July is the halfway point of the year—a fresh start in the middle of summer. While the season might tempt us to spend more on fun and travel, it’s also a great time to pause, reset, and set a few focused money goals.
Whether you’re working toward long-term financial freedom or want to finish the year stronger than you started, here are seven smart money goals to set this month.
1. Start Saving for Christmas
Yes, Christmas. 🎄
July is the perfect time to begin a holiday sinking fund. Saving just $100/month from now through November gives you a $500+ cushion for gifts, travel, and festivities—without going into debt. Couple that with other smart ways to stretch your Christmas spending, and you’ll be able to have a completely DEBT-FREE Christmas. How amazing would that be?
Action step: Open a dedicated savings account or create a separate savings envelope and set up an automatic transfer each payday.
2. Review Last Month’s Spending
Take 10 minutes to look over your June transactions. You might be surprised how quickly small expenses add up (hello, iced coffee runs and Target “just one thing” trips). As I’ve mentioned before, on average, Americans spend $350 more during the summer months than they do at any other time during the year, including Christmas spending! That means we’ve got to stay on top of where our money is going.
Action step: Identify at least one expense to cut or cancel this month.
3. Try a Cash-Only Weekend
This simple challenge can reset your spending habits and help you become more mindful of where your money goes.
Action step: Withdraw a set amount of cash on Friday and use it for all weekend spending. No cards allowed! In fact, leave the cards at home so you’re not tempted to spend more than your budgeted amount.
4. Automate a Small Savings Transfer
Even $10 or $25 per week adds up. If it’s automated, you won’t forget—or be tempted to skip it. But, and this is a big but, make sure that you have a purpose for the money you’re saving. Is this automated transfer going towards your Emergency Fund or a specific sinking fund (like Christmas, vacation, back to school, sports, or something else)?
Action step: Schedule a recurring transfer to savings every Friday or payday.
5. Declutter & Sell 3 Unused Items
July is a great time to do a mini declutter and turn unused stuff into extra cash. I’ve actually been working through my clothing to sell on Facebook Marketplace and Poshmark. I finally decided this summer that I was done living in workout gear and that, for my mental health, it was important that I start dressing for the day I want to have. That has meant that I’ve had to buy a few new pieces of clothing, and so in order to afford buying myself some new clothes, I’m selling the clothes that no longer fit and the shoes that I no longer want. Tip for getting the most out of your online selling – treat it as if the buyer is “shopping online” (because they are) and make sure the item(s) are clean, the pictures are clear, and don’t show clutter/mess in the background. You’ll have way more success selling your items if they look good while someone is scrolling.
Action step: Sell on Facebook Marketplace, Poshmark, or host a quick weekend yard sale. You can even organize a neighborhood one with your neighbors to really draw the crowd in.
6. Revisit One Financial Goal
Maybe you set a big goal in January that’s been on the back burner. Let this be the month you bring it back or revise it.
Action step: Break it into a smaller July-sized goal. Don’t aim for perfect—just aim for progress.
7. Set One Fun + Frugal Summer Challenge
Try a no-spend Sunday, a $25 grocery challenge, or a DIY date night at home. My husband and I still prefer at-home date nights to going out. There’s nothing wrong with dinner and a movie after the kids go to bed.
Action step: Pick one and schedule it this week. Saving money doesn’t have to be boring!
You don’t need to overhaul your entire budget this month, but a few intentional shifts in July can set you up for a stronger fall and a stress-free holiday season.
Which money goal will you start with? Let me know in the comments, or tag me on Instagram if you try the cash-only challenge this weekend!
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