Many people use New Year's Eve as a time to make financial promises to themselves, whether it involves purchasing a life insurance policy or putting more money into a retirement account. Now that the year is approaching the half-way mark, it is important to reevaluate those financial plans, according to DailyFinance.com.
"Many people devise plans to pay down debt at the beginning of the year, but even the best laid plans can get waylaid," Jenny Realo, personal finance expert and vice president of CareOne Services, a provider of debt relief services, told the media outlet.
Taking the time to determine exactly what an individual's credit card debt is may help reduce their desire to spend in the summer. Experts suggest that simply not using credit for a few months can help significantly reduce the amount of debt that a person is accumulating, the site reports.
Financial advisers also recommend analyzing savings goals in order to help figure out where a person is in terms of long-term goals. Ensuring that an emergency fund is solvent can help prevent possible financial collapse in the event of a dire situation, according to Bankrate.com.