Automate transfers to your travel savings
• Use budgeting apps with specific categories (e.g., “gas for trips”)
• Renegotiate fees or review your phone plan, especially if you’ll use it abroad
• Start planning holiday shopping now to avoid debt in December

Reinforce what’s already working

Not everything is about cutting or fixing. A lot has gone right — and that deserves to be celebrated and reinforced!

If you’ve managed to save, pay off debt, travel without going into debt, or maintain a good balance — congratulations!

Repeating good habits and strengthening positive behavior is just as important as correcting mistakes.

Use technology to your advantage

Today, there are countless apps and platforms that help with financial control — from simple spreadsheets to AI-powered tools that automatically analyze your spending.

You can use tools like Mint or YNAB, Revolut or Wise for international expenses, and Splitwise to divide costs with friends.

In short: reassessing is evolving

Doing a midyear review isn’t about “fixing what’s wrong,” but about seeing clearly where you are and where you want to go.

Whether it’s to get your finances in order, secure your next trip, or simply feel more at peace with your spending, July is the perfect time for that strategic pause.

So take a deep breath, open your bank app (or your budget notebook), and do this check-up with ease. Your future self — and your future travels — will thank you.

Written by

Gabriel Gonçalves