As we wave goodbye to June and get ready to welcome July, we find ourselves at a crucial financial crossroads. The first half of 2025 is coming to an end, and it’s time to take stock, recalibrate, and set ourselves up for success in the remaining six months. Whether your financial goals are on track or need some serious adjustment, July presents the perfect opportunity for a mid-year reset.
Take Stock: Where Do You Stand Financially?
Before making any adjustments, you need to know your current position. Start by gathering your financial statements from January through June 2025. This includes your bank statements, investment portfolios, loan statements, and any other financial documents.
Calculate your net worth by listing all your assets (savings, investments, property) and subtracting your liabilities (loans, outstanding bills). Compare this to where you were in January. Are you moving in the right direction?
Next, review your income and expenses for the past six months. A lot of us find out that our spending patterns shifts significantly during the year due to factors like school fees, seasonal expenses, and economic changes. Understanding these patterns helps you plan better for the second half.
The Reality Check: Common Mid-Year Financial Challenges
Let’s be honest about the financial realities many Nigerians face by mid-year. School fees may have depleted savings, and inflation has affected purchasing power. If you’re behind on your financial goals, you’re not alone. The key is acknowledging where you are without judgment and focusing on what you can control moving forward.
Your July Action Plan
1. Adjust Your Budget for the Second Half Create a realistic budget for July through December based on your actual spending patterns from the first six months. Factor in upcoming expenses like August holidays, September school resumption costs, and Dirty December. Be honest about your income and prioritize essential expenses first.
2. Boost Your Emergency Fund If the first half of 2025 taught you anything, it’s probably the importance of having emergency savings. Aim to save at least 10% of your monthly income specifically for emergencies. Start small if necessary. Even N5,000 monthly adds up to N30,000 by year-end.
3. Review and Optimize Your Banking Products July is an excellent time to review your banking arrangements. Are you earning competitive interest on your savings? Could you benefit from a higher-yield fixed deposit? Consider speaking with your relationship manager about products that align with your revised goals.
4. Plan for Major Expenses Identify your major expenses for the rest of the year and start planning now. Whether it’s your children’s school fees, house rent, your annual vacation, or Christmas celebrations, having a plan prevents these expenses from derailing your budget.
5. Consider Additional Income Streams With six months left in the year, there’s still time to explore additional income opportunities. This could be freelancing, small business ventures, or
investment opportunities that align with your risk tolerance. Sterling’s OmniX is also a great platform to help diversify your income.
Moving Forward with Confidence
Remember, financial success isn’t about perfection; it’s about making consistent progress and adjusting when necessary. Use July as your launchpad for a stronger financial second half of 2025. The goals you set today can transform your financial position by December.
Your future self will thank you for taking action now. Start with one small step today, and build momentum as you move through the remaining months of the year.
Now that you’ve got your action plan.
Use the budgeting feature on the OneBank App
To track your progress.
