Mid-Year Financial Check-Up: Are You on Track With Your 2025 Goals?

As we cross the halfway mark of 2025, now is the perfect time for a financial check-up. It is a great idea to review the goals you set for yourself – whether it be saving, paying down debt, or finalizing your budget. Here are some things to consider:

1. Review your Financial Goals

Start by revisiting the goals you set at the beginning of the year. Think about the following:

• Saving a specific amount (e.g., emergency fund, down payment, etc.)

• Reducing debt (credit cards, student loans, mortgage, etc.)

• Investing for retirement or other long-term objectives

• Increasing income or side hustles

• Creating a budget and sticking to it

Ask yourself:

• Have I made any progress?

• Are these goals still realistic?

• Do I need to adjust my timelines?

2. Assess your Expenses

Compare your actual spending to your budget for the first half of the year.

Key questions:

• Are there items you consistently overspend on?

• Have any new expenses emerged?

• Can you cut back in certain areas to reallocate funds to your goals?

If your budget has drifted, now’s the time to make thoughtful adjustments.

3. Check on your Debt Reduction Progress

If paying down debt was a priority this year, check how much you have paid off and how much remains. Consider:

• Your current debt balances and interest rates

• Progress towards your payoff goals (e.g., “Debt-Free by 2026”)

• Whether you can increase payments in the second half of the year

You might also consider refinancing or consolidating debt if interest rates have shifted in your favour.

5. Review Investments and Retirement Accounts

Markets fluctuate, and so should your investment strategy — within reason. It’s important to have a sense of the types of investments you hold and if there may be better options for you. Your Financial Advisor can help ensure you are invested properly for your goals and risk tolerance.

6. What about Emergencies?

Ideally, have 3 to 6 months of expenses set aside. If you're not there yet, determine a realistic monthly savings goal to build up our emergency fund by year-end.

7. Plan for the Rest of 2025

Use what you’ve learned to refine your roadmap. Some steps might include:

• Setting a “no-spend” month to curb habits.

• Adjusting automatic savings or debt payments

• Scheduling a meeting with your Financial Advisor

Consider upcoming expenses like summer vacations or even Christmas, though it seems like a long time away. It’s vital to get ahead and plan for bigger expenses like these.

A mid-year financial check-in isn't just a good habit — it’s a powerful strategy for success. Small changes made today can significantly impact your financial well-being by the end of the year and beyond.

 Allison Martin is a Financial Advisor with Assante Capital Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd. Please contact her at 613-774-2456 or visit ofarrellwealth.com to discuss your particular circumstances prior to acting on the information above. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. Insurance products and services are provided through Assante Estate and Insurance Services Inc.