Year money reset: how to realign your financial goals mid-year

Remember those money goals you made in January? Save more. Spend less. Pay off that credit card. Get that insurance. But now, between rising petrol prices, food inflation, and surprise expenses, your financial plan may no longer fit your reality - and that’s okay.  

It’s important to realise that you’re not alone, and that it’s not too late to realign your spending with your income for the rest of the year. 

You can use July to pause – take time to breathe deeply before diving back into your budget to reassess and realign. Nasia Seyuba, head of people at digital financial services provider Finchoice, says that a mid-year reset doesn’t require dramatic changes. Small adjustments often work best.  

“Start by figuring out what’s changed since January. Are you spending more on groceries? Has your income fluctuated? Are you dealing with expenses that you didn’t plan for? Perhaps you’ve taken on new responsibilities, such as supporting a family member. These shifts matter, and your financial plan should evolve with them,” says Seyuba. 

Distinguishing between needs and wants is still one of the most powerful financial planning tools we have. It’s not necessarily about giving up your daily cappuccino forever; it’s about making conscious trade-offs based on what matters most right now. “Necessities like housing, food, transport, managing any debt repayments, and meeting insurance obligations should always be prioritised over a fancy new phone or designer shoes,” says Seyuba. 

With July being the time when many of us submit our annual income tax forms, it’s a great time to allocate a refund into reducing high-interest debt or buffering savings. If you’re facing a shortfall instead, it’s a sign that you may need to start working more closely with your financial services provider, or with a tax professional who can optimise your pre-tax income and streamline your overall tax burden before the 2026 tax year. 

“If you’ve dipped into savings or fallen behind on repayments, don’t ignore it,” warns Seyuba. “The sooner you adjust, the easier it is to recover. That might mean reducing unnecessary debit orders or negotiating with creditors.” 

Seyuba says that the ability to directly and actively engage with your financial services provider via your smartphone can be the difference between realigning your financial well-being and falling further off track. “We see our customers logging into the Finchoice mobile site or app twice a month on average to track and manage their credit and insurance policies,” she says.

“If getting on track with your financial goals means you need to engage a credit or insurance provider, ensure that you partner with a digital provider that can tailor a solution unique to your needs, and that gives you the ability to adjust your solutions quickly and easily,” says Seyuba.  

The bigger takeaway? Life happens. You don’t need to have stuck to your January plan perfectly. But you do need to have a plan that works going forward – and using digital financial services responsibly to ease temporary pressures can be a meaningful part of that plan.  

PERSONAL FINANCE