June 14, 2025
A mid-year money review can show where you’re at and if any adjustments are needed to enhance your finances.
June is an optimal time to appraise your savings and financial goals before 2026 arrives.
That mid-year point can help you see if you are reserving or investing cash in what you have planned since January. It can assist you with identifying and adjusting any personal financial goals if needed and help you avoid any negative moves during the next six months.
Whether it’s making such moves like erasing debt or investing extra money, the bottom line is such an analysis can help you determine if your financial portfolio is where you want or would like it to be right now. Being proactive can help you enhance your money status. BLACK ENTERPRISE explored and piled tips to help give your finances a biannual upgrade.
Be aware there are many headwinds to maneuver as you try to manage your money now in the existing business landscape. Consider America’s total value of products and services—called GDP— fell at an annual rate of 0.2% in this year’s first quarter. In contrast, it rose at an annual rate of 1.6% in the same 2024 period.
A chunk of that downturn is supposedly being fueled by unpredictable moves by President Donald Trump. Observers have expressed concerns about how his tariff policies will impact U.S. consumers, including Black Americans. The National Retail Federation alone estimates the tariffs would cost buyers $78 billion annually.
Looking at the larger picture, brokerage giant Charles Schwab expects the nation’s economy to face a mixed bag in the upcoming months. For instance, the firm’s mid-year outlook stated there seems to be some uncertainty with “tariff-induced inflation” among other forces.
Contrarily, it reported “stocks nearing all-time highs…the bar is relatively high for the market” in the second half of 2025.
Moreover, Black American investors may do well to not completely forsake stocks. Black experts who monitor Wall Street activity recently shared how Black investors can still flourish when the stock market fluctuates.
BE has disclosed that individuals often tend to retreat during market volatility but perhaps should not. One reason: The stock market over the long term has helped investors build wealth if the assets are retained over extended periods
Overall, the key is being regularly diligent to reach your financial targets; based on E research, here are some tips to help give your finances a mid-year boost.
Investment And Retirement Planning
One approach for investors is to consider having holdings in companies that are steady and high performers. They offer resilient growth and essential services that remain in demand regardless of economic conditions. They sometimes are dubbed recession-proof. They operate in many sectors, including consumer goods, utilities, telecommunications, and healthcare.
For retirement, make sure to check if you can contribute more to your 401(k) savings plan. Many companies match three percent of what you save. Try not to let stashing money for vacations or an emergency fund detract from your retirement savings goals. And aim to pay off debt to help enhance retirement savings.
Debt Management And Budgeting
At over $2.1 trillion, the nation’s credit card debt has hit record levels, with holiday spending contributing to that large splurge. However, experts suggest paying consistently as much as you can and consolidating debt is a way to help counter that. Avoid transferring debt to a credit card, where the debt is not deductible. Industry professionals suggest using a debit card instead of a credit card to help trim credit card usage. Another recommendation: Make minimum payments on everything and use extra cash flow to first pay more on credit cards with the highest interest rates.
On the budgeting front, pretty much now and most anytime is ideal to boost savings if you are not doing that already. Have at least six months to a year’s worth of expenses in an emergency account. That is something that you should be doing now and continuing into 2026. Be mindful that deleting debt on credit cards, car notes, and student loans should be a constant priority.
Examine Your Credit Reports Another Time
Analyzing your credit reports no less than twice a year can help unmask fraudulent activity and mistakes. Get copies of your credit reports from TransUnion, Equifax, and Experian, three of the major credit bureaus. This can be a clever way to see where your credit is and help determine if you need to ask for changes if data are debatable.
Taxes
Consider the more taxes you withhold from your pay, the less you may owe when your when you file your next tax return. But be aware that too little withheld can result in you owing taxes. Check with your employer on this as well as what tax breaks 401(k) plans can bring.
Carefully review if you have a high-deductible health care plan. That could help reduce your taxes. Ask about a health savings account (HSA). That tax-exempt account can be applied to pay medical bills. And check to see if you qualify for the earned tax credit (EITC) as well as tax-deductible charitable contributions to possibly help reduce your tax costs.
If you are an individual or business owner, the middle of the year is a good time to contact a credible financial advisor. That person may be able to offer tips you might not know about on how to potentially cut your tax debt for next year.
Be Sure Not To Ignore Life Insurance
Many Americans are unaware that life insurance can help build wealth beyond just covering burial expenses. For instance, permanent life insurance policies can potentially accumulate cash value. The money can be used for such purposes as extra retirement income. Ask what type of policies are available and how much they cost to fit your budget best.
Check Out Resources To Help You
A mid-year financial examination allows you to evaluate many elements to help better your finances. It can range from looking more closely at your credit report to using extra or unexpected cash to eliminate debt. There are ample sources to assist you. They can include this site, another here, and this one, to name a few.
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