Your Second Quarter Financial To-Do List

As we move into the second quarter, now may be the perfect time to assess your finances, adjust your budget, and set yourself up for a stronger financial future. 

The second quarter offers a unique opportunity – you’ve had a few months to see what’s working (and what’s not), and there’s still plenty of time left in the year to make meaningful progress.

Whether you need to rebalance your 401(k), maximize retirement contributions, or start planning for summer expenses, this second quarter financial to-do list may help you stay on track and make smart money moves for the rest of 2025.

 

#1 Assess Your Progress

The first thing you should do is assess your progress. What have you accomplished in the first quarter? What turned out to be more difficult than you expected?

If you see areas in your finances where you are not where you want to be, plan steps to get back on track.

 

#2 Review Your Budget

Next up on your second quarter financial to-do list is to review your budget and make adjustments based on how the year is shaping up.

Your cash flow doesn’t stay the same year-round, so neither should your budget. 

Maybe you’ve received a raise or a work bonus. Have you decided how to allocate that extra income? 

Without a plan, it’s easy for additional earnings to disappear into everyday spending.

On the flip side, expenses can creep up, too. 

Rent increases, unexpected car repairs, or other new financial commitments might be eating into your budget. 

If that’s the case, we feel now’s the time to adjust your spending to keep your finances on track.

 

#3 Pay Yourself First (and More)

Prioritize yourself financially and commit to paying yourself first.

Automatically set aside a portion of every paycheck for retirement or savings before covering any other expenses like bills or discretionary spending.

If you’re not already doing this, start now.

If you are already contributing to your 401(k) or IRA, challenge yourself to increase your savings rate – even a small boost could make a big difference over time.

Think your budget won’t allow for a higher contribution? 

Take a closer look at your spending. 

Are there areas where you can cut back to free up extra savings?

If increasing your contributions feels impossible, it may be a sign that you’re overspending or stretching beyond your means. 

Take a good hard look at where your money is going and see where you could pay yourself more. 

 

#4 Turn Your Tax Refund into a Retirement Boost

If you’re expecting a tax refund this year, consider putting it to work for your future instead of spending it on short-term splurges. 

While a new TV or a shopping spree might bring instant gratification, using your refund to increase your retirement savings may potentially have a much greater impact over time.

One way to do this is by directing your refund toward your 401(k). 

Contact your Human Resources department and request an adjustment to your contribution amount for an upcoming paycheck. 

Your paycheck will be reduced by the extra amount you invest, but you could use your tax refund to cover living expenses during that period.

If you have a Traditional or Roth IRA, you can allocate your refund directly into your account by using IRS Form 8888. 

Another option? If you already contribute automatically each month, make a one-time additional deposit equal to your refund to give your retirement savings an extra boost.

A tax refund is money you weren’t counting on, so why not use it to strengthen your financial future?

 

#5 Max Out Your IRA for 2024

If you haven’t maxed out your IRA contributions for 2024, there’s still time. 

The IRS allows you to contribute until April 15, 2025, so you can still take advantage of this powerful retirement savings opportunity.

Take a close look at your finances and see how much more you can put toward your retirement before the deadline. 

Even if you can’t contribute the full amount, every extra dollar you invest now grows tax-advantaged and may make a meaningful impact on your future savings.

 

#6 Rebalance Your 401(k)

This second quarter financial to-do list item might be more impactful than you think. 

And it doesn’t require you to save more money. 

What if we told you that by failing to rebalance, you may be essentially turning your investments (and your future retirement income) over to chance.

Here’s why: Failing to regularly rebalance your 401(k) portfolio may result in significant losses during bad markets and may open you up to more risk exposure than you initially intended.

In our opinion, when it comes to the market, the only constant is change. The stock or mutual fund that you chose last quarter may or may not necessarily still be going in the right direction for you. 

If you aren’t rebalancing your account allocations, you may experience much larger losses in down markets and may miss the opportunity for growth during good markets. 

Which is why this personal finance tip for second quarter may help you earn and keep more of your hard-earned money. 

Check out this video below to learn more about rebalancing your 401(k).

 

#7 Plan Now for Summer Vacations

Summer vacations are months away, but planning now may keep costs under control.

Flights, hotels, and rental cars typically increase in price as summer approaches, so book early to lock in lower rates and secure availability. 

Planning ahead may also give you time to save extra money, reducing the need to rely on credit cards or dip into your emergency fund.

First, estimate your vacation costs, including travel, accommodations, activities, dining, and even souvenirs. 

If the total seems too high, cut back on unnecessary spending now and redirect that money toward your trip.

Preparing for summer vacations – big or small – helps you stay in control of your finances and enjoy a stress-free summer getaway without post-vacation financial regret.

 

#8 Check Your Credit Score and Protect against Fraud

With cybercrimes and data breaches on the rise, reviewing your credit score and financial accounts regularly is a must. 

The start of the second quarter may be a great time to request a credit report to spot any errors and suspicious activity before they become bigger problems.

Go a step further by reviewing your credit card statements and bank accounts to ensure no unauthorized transactions have slipped through.

If you haven’t already, set up fraud alerts with your bank and credit card companies. 

 

#9 Get Professional Help

We believe one of the most important second quarter personal finance tips is to seek professional help.

Speaking to a third-party expert during the second quarter may help you get on track with your financial goals for the remainder of 2025. 

If you have a 401(k), we are here to help you grow and protect your 401(k) account. 

And we do this without in-person meetings so you don’t have to drive to an appointment or spend hours preparing for the meeting.

Our done-for-you, virtual service allows you to keep your 401(k) right where it is while we review and rebalance your account based on your risk tolerance and current market conditions. 

All you need to do is to connect your account to our secure platform, and we manage your account for you. 

As a fiduciary, we are bound by law to put your interests first, and we do not receive commissions when we rebalance your account.

 

Have questions about your 401(k) performance? Book a complimentary 15-minute 401(k) Strategy Session with one of our advisors.

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