Audit & adjust your spending to reach your 2025 savings goals
2025 is almost halfway over, which means it's a perfect time for people to reevaluate their annual savings goals, spending habits, and income.
CardRates.com CFP® and personal finance expert Bobbi Rebell sits down with Wealth's Brad Smith for a conversation to share her strategies on acclimating to a new budget and unnecessary spending.
To watch more expert insights and analysis on the latest market action, check out more Wealth here.
All week long on wealth, we're conducting your mid-year financial checkup. If you're one of the Americans who wanted to save more or spend less in 2025, you set this at the outset of the year as one of your goals. Well, guess what? This is your opportunity for a progress report. I'm joined in studio by Bobby Ribell, who is the cardrates.com CFP and personal finance expert. Bobby, good to have you here in studio with us. So, let's talk about these mid-year check-ins. How can a mid-year check-in and audit, how can this help with some of your spending habits?
Okay. Well, the first thing you want to do is you want to look back at your history because we learn so much from history, we know. So you want to look at not your New Year's resolutions, Brad. You want to look at your New Year's expectations. And think about how you did relative to that. So look at how you did in terms of your income. What were you expecting? Did you expect to get a raise? Maybe you got it, maybe you didn't. Did you expect to earn money in overtime? How did your actual earning come in based on your expectations? And then you want to think about how your spending went. What were your expenses? Were they higher than expected? Did you have some surprises? And of course, think about where you are in terms of your debt. Did you make the kind of progress that you would hope to make? And finally, savings and investments. So, take a holistic point of view.
So once you take that in, what do you do with that information?
You need to analyze it. You need to actually take the time. I know we talk about being mindful with our money these days, and I talk about financial wellness a lot. But the truth is that really matters, taking the time to assess how you did. And the interesting thing is, there are some things we can control and some things we can't control. So think about what you could control in terms of your income, right? How much, how did you do? Did you take the time to ask for that raise? Did you offer to work the overtime? Did you really get going on that side hustle? How did that income come, and what did you have control of? And the same thing with the spending. Did you get pulled into spending things that you, spending on things that maybe you regret a little bit? But also, I think people should give themselves a little bit of a break. This year has been tough. There's a lot of things that hit us that were not in our control. So we need to give ourselves a little love and remember things like inflation, things costing more, we couldn't control that. Think about though what you could do differently.
That's why I needed to go to that Beyoncé concert. It just had to happen, even though it would have been overspending by normal years. But how do you adjust and pull back from overspending and course correct?
Yeah, so you want to really think about how you're spending. Think about why you're spending. So you had to go to the Beyoncé concert. You had to. And, and you know, we can talk about how you manage your summer spending, how you might think about your priorities, but really think through what you can do to take better control and spend more deliberately. So that might mean little, you know, tricks and tips. So write down your budget, put it somewhere where you can see it, but then take it a step further. I like to think about renewing your budget vows. So you put, maybe on your refrigerator, whatever it is, your spending plan, your budget, what you have, and then you get used to it. So you don't really see it anymore, take it down once a week, once every two weeks, put it in your calendar as a reminder, rewrite it, adjust it, constantly rework it, because life happens and it may not be realistic anymore. So constantly checking in with that.
Had to.
You also might want to do some little tip, little tips and tricks like putting when you're shopping online, put your stuff in your wish list, not your cart. It's one extra step. Remove that credit card from inside your, you know, that remember, when your computer remembers it, you know how that is. You want to remove that. Wait to make those peer, those purchases, and of course, unsubscribe to those retailers who love to remind you that every day is the best sale ever. Every day is your last chance to get that deal that you know you want to get. And I also say, shop your closet and your home. Not just clothing. We tend to buy things that we already have in our home just because we can't find it. It makes sense to get organized. And then, you know, we talked about the work in, that Walmart work in. It's not, it's not a bad thing to buy a dupe. Own it.
Right. Yeah.
Yeah.
That's facts. You've got a lot of good vendors or vendors on Canal Street who could sell you a dupe, for sure here.
Yeah, well those are forgeries. We're talking legit dupes. We're keeping it above board, legal, inspired by, inspired by. How do you leave room in your budget for those summer vacations and other fun activities?
Generalizing the two versus inspired by.
Like Beyoncé concerts, right?
Like Beyoncé concerts. Right. So you want to think about your priorities and really write them down, and think about where do you get the best bang for your buck. And it might be one giant splurge event like, you know, a Taylor Swift or Beyoncé concert, and that may be it. And then, you know, you can just say, you know what's the best value for the money in the summer? Being lazy. Just chill with your friends. It's okay to spend less and really make sure that you find a way to get the things that matter the most to you.
Absolutely. Like Beyoncé.
It's all about Beyoncé today.
Exactly. The, the, the she economy powered by Beyoncé. Thank you so much for joining us.
Thanks for having me.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Gen Z wants to marry for money — but not for the reason you would think: ‘They're being strategic'
Forget love at first sight — for Gen Z, it's love at first bank statement. Romance in 2025 is looking less like a rom-com and more like a merger — with Gen Z treating relationships like corporate consolidations, where assets, not just affections, are under scrutiny. 'Wealth is becoming more important in marriage,' Dr. Eliza Filby, a generational researcher, recently told Newsweek. The author of 'Inheritocracy: It's Time to Talk About the Bank of Mum and Dad,' added, 'It is the merging of two banks of mom and dad. It is the merging of dynasties.' That's right — Netflix-and-chill is getting replaced by credit-check-and-chill. Filby says young lovebirds aren't just picking partners based on chemistry anymore. In today's economy, family fortunes can be the real aphrodisiac. 'The reality is that life chances and opportunities are no longer shaped by what we learn or earn, but by whether we have access to the bank of mom and dad,' she told the outlet. And that's not just a metaphor. The so-called 'parents' bank' is now one of the biggest players in the U.S. economy, transferring trillions through gifts, property and inheritance. In fact, a 2018 Legal & General study found it ranked as the seventh-largest mortgage lender in the country. 'That pathway into adulthood — leaving home, becoming financially independent, getting married, having kids — it is now so expensive that most young people cannot do it without family support,' Filby said. No surprise, then, that more and more financially strapped Gen Z daters are swiping right not just for love, but for long-term liquidity. Amber Brooks, editor-in-chief of dating advice site previously told The Post that younger generations aren't afraid to factor in finances when filtering out flings. 'We're seeing young people be more upfront about how a partner's career or lifestyle could impact their future,' Brooks said. 'They aren't being shallow—they're being strategic.' In other words: screw a meet-cute at a coffee shop — Gen Z wants to know your 401(k) before they even know your favorite color. It's a far cry from the days of star-crossed lovers and fairy-tale endings. Today's Gen Z daters are opting for power couples over puppy love — and don't mind if that sounds a little transactional. Call it capitalism with cuddles. And if your dynasty isn't stacked with generational dollars? You might find yourself ghosted — financially and romantically. 'While we once believed in a meritocracy,' Filby said, 'the idea that education and hard work would naturally lead to prosperity, times are changing.' Looks like Gen Z isn't just looking for 'the one' — they're looking for 'the one with a trust fund.'
Boston Globe
3 hours ago
- Boston Globe
Canada commits billions in military spending to meet NATO target
But even if Canada is able to finally hit the 2 percent threshold, that is not likely to be enough to satisfy the United States or other NATO allies. Mark Rutte, NATO's secretary general, speaking in London on Monday, called on the alliance's members to make a 'quantum leap in our collective defense' by committing to significantly higher spending targets. Rutte wants members to commit to spending 5 percent of their gross domestic products on military and defense-related activities. Trump has called for a similar spending target. Advertisement Proposals for increased spending are likely to dominate the NATO summit meeting in The Hague this month, though Rutte has not set a timeline for his increased spending plan. Carney, speaking in Toronto, said that new geopolitical threats, advances in technology, and the fraying of Canada's alliance with the United States demanded an accelerated spending schedule. 'We stood shoulder to shoulder with the Americans throughout the Cold War and in the decades that followed, as the United States played a dominant role on the world stage,' he said. 'Today, that dominance is a thing of the past.' Advertisement 'It is time for Canada to chart its own path,' he added, 'and to assert itself on the international stage.' While Carney promised to increase spending by billions of Canadian dollars, he did not specify where the funds would come from. Government officials spoke mostly in broad terms about how the money would be used. Canada's economy is heavily dependent on exports to the United States, and Trump's tariffs have targeted key industries, including autos and steel. Some economists have warned that Canada could face a recession if the tariffs persist. Carney also said the country would no longer rely as extensively on American defense contractors to supply its armed forces, underscoring Canada's strained relations with the United States and focus on shifting away from its neighbor. The Canadian government said it would immediately add 9.3 billion Canadian dollars (about $6.8 billion) to its defense budget. That will raise total defense-related spending this year to CA$62.7 billion, slightly higher than the 2 percent NATO target. To get there, the government included CA$2.5 billion in spending related to 'defense and security' for other departments, including the Canadian coast guard, an unarmed civilian agency which is under the department of fisheries. Carney's spending pledge was welcomed by defense analysts. 'This is a long-overdue announcement,' said Margaret McCuaig-Johnston, a senior fellow at the Graduate School of Public and International Affairs at the University of Ottawa. 'This significant commitment is remarkable given how quickly they're going to have to move to make 2 percent by the end of the fiscal year.' But, she added, Carney will have to add further budget increases to fund all of the programs he is promising. Advertisement Carney laid out a long shopping list for the military, including 'new submarines, aircraft, ships, armed vehicles, and artillery.' He also said the military would add drones and sensors to monitor the seafloor in the Arctic, a vast region of the country that is becoming a source of competition among global powers such as Russia and China. But Canadian officials said that this year most of the spending would go toward things like increasing the pay and the benefits of armed forces members to help ease a severe recruitment crisis, and repairing broken equipment. Carney also said that money would be directed toward much-needed improvements, noting that three of the Royal Canadian Navy's four diesel submarines were not seaworthy. 'We will repair and maintain our ships, our aircraft, and infrastructure that for too long we allowed to rust and deteriorate,' the prime minister said. Other spending will focus on artificial intelligence and computer systems, as well as ammunition production within the country. Carney also said that Canada would look to buy more goods domestically or from allies other than the United States to equip its military. 'We should no longer send three-quarters of our defense capital spending to America,' he said. Carney said Monday that details about how the country's military needs would be financed would be revealed when a budget was released in the fall. 'Our fundamental goal in all of this is to protect Canadians,' he told reporters, 'not to satisfy NATO accountants.' This article originally appeared in
Yahoo
3 hours ago
- Yahoo
Recent survey shows the fear Americans have over inflation decreased last month
SPRINGFIELD, Mass. (WWLP) – The fear Americans have over inflation decreased last month, according to a recent survey. This being prompted by the president's decision to back off on his tariff proposals. Mass. clean cement company hopes to win back $87M federal award With tariff threats easing and reports of trade negotiations heating up, this survey by the Fed shows people are starting to worry less about inflation. In the New York Federal Reserve's Survey of Consumer Expectations, inflation expectations declined in May. This comes after surging higher in March and April over concerns about tariffs. Right now, inflation stands at 2.3%. 'It's good, because the economy is struggling as it already is. So it's good for us to see those numbers dwindle,' said Angel Amaro of Springfield. The improving expectations come as the tariff policy has changed. Initial tariffs were set at 10 percent on all US imports, and dozens of nations faced reciprocal duties. President Donald Trump later backed off on the tariffs, opting for a 90-day negotiation period that ends in July. While inflation is coming down, AIC economics professor John Rogers explains it's still above the Fed's 2% annual target rate. 'It's sort of that last mile is difficult to get to, but it's it's going in the right direction,' said Rogers. The survey showed that expectations dipped across most price groups, but saw food prices rising to 5.5 percent over the next year. Rogers says the survey also showed people are optimistic about the job market. 'They feel that the number of people who feel that their jobs are at under threat or at stake is going down. So that's good news. So that gives people confidence if they're confident, they go out and spend money, it's consumer spending that keeps the economy humming along,' added Rogers. And Rogers noted that the Bond market is another area for people to question, asking themselves whether the US can service all of its debt. He says it's up to $37 trillion, and it's growing at almost $2 trillion every year. The survey also shows increased gas prices easing to just 2.7 percent. Medical care, college education, and rent increases were also lower every month. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
