How to Give Your Finances a Summer Checkup
The school year is officially over, the weather has warmed up and the beaches are open… summer has officially arrived!
Road trips with the family, days at the beach, festivals, there are so many fun things to do during the summer season; but, before you start packing your bags, you should really spend some time looking over your finances.
Here’s are some financial check-up tips that will help you make sure your bank account is in great shape this season – and beyond.
Analyze Your Financial Goals
Goals are such an important component to so many different working parts of life, including your finances. If you haven’t reviewed your financial goals in a while, this summer is the perfect time to assess them.
Are you building up your savings for retirement? Trying to pay off student loans or credit card debt? Saving up to buy a house? Whatever your financial goals may be, take the time to review them before you set out on your fun-filled summer adventures. Doing so will help you determine if you are on the right path to achieve your goals, and will allow you to make any necessary adjustments.
It’s easy for bills and other paperwork to quickly pile up.
If you have piles of financial paperwork building up, make time to clean it up. Go through your papers to see what you need to keep and what you can get rid of. Set up a filing system to keep track of your financial statements and bills that need to be paid. Designate a folder or draw to secure important documents. Shred anything that you don’t need.
The more organized your financial paperwork is, the easier it will be to find documents that you may need to refer to as well as keeping everything neat and orderly.
Check Your Credit
When was the last time you checked your credit score? The start of the summer season is a great time to do so. It only takes a few minutes and it will let you know where your credit stands, giving you greater peace of mind so you can really enjoy some summer fun. You can check one of the credit sites, like annualcreditreport.com.
Your report can give you a better understanding of how your financial behavior has had an impact on your credit score. Not to mention, checking your credit report is helpful in preventing identity theft.
Assess Your Spending
It’s easy to get caught up in a spending frenzy, especially during the summer season when there are so many fun things to do. However, it’s important to keep in mind that your spending now can have a negative impact on your financial future.
Take the time to assess your spending habits. Create a budget and make sure you stick to it. See if there are any expenses that you can eliminate. Understanding your spending habits is one of the most important things you can do to create and continue on a path to financial wellness.
Whatever your plans are this summer, make sure you include a financial check-up on your list of things to do. For financial help and insight, contact Tayne Law Group, P.C. Give us a call at 631-470-8204 or visit our website to schedule a free, no-obligation consultation. Our firm specializes in debt solutions and will help you create an attainable plan of action that will get your finances in tip-top shape this summer.