Summer has always been the season for people to let go and reset. It’s also a tempting time to lose sight of financial planning strategies because you might want a break from living and paying and saving for a while. You don’t have to sacrifice the success of long-term goals to have a good time. Consider summer-friendly financial choices that can help you stay focused and financially steady without losing sight of a solid future.
Conduct a Mid-Year Review
You aren’t obligated to make changes to your financial planning strategies annually, but if there is one time of year that is great to review what’s going on across all goals, it’s summer. When you reflect proactively on your progress and goals and adjust as needed, you are more likely to move into the end of the year in a stable way and with fewer surprises.
Make Smart Summer Financial Choices
The little things are sometimes the biggest things. Since it’s summer, it’s easy to throw extras on the credit card and indulge in that big trip, but you will do yourself more favors financially if you are conscientious about choices, spending, and what you really want from your earnings and investment management. Some summer financial choices to consider:
- Make a summer budget. Create and stick to a summer budget, including travel, excursions, camps, childcare, and any other seasonal expenses.
- Prioritize debt. Skip the big summer spending and prioritize debt management for a manageable three months so you can enter fall and the holiday season with lower payments, improved credit, and reduced interest.
- Travel thoughtfully. Make another season your summer and book travel at off-peak times of the year and put the savings difference toward one of your financial planning strategies.
- Choose a staycation. Choose this summer as the season you put your energy and savings toward your top goal, whether it’s to buy a house, a car, or save for retirement.
- Boost the emergency fund. Bolster your emergency fund instead of spending frivolously so you can weather lifestyle changes or unexpected costs without straining cash flow or needing to reach into investments.
You don’t have to sacrifice the fun of summer, but putting summer financial planning strategies first can make it feel like you’re winning all year long. When the temperature drops and there is less daylight, seeing the numbers you’ve worked hard for will deliver serious light in the darkness.
Meet with Your Financial Planner This Summer
A change of season or major shift in life circumstances always warrants a check-in with your financial planner, especially since market volatility in the first half of the year could have affected your portfolio. Now that summer is here, together you can:
- Review and rebalance your investments
- Identify risk tolerance
- Consider account consolidation
- Evaluate insurance coverage
- Update retirement plans
- Reassess financial goals
Schedule a summer meeting with the advisors at Hollander Lone Maxbauer in Southfield, MI, to review your summer financial planning strategies for summer and beyond. Contact us to schedule a consultation.
