Life Wealth

How To Recover From Summer Spending

By Nest Wealth on 07/08/2019Article 3 Minute Read

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We only have a few short months of the season to enjoy, but that doesn’t stop us from splurging.

And why wouldn’t we? Summer is a time to be out-and-about, seeing, eating, and travelling our way through the sunshine.

But as the season begins to wind down, you may finally feel the weight of your summer spending. Here are a few tips on how you can recover.

1. Pay to play.

We’ll begin with the most obvious piece of advice and that is, you have pay to play. If your summer fun has left your credit cards in a haggard state, you’ll need to begin a plan immediately to pay them off in full and on time.

Not sure how to get there? Create a personalized budget for yourself and commit to a specific amount you can pay down each month. If you have multiple cards to be concerned about, start with the one that has the highest interest rate first.

2. Adjust your budget.

We’re not suggesting you take away all  the fun, but after evaluating your spending habits, it might be worthwhile to adjust here and there. Think ahead to the fall and keep in mind the places you want to go and the things you want to see, so you can be better prepared financially.

Not sure how to get there? Use the tools you likely already have on the go like Google Calendar, Facebook Events, and more to plan out the things you want to attend in the new season. Once you have these in place, you can re-evaluate what’s truly important for you spend your hard earned dollars on, and what can wait until next year.

3. Purge it!

Did you purchase items you didn’t need over the course of the summer? Don’t worry, we’re all guilty of it. Sometimes you just can’t pass up a new outfit or patio furniture set. Take a look back on the item you’ve accumulated and decide if any of them are worth selling online. Who knows, you might be able to make back some of the money you spent.

Not ready to let the new things go? Purging doesn’t have to be restricted to the items you purchased during the summer months. Perhaps now is the time to run an inventory all of the items in your home that are no longer serving you. Add them to a pile and get selling!

4. Get ready for next summer.

What better time than now to begin planning next summer’s budget. Apply all that you have learned from your spending habits this season and be realistic about what you can potentially spend next summer. The key here is to save, save, save.

Not sure what next summer has on the menu? That’s no problem! Even if you don’t know where you want to go and who you want to see, you can still plan for the future by creating a budget for yourself and sticking to it. Having a plan will force you to set aside the funds you need to enjoy a summer of savings you never knew you needed.

Till next time … stay cool.