You’ve made it to July, which means you’re halfway done with the year! If your goals for 2025 include being better with money, this month is a great time to check how you’re doing so far.
Set aside an hour or two in the coming days to review your progress, look at the current state of your finances, and prepare for the months ahead. Use the questions below as your guide.
1. Are your goals still relevant?
Since a lot can happen in 6 months, you may need a refresher on the financial goals you’ve set for the year. You may discover that an unexpected event has affected your capacity to reach your targets.
It’s also possible to change your mind on the things that you wanted to achieve at the beginning of the year. Check whether your goals still align with your current situation and mindset, then adjust them if necessary.
2. How much progress have you made?
Measuring your progress can help you stay motivated and keep yourself accountable for your results. It can be easier to check your progress if you assigned numbers to your goals, like a percentage or peso amount.
If you’re ahead or on track with your targets, take note of the things you’re doing right so you can maintain a good pace. Remember that it’s OK to celebrate small wins and reward yourself reasonably for a job well done.
If you’re behind, you should identify factors that might be blocking your path so you can address them early on.
These may include big, sudden expenses or unchecked spending beyond what your budget allows. Some causes may be out of your control, like high inflation that hikes costs or market changes that can impact your investment returns.
Sometimes, delayed progress is simply because of the timing of your expected sources of income such as a 3rd quarter or Christmas bonus.
By knowing all the factors in play, you’ll be aware of what’s within your control so you can put in more effort into the things that you can actually change.
3. What can you do in the months ahead?
A mid-year review is a chance to look at where you currently stand so you’ll know how much further you need to go. It allows you to change course while there’s still time to make the necessary adjustments.
- Speed up, catch up, or reset
If you feel that your goals are easily within reach, you can consider ticking them off your list sooner so you can move on to the next ones.
Your progress may vary across different goals and so you might want to redirect your focus and contributions to areas where things are going slower than expected.
For example, if you’ve already set enough money aside for one goal, you may want to ramp up your debt repayment next or look for ways to strengthen your investment portfolio.
On the other hand, if you’re significantly behind, you can identify areas of improvement like your budget or sources of income so you can still catch up.
Making your targets more realistic is also an option. However, you’ll need to adjust your timeline and expectations since this might delay the bigger milestones that your yearly goals will contribute to.
- Acquire new knowledge and skills
The next months can also be an opportunity to learn more about personal finance and investing.
With new skills and knowledge, you can improve your ability to reach goals through better decision-making.
At this point, your risk profile may be due for a review. It's worth revisiting if you've faced a major life event or if you feel like ‘graduating’ to investing in other asset classes.
