All of us have financial goals, and hopefully a budget to support them. It’s six months into the year and summer’s here. The Orioles are back at Camden Yards, crab picking season is in full swing, and it’s time to revisit your budget.
Here’s how to quickly check in on your budget, make a few smart adjustments, and keep your goals within reach.
Start with your why
Before you dive into your budget app or spreadsheet, take a step back.
What did you hope to accomplish this year?
- Build an emergency fund?
- Pay down credit card debt?
- Save for a new car or home?
- Get a better handle on your spending?
Reconnecting with your goals helps guide your review, reminds you why budgeting matters, and can rekindle your determination.
Even with clear goals, life rarely goes exactly as planned. You’re not the only Marylander who may have received a smaller tax refund, took on new medical expenses, was affected by the loss of a federal government job, or saw your grocery bills creep up.
These changes don’t mean you’ve failed. Budgets are meant to flex with your life.
Spot the gaps and the wins
Now’s the time to compare what you planned for with what actually happened.
- Is your income still covering your monthly expenses?
- Are any budget categories consistently running over? Or under?
- Are new expenses showing up (like that second cup of coffee on commute days)?
Look for patterns as you conduct your audit. Budgeting is a skill, and every check-in helps you sharpen it.
Don’t forget to celebrate your progress, too. Give yourself kudos if you’ve consistently contributed to your 401(k), secured a lower interest rate for your car loan, or paid down a chunk of credit card debt.
Tweak, don’t trash
It’s perfectly normal for your budget to need some adjusting. Before you create a whole new plan, make small revisions.
- Cut back on “nice-to-haves.” Pack lunch once a week, or swap an occasional date night out for a movie night in.
- Review automatic payments. Cancel any sneaky unused apps or subscription charges.
- Adjust your savings. If your BGE bill is higher than expected, temporarily redirect a portion of your savings.
Small changes create breathing room without blowing up your budget.
Talk with the whole family about budgeting
Budgeting is a life skill that everyone needs to learn. Normalize having age-appropriate conversations with your kids that center around planning and smart decision-making.
- Compare prices with younger children at the grocery store. “What fruit would you like this week? We can buy four packs of strawberries for $18 or a bag of apples and a bag of oranges for $16.”
- Give school-aged kids a small allowance for chores to practice earning money. Discuss the benefits of saving up for big purchases versus impulse buys.
- Introduce them to real-world money management with a Greenlight debit card. It’s designed for teens, has built-in parental controls, and is free† for our members. Plus, it helps teens build confidence with money in a safe, guided way.
Better habits lead to better credit
Checking in now keeps your spending under control, reduces debt, and supports your savings goals. It can also help you improve your credit over time.
Our members can use the Credit Score tool in online or mobile banking to track their score for free. It doesn’t affect your credit and helps you understand what’s working and what’s not.
Let’s make the rest of the year count
It’s never too late to adjust your plan and you don’t have to do it alone. We’re here to support your family’s financial wellness all year.
Need help reviewing your budget or setting new goals? Reach out to our team, log in to check your credit score, or explore Greenlight to get your whole family involved.
