Ah, July. Fireworks have fizzled, the grill has cooled, and the reality has set in: We're officially halfway through the year. If you're like me, you might wonder how we got here so fast. Wasn't it just New Year's Day? But here we are, with six months in the rearview mirror and six more to go. Which makes it the perfect time to hit pause, check our progress and make a plan for the rest of the year.
Speaking of charting a course, I've got big plans. I'm talking about a full-blown, early December trip with our grandkids to the theme parks in Orlando. I'm planning to hit them all -- before the crowds descend and prices spike like a thermometer in the Florida sun. We're talking mouse ears, wizard wands and probably more walking in a day than I do in a typical week. And while a little unplugged family time is what I'm excited for, you better believe we began the planning process back in the spring -- especially on the financial front.
That's where this story really begins: Not with a suitcase, but with a spreadsheet. Because whether your second half of the year includes travel, holiday spending, big purchases or just some good old-fashioned financial goals, now's the time to lay the groundwork. Here are four smart midyear moves -- inspired by my quest for theme-park glory -- to help you finish strong and have you feeling good when we hit the end of year.
1. Revisit Your Financial Goals
Remember those resolutions you made in January? Now's a great time to dust them off and see how you're doing. Have you been saving consistently? Did you finally bump up your Thrift Savings Plan contribution or knock out a credit card balance? Midyear is the perfect checkpoint.
If you're behind, don't stress -- just regroup. Life happens. The key is to adjust your strategy, not abandon the goal. Maybe you need to automate your savings or tighten up discretionary spending. A few small changes now can make a big difference come December.
2. Create a Holiday Fund, Including Travel
Here's the deal: The holidays are not a surprise. They happen every year, right on schedule. And if you've got plans like I do -- say, marching your family through four theme parks in five days -- it's smart to plan not just for gifts and decorations but also for the big-ticket travel expenses, too.
Build a holiday fund that includes everything: airfare, accommodations, park tickets, meals -- even those matching family T-shirts that no one asked for but will absolutely be worn. Divide your estimated total by the number of pay periods left before your trip, and start saving automatically. It's a lot easier to enjoy the magic when you're not thinking about the credit card bill that'll show up in January.
3. Check in on Your Budget and Adjust
Your spending habits may have shifted over the past few months -- gas prices fluctuate, groceries keep playing games, and summer activities can sneak up on your wallet. Use July as a chance to recalibrate.
If you have new priorities or plans for the rest of the year, make sure your budget reflects them. This is especially true if you're dealing with a permanent change of station (PCS) or other life change. A good budget isn't set in stone; it flexes with you.
4. Look for Hidden Savings Opportunities
Just like scoring an offseason hotel deal in Orlando, sometimes the best financial wins come from places you weren't expecting. Review your subscriptions. Re-shop your insurance. Use military discounts whenever you can. Little tweaks now can free up cash for those second-half-of-the-year plans.
There's something special about the second half of the year. It's when we start to feel the pull of holiday traditions, time with family and (hopefully) some well-earned rest. But none of that feels quite as good if you're stressed about money.
Whether your big goal is paying off debt, building your emergency fund or just surviving a few days of theme-park madness with your budget intact, now's the time to plan for it. Because come December, you'll want to focus on the memories -- not the money.
And if you see a guy in a Chiefs hat and matching family T-shirt looking happily exhausted outside a ride with a 90-minute wait time, give me a nod. I'll be the one who started planning months ago.
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