Checking up on your summer finances
by Sijun Li
June 20th is officially the first day of Summer!
According to TripAdvisor, 56 percent of U.S. adults plan to take a summer trip before July. Before you run out and “get your tan on,” it’s important to review your finances and make summer a stress-free season when it comes to your finances.
The frugal friendly experts at Miss Money Bee have made a quick summer checkup to help consumers get a hold of their financial assets.
Revise your monthly budget: See what you categories you can cut back on. The money you end up saving up can be used toward that much needed tropical getaway. Keep in mind that electricity bills typically go up during the summer because of increased A/C needs. Also, with the kids at home, the cost of food may increase, so our budget may need to be adjusted accordingly.
Take care of debts: Student loans, car payments and mortgages add up. If it’s getting out of hand, consider credit consolidation or try enrolling in a debt management plan. With such a financial burden off your back, you can certainly feel the true joy of summer breezes and lazy hammock days.
Review investments: See which investments are working and which one aren’t. Analyze if you can make profits by looking at the current economic situation. This means keeping an eye on the house market, news on consumer spending and changing stock prices.
Visit your financial adviser: Certified financial advisers can give you the best tips of your current financial situation. With the right guidelines for your money, you may be able to take a longer vacation or decrease the amount of time needed to pay off debts.
401k checkup: Time flies, and next thing you know, you’ll be living that work-free, stress-free and worry-free part of your life known as retirement. But in order to truly enjoy the real benefits of the Golden Years, you must pay attention to your funds early. Maybe roll your 401k over to an IRA account, where it can still grow on a tax-deferred basis. You can also consolidate your funds into a single IRA to make it easier to monitor.