This summer was one unlike any we’ve ever seen before. There weren’t many weddings, parties or vacations, but we were spending money in a much different way, and certainly in a way we hadn’t planned for. With fall here, it’s an ideal time to check up on your finances, reign in your budget and prepare for the upcoming holidays.
Seek Out Budget Leaks
It’s a common issue and a pivotal budget rule: outline your needs vs. your wants and adjust your spending habits. Because this most recent summer was one of unprecedented events, it’s also a great time to check in with your financial planner Orlando and hone in on your summer spending habits and what, of those, can be altered. Just because things didn’t go according to plan doesn't mean it’s a good idea to not have a plan at all. Closing the spending cracks in your budget is actually a quick fix and one that yields almost immediate results.
Consolidate Summer Debt
If you’re like many of us, and are having trouble paying off your credit card, limit your use and stick to cash until you’re able to get the repayments under control. Easier said than done perhaps, but a crucial step in eliminating debt and surviving financially. If you can stave off regular credit card use, make a strategic repayment plan to pay off and keep out of big debt. However, if that is eluding you, transferring your high interest credit card debt to a low or no introductory card could be the boost needed to get out from under your summer spending debt.
Set Your Holiday Budget
If you’re able to budget for travel, parties and gifts ahead of time, your finances will remain happily intact through the end of the year. You stand a much better chance at surviving the craziness that is the last few months of year if you start preparing for them now. Itemize your annual holiday party and shop specials, coupons and in bulk when possible. Utilize sales and deals for your gifts and if you can actually finish that shopping early, you’ll be able to enjoy the holidays for once. Another high spending alert category is travel, and even though this year will differ from most, if you’re planning on traveling, book your transportation or accommodations early! Avoid the rush, and the surge pricing.
The year is almost over and it’s been a wild ride. Make sure you’re able to wrangle your finances, straighten out your budget and finish out strong and where you want to be. A little planning, some small adjustments and a little expert strategy, and you’ll be on track and ready for next year.
Published by Simon Hopes