5 End of Summer Money Tips
If you feel like your budget is disappearing along with the dog days of summer, we can help! Summer can be super-expensive, and the transition from summer to fall only brings with it more expenses, including back-to-school costs, holiday preparations and year-end financial planning. Here are five financial tips to help you end the summer on a high note and prepare for the months ahead.
Review and adjust your budget
The end of summer is an ideal time to review your budget. Summer activities and vacations can lead to overspending, so now is the time to assess the damage and adjust accordingly. First, analyze your summer spending. Look back at your expenses over the summer and identify areas where you may have overspent. Then, think about how you can adjust your budget to account for those extra costs. Next, prepare for fall expenses. With school starting and holidays on the horizon, anticipate upcoming expenses and allocate funds accordingly. This might include school supplies, clothing, holiday travel and gifts. Finally, make the necessary adjustments to balance your budget. This can mean cutting back on discretionary spending or finding ways to save on fixed expenses.
Evaluate your savings goals
Summer can be a time when saving takes a backseat to spending. As the season ends, revisit your savings goals to ensure you’re still on track. Assess your progress by checking in on your savings goals. Are you still on track to meet your targets? If not, consider why your savings are lagging and determine what changes you can make to get back in the game. You can also automate your savings at this time by setting up automatic monthly transfers to your savings accounts. This ensures that a portion of your income is consistently being saved, making it easier to reach your goals. Finally, if your financial situation has changed, adjust your savings goals accordingly. You may need to set more aggressive goals or scale back to a more realistic target.
Pay down summer debt
If you used credit cards to fund your summer fun, now is the time to tackle that debt head-on. Here’s how:
- List your debts. Make a list of all your debts, including credit card balances, loans and any other outstanding payments.
- Create a repayment plan. Develop a strategy to pay down your debt. This could be the snowball method (paying off the smallest debts first) or the avalanche method (paying off the highest interest debts first). Move through your debts until you’ve repaid them all.
- Eliminate unnecessary spending. Free up extra cash by cutting unnecessary expenses. Redirect this money toward paying down your debt quicker.
Plan for holiday spending
The holiday season is just around the corner, and planning for these expenses now can save you a lot of stress – and money – later. First create a holiday budget by listing the anticipated costs of your holiday gifts, travel and hosting. You can even open a Christmas Club with Fort Financial to help manage your holiday expenses. Stick to this budget to avoid overspending. Next, start saving for these expenses early in the season. Set aside a small amount each week leading up to the holidays. This can make a significant difference and reduce the financial strain when the season arrives. Finally, start shopping early to take advantage of sales and discounts. Spreading out your purchases can also make the expenses more manageable.
Review your financial goals for the year
As we approach the final quarter of the year, it’s a good time to review your annual financial goals and make any necessary adjustments. Look at the financial goals you set at the beginning of the year. How are you progressing? Are there any goals you need to focus on more intently? This is also a good time to adjust your goals based on your assessment. This can mean setting new goals, revising current ones or celebrating the goals you’ve already achieved. Take this opportunity to plan for the future as well by thinking about your financial goals for the next year. What do you want to accomplish financially? How can you start preparing now?
The end of summer is a great time to take stock of your financial health and make changes as needed. Use our guide for five end-of-summer money tips you can start implementing today.
Need some help in reviewing your budget, evaluating your financial goals or planning ahead? Visit a branch or contact us today to set up a meeting with one of our knowledgeable staff members!
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