Our money-saving expert and consumer champion Jane Hawkes, has advised Brits to conduct an audit of their finances and how to make the most of your money with continued increases in the cost of living and potential instability in the UK economy make revisiting financial plans for 2026 essential if you want to make your money go further.

Rising bills coupled with everyday spending habits can quietly shift your finances over six months.

We have all seen the impact of higher inflation and energy prices on our weekly shopping bills, including the big hit we’ve all felt from rising fuel prices.

The budget you might have set for the year in January could be significantly different with these extra costs so a refreshed budget needs to reflect how you live now, not how you hoped you would be at the beginning of the year.

Whether it’s rising subscription prices, unexpected jumps in that planned for holiday or just the gradual upward creep of everyday essentials, these things will all have an impact and that could add up to some big numbers if you don’t keep track.

That extra £20 on a tank of fuel each could add up to hundreds over the course of just a few weeks so it’s better to be realistic than pretend everything’s fine. It might well be – but it’s better to be sure than end up with a shock at the end of the year.

But it’s not all doom and gloom. By making some small changes and smart moves with your money, you can still keep on the financial track this year and don’t need to miss out on treats or special events.


My five top tips for a midsummer financial refresh

Revisit your budget

Now’s the time to look at your bank accounts and actually see what you are spending. Look at regular outgoings and calculate any increases to see if they still fall within your budget or whether it might be time to cancel. It’s also a great way to check those ‘free trials’ you signed up for and forgot to cancel. It might be that you find your original budget wasn’t realistic in the first place, so it’s better to adjust course midway through than get to the end of the year without meeting your savings goals, or even in debt.

Digital tools such as Monzo can also help you track patterns and spot unnecessary spending more easily.

Check your savings are savvy

Many people leave money sitting in low-interest current or savings accounts without reviewing whether better rates are available elsewhere. A mid-year financial check-in is a good opportunity to compare savings rates, review ISAs, and separate emergency savings from day-to-day spending money.

Even relatively small increases in interest rates can make a noticeable difference over time, particularly when savings benefit from compound growth. Setting up or increasing automatic transfers into savings can also help people build consistency without having to think about it each month.

Review your debt

Credit card balances, overdrafts and loans can become significantly more costly if left unchecked, especially as promotional rates expire or interest compounds over time. You can register for a free account with companies like Experian to keep track of your credit rating and get offers for financial products such as balance transfer credit cards.

Do bear in mind though that these often come with a balance transfer fee.

Take the time to review your current borrowing. Checking how much interest you are paying and understanding how quickly balances are actually being repaid can help you take control before debt becomes more difficult to manage.

Switching to lower-interest products or increasing monthly repayments slightly can reduce long-term costs substantially. The longer debt remains unpaid, the more expensive it can become due to compound interest.

Start a Christmas savings pot

The second half of the year often brings predictable but expensive periods, Christmas being a standout example of this. Starting a dedicated savings pot now, even with small amounts, can help spread the cost and reduce reliance on credit cards or overdrafts later in the year. Separating money into specific savings goals makes it psychologically easier to stay on track than simply hoping there will be enough left over for those festive expenses.

Review your financial protections

A financial refresh is not only about spending and saving, it is also about making sure protections are still suitable for your current circumstances. Mid-year is a sensible time to review insurance policies, pension contributions, beneficiaries on accounts and pensions, emergency savings and important financial documents.
Life changes such as moving house, changing jobs or expanding a family can quickly make existing arrangements outdated. Taking time to check these areas can provide reassurance and help avoid problems further down the line. Prevention is always better than cure.

Read more on Jane's website click here