We’ve officially reached the halfway mark of 2025, and it is the perfect time to pause and reflect on your financial progress. Evaluating your current situation can help you realign your money goals, prepare for what’s ahead, and make the most of the rest of the year.

Whether you’re saving for a significant milestone, managing debt, or sending money regularly to your family abroad, this mid-year check-in is a valuable opportunity to learn from the first six months and adjust your plan for the next six.

Step 1. Assess your progress

The first step in a mid-year check-in is to measure how far you’ve come. Look back at the goals you set at the start of the year—were you hoping to save a specific amount, reduce your debt, or send a certain amount of support to loved ones?

Now’s the time to evaluate:

  • Are you on track?
  • Have your priorities changed?
  • Do your current financial habits match your original plan?

Useful Tools for Assessment:

  • Budgeting apps: Digital tools like Mint, YNAB (You Need a Budget), or Goodbudget can help you track spending and see how closely you’ve followed your budget.
  • Money transfer history: If part of your financial routine involves sending money abroad, review your past transfers. Have you been consistent? Did you stay within your planned amounts?
  • Debt and savings tracker: A simple spreadsheet or tool can help you see what you currently owe versus what you’ve saved, making it easier to gauge whether you’re keeping a healthy balance between debt repayment and savings.

Step 2. Revise your savings strategy 

Planning is always essential, but life can sometimes be unpredictable, and unexpected events occur, leaving us with new expenses or even a different income level. That’s why it’s so important to reassess your situation halfway through the year and adjust anything that needs to be changed. 

Strategies to revise:

  • Cut back on unnecessary spending: Although this may sound counterintuitive, many purchases are made impulsively, and before you know it, they start adding up. However, identifying and eliminating these can significantly improve your financial position. 
  • Increase your saving goals: If you’re already exceeding your current savings goal, it’s time to consider setting a bigger one without straining your budget.
  • Build emergency funds: If you haven’t done so already, it’s never too late. You can always add any amount that feels achievable, such as $10 or $20 a week, which will grow into a substantial safety net over time. This creates a financial cushion for unexpected expenses.

Step 3. Plan for upcoming events 

The second half of the year tends to be more eventful, with an increase in holidays and celebrations. Planning for these events now will help you avoid financial strain later. 

Important events to plan for:

  • Back-to-school costs: For those supporting kids, consider the costs of all school supplies.
  • Medical expenses: Whether you are anticipating medical costs for yourself or a family member, allocate funds for these needs.
  • End-of-year holidays: From Thanksgiving to Christmas, Hanukkah, and New Year’s, holiday expenses add up, especially when it comes to meals and gifts. 
  • Annual remittances: If you plan to make large transfers later in the year, setting the money aside for peak seasons would be relevant. 

To make the most of those transfers, check out our resource:  [Pangea Expands Sending Limits to $30,000 USD]

Step 4. Reevaluate your money transfer strategy 

And last but not least, reassess your money transfers to ensure they are fast, secure, and cost-effective, as they are a significant part of your life, as well as that of your loved ones abroad. 

Key tips: 

  • Take advantage of competitive exchange rates: Competitive rates can make a big difference, especially when sending large amounts of money abroad. That’s why at Pangea, we offer you competitive rates so your money can go further.
  • Plan in advance: If you regularly send money, you know how much you typically send per week or month. This knowledge will make it easier to plan and help you save on fees by using the direct deposit method. 

Conclusion 

In conclusion, following this guide will leave you with a better understanding of your finances and your future in different aspects of your life. Whether you’re looking to increase your savings to make a purchase or ensure your money transfers are on track, it’s time to take control of the rest of 2025. 

DISCLAIMER – This content is for informational purposes only. Pangea and its affiliates do not provide legal, financial, investment or tax advice. 

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