It’s time to get your bank account out of vacation mode. Between summer concerts, fun getaways and backyard barbecues it can be hard to keep our summer spending in-check.
Financial expert Jeff Bangerter has some tips to find a cure for your summer spending hangover.
1. Create a Spending Plan
Checking your plan after your summer spending spree will help you see where you spent too much money and where you could potentially cut back.
Use a budgeting app or do it the old fashioned way and put pen to paper.
2. Prioritize Your Debt
The average American planned to spend upwards of $2,000 on summer travel this year. If they used a credit card for those expenses, they could get into trouble if they can’t pay it off.
Prioritize paying off your debt. Start with the lowest balance and devote as much of your income as you can to pay off that one card.
Once you pay off your smallest balance, move to the next smallest balance.
3. Focus on Saving
After a summer of spending, it’s time to focus on saving!
A recent survey found 40% of adults don’t have enough cash to cover an unexpected $400 expense!
Whether you put away $10 or $100 each week, start saving now to build your emergency fund.
4. Plan for the Future
It is never too early to start planning for the future.
Whether you are saving in your company-sponsored 401(k) or an IRA, put money aside for retirement. After all, retirement is your ultimate vacation.