Your 9-Step Summer Financial Check Up

Summertime hits, and time can seem to slow down. 

The hustle and bustle of the holiday season is over, the taxes are complete, and the vacation days are scheduled. If you find yourself with a bit of extra time on your hands in the upcoming months, you may want to check in on your family’s finances. While doing a thorough analysis of your wealth may sound intimidating, we’ve broken it down into nine simple steps to keep you focused and on track.

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1. Analyze Your Budget

As of March 2025, the U.S. personal saving rate stands at 3.9%¹, indicating that many Americans are saving less than recommended. Take this opportunity to review your monthly and annual budgets. Utilize tools provided by your bank or credit card company to categorize spending, identify areas where you might be overspending, and adjust your budget to align with your financial goals. To get the best look at your spending habits, you may want to evaluate your savings and spending record over the past six to 12 months.

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2. Seek Out Tax Savings

Do you scramble to pull your paperwork together every March and April? This year, try taking a different approach to tax season by evaluating your tax-saving strategies early. You may want to work with your financial planner or tax professional to create a mock tax return, as this can help you understand your withholding options and tax-saving opportunities such as 401(k) or 403(b) options, IRAs, and HSA contributions.

Focus on filing any time-sensitive deductions and brush up on changes in tax laws. Reaching out to your tax professional now could mean you have more time to prepare and strategize together for next year’s returns.

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3. Tackle Your Debt

With 47% of American credit cardholders carrying a balance in the past year ², addressing debt is crucial. Create a comprehensive list of your debts, including interest rates and monthly payments. Focus on high-interest debt first using the debt avalanche method, or start with smaller balances using the debt snowball method to build momentum.

While you could be tempted to simply pay off what shows up on the bills each month, you may want to create a debt summary to get a better idea of your total debt’s big picture. By creating an annual debt summary, you and your financial advisor can better understand whether you’re gradually working down the amount or falling farther into the hole.

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4. Revisit Short and Long-Term Goals

Life changes like promotions, relocations, or a growing family can significantly impact your financial plans. Reassess both short-term and long-term goals to ensure they reflect your current circumstances. Evaluate your progress toward retirement and the status of your emergency fund, adjusting your strategies as needed to stay on track.

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5. Evaluate Coverage and Providers

Service providers often adjust rates and offerings, yet many individuals stick with the same plans for years. Review your insurance policies—home, auto, health, and life—to check if you're overpaying or underinsured. Similarly, examine your internet, cable, and wireless service providers. You might find cost-saving opportunities when you compare rates and make a few phone calls.

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6. Reassess and Rebalance Your Portfolio

Financial markets have been volatile in 2025, potentially shifting your portfolio's balance. Reviewing your investments allows you to adjust back to your target allocations. Consider your risk tolerance and financial goals as you rebalance. Diversifying your portfolio remains one of the most effective ways to minimize risk and maximize growth over time.

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7. Review Your Retirement Savings

Whether retirement is decades down the line or within the upcoming year, annually reviewing your retirement savings is a great habit to start. In 2025, the 401(k) contribution limit is $23,500, with a catch-up contribution of $7,500 for those aged 50 and older. Notably, individuals aged 60 to 63 can make a "super catch-up" contribution of $11,250, allowing for a total contribution of up to $34,750. Take the time to assess whether or not you’re maxing out your retirement contribution options and how the savings you’re making today will translate into retirement income later down the line.

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8. Assess Your Estate Plan

An outdated estate plan can lead to unnecessary complications for your loved ones. Review your will, trusts, and beneficiary designations to make sure they still reflect your current wishes. Consider recent life changes, such as marriage, divorce, or the birth of a child, and update your estate documents accordingly. This is also a good time to review powers of attorney and healthcare directives.

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9. Strengthen Digital Security and Fraud Protection

Cyber threats are more sophisticated than ever. Strengthen your digital defenses by checking your credit reports from the three major bureaus (Equifax, Experian, and TransUnion) and setting up transaction alerts to catch unauthorized charges immediately. It may be worth updating your passwords on banking and investment platforms, but avoid public Wi-Fi for online banking.

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Final Thoughts

A summer financial checkup can bring peace of mind that the summer vacation is well within budget, there are tax opportunities ahead this year, or that it’s time to pivot on contributions. These nine key areas can position you to navigate the remainder of 2025 with confidence and clarity.

If you need personalized guidance or support in tackling any of these steps, our team is here to help you optimize your financial strategies.