Getting Back into the Swing of Things this Fall

Retirement

Getting Back into the Swing of Things this Fall

Posted by Infinite Wealth Advisors, LLC
4 years ago | September 21, 2015

Senior man giving woman piggyback rideDuring the summer, we all tend to relax a bit. Dress codes become a little looser, days are longer and less organized, and many of us spend a fair amount of time relaxing on vacation. But sometimes we can become a little too relaxed – with our finances, in particular!

If you’re worried that your spending went a little overboard this summer, regain control by following these four steps.

Pay off any lingering credit card debt. You can’t exactly return those decadent, seaside meals. But you do have to pay for each and every time you swiped that credit card. Start by paying as much as you can on the card with the highest interest rate. Once that card is paid off, use the same tactic on the card with the next-highest rate, and so on.

Adjust your budget. You might be paying for services you don’t really need; if so, get rid of them. Many families also find that they spend more on eating out over the summer, and often these meals are expensive and unnecessary. If you add up your restaurant tab, you might be shocked! Get back to regular meal planning on a weekly basis, and you can trim a large unnecessary expense from your budget.

Increase your income. If you have an opportunity for overtime, take it. Or perhaps you have a chance for consulting work on the side, or you have unused valuable possessions you could sell. Those may sound like drastic steps just to compensate for a summer of overspending, but consider the power of interest on credit card balances. The sooner you pay off your debts, the less you will pay overall.

Analyze your spending to see if you need to correct anything. Sit down with your credit card statements, and look at how you tend to spend your money. Did you overspend on restaurant meals, entertainment, hotel rooms, impulse purchases, or some other category? Knowing this information can help you prevent the same mistakes in the future. For example, many families have discovered that renting a vacation condo with a full kitchen provides a better value than staying in a hotel and eating solely at restaurants. Analyze your mistakes this summer, and you can do better next year.

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