Mid-year financial check-in: How to improve your money habits now

As we draw closer to the middle of the year, our financial health can sometimes take a backseat to our day-to-day activities.

That's why a mid-year financial review is so important.

This check-in is your chance to assess your progress, make thoughtful adjustments, and realign your finances for the months ahead.

Check your credit.

Checking your credit in late-spring or early-summer is a good way to keep tabs on your financial health.

Your credit score is a number that shows how likely you are to repay debts on time. Lenders use it to decide if you qualify for a loan and what interest rate you'll get. Having a good credit score increases your chances of loan approval and can save you money on interest.

Now’s a great time to pull your free credit report at AnnualCreditReport.com and make sure everything looks accurate. Keep an eye out for:

• Errors or outdated information

• Signs of identity theft

• Missed payments or unfamiliar accounts

Staying on top of your credit report can help you catch issues early and give you the info you need to build or maintain a strong credit score.

Relevant Article: Rethinking debt: The good, the bad, and the necessary

Smart Summer Spending Tips.

Here are some options if you're looking to save some extra cash this summer:

1. Consider cheaper vacation options: Instead of expensive travel destinations, explore budget-friendly alternatives. Look for nearby attractions, national parks, or local festivals that offer experiences at a lower cost.
2. Plan a staycation: Opt for a staycation by exploring your own town or city. Visit local parks, museums, or tourist attractions that you haven't explored yet. 
3. Use money-saving apps: Take advantage of apps that offer discounts, deals, and cashback on various purchases. Apps like Groupon, RetailMeNot, or Honey can help you find coupons, promo codes, and special offers on dining, entertainment, and other summer activities.
4. Pack your own snacks and drinks: When going on outings or road trips, bring your own snacks and beverages instead of purchasing them at inflated prices. This simple habit can save you money and ensure you have your preferred refreshments readily available.
5. Take advantage of free local events: With more than 400 festivals happening every year in the state of Louisiana, there is no lack of free or low-cost local events happening in your area. Festivals are a great way to have fun without draining your wallet.
6. Embrace DIY activities: Explore do-it-yourself (DIY) activities such as picnics, outdoor games, or home improvement projects. These can be cost-effective alternatives to expensive outings and allow you to spend quality time with loved ones.
   
7. Plan and budget in advance: Create a summer savings plan by setting a budget for your activities and expenses. Track your spending, prioritize your purchases, and make conscious choices to stay within your financial limits.
8. Consider saving money elsewhere: Refinancing your vehicle can save you money every month, which can go towards other expenses, such as a fun-filled summer. 

Saving bucks doesn't mean cutting out the fun. Use these handy tips and get ready for a summer full of memories that won't cost an arm and a leg.

Monitor your debt.

Smart budgeting now can help you avoid adding new debt later — especially during the holidays. Saving in advance for gifts, travel, and seasonal expenses means less stress (and fewer interest charges) when the new year rolls around. Here is how you can keep your debt from snowballing:

• Stick to intentional spending: Make room in your budget for fun, but try to pay in cash or debit when you can. It helps avoid adding to existing credit card balances.

• Automate your payments: Set up automatic payments for at least your minimums, and schedule extra payments when possible to chip away at balances faster.

• Cut back where it counts: Small sacrifices — like reducing takeout, pausing subscriptions, or skipping impulse buys — can free up cash to put toward debt.

• Tackle high-interest balances first: If you’re juggling multiple credit cards or loans, focus on paying down the ones with the highest interest rates first (this is called the avalanche method). You'll save the most money over time.

• Keep tabs on your credit utilization: Try to keep your credit card balances under 30% of your limit — this can help your credit score and reduce the chances of fees or penalties.
  
  

Adjust as you see fit.

Look back at the past six months. What worked? What didn’t?

If you find that you've been overspending or missed opportunities to save, make changes to your budget and set new goals for the rest of the year.

Small changes can make a big impact. Whether it’s tightening your budget, setting a new savings goal, or revisiting your loan options, the key is to stay flexible and focused.

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