Smart Moves to Keep Your Finances on Track as Summer Winds Down
As August 2025 rolls in, many people are wrapping up vacations, prepping for back-to-school season, and looking ahead to year-end goals. It’s also a prime time to check in on your financial health and make a few proactive moves. Whether you’re managing a family budget, running a business, or preparing for retirement, here are key financial advisor tips to stay on track this month.
1. Review Your Mid-Year Financial Goals
With more than half the year behind us, now is a great time to assess how you’re progressing on your 2025 financial goals:
- Have you stayed on budget?
- Are you saving enough toward retirement, a home, or a big trip?
- Is your emergency fund still intact?
If you’re behind, don’t panic—August is a great month to course-correct. Small, consistent adjustments can help you hit your targets by December.
2. Prepare for Back-to-School Spending
August is one of the highest spending months for families with children. Set a budget for supplies, clothes, and extracurricular fees before heading to the store. Look for tax-free shopping days in your state and consider reusing or repurposing items from last year.
Pro Tip: This is also a great time to talk to your kids or teens about money—set savings goals, open a youth bank account, or introduce a budgeting app.
3. Check In on Investment Portfolios
August can bring market fluctuations as earnings season wraps up and global events impact sentiment. Work with your advisor to:
- Rebalance your portfolio if it’s drifted from your ideal asset allocation
- Harvest any tax losses or gains strategically
- Reinvest dividends and capital gains appropriately
Stay invested, stay diversified, and don’t let short-term volatility derail long-term plans.
4. Use Up Flexible Spending Account (FSA) Funds
If you have a healthcare or dependent care FSA, check your balance. Some employers offer grace periods, but many operate on a “use it or lose it” model. Schedule doctor’s appointments, purchase eligible medical supplies, or plan ahead for vision and dental expenses.
5. Think Ahead to 2026 Tax Planning
Now is a strategic time to:
- Maximize IRA or Roth IRA contributions
- Increase 401(k) contributions if you’re behind
- Plan charitable donations for optimal tax impact
Waiting until December can limit your options. A tax-smart August is a less stressful April.
6. Plan End-of-Year Travel or Projects
If you’re considering holiday travel or a major home renovation before the end of the year, now is the time to budget and book. Prices will climb later, and early planning helps avoid debt or financial surprises.
7. Stay Aware of Interest Rates and Inflation
The Federal Reserve has hinted at policy shifts in late 2025. Rising interest rates can impact mortgages, credit cards, and savings yields. Consider:
- Locking in fixed-rate loans now if needed
- Refinancing if you haven’t already
- Moving idle cash to high-yield savings or CDs
Stay agile and informed. The right moves can save you thousands.
Final Thought: Use August to Regain Financial Focus
Summer can be financially distracting—but it’s also the perfect time to pause, refocus, and set up the rest of the year for success. A quick review with a financial advisor can help you find opportunities, reduce risk, and move forward with confidence.
Need Help with a Mid-Year Financial Tune-Up?
Reach out to a certified financial planner or schedule a portfolio review. A 30-minute consultation today can help make the next five months your most productive yet.
