13 Financial Trainer Tips to Get You Back on Track After the Summer
During the summer, it’s easy to be liberal with your spending. After all, there are weekend getaways and impromptu rooftop happy hours, and you want to soak up as much summer fun as possible. By the end of the summer though, once you look at all you've spent that breezy summer attitude may start to fade.
But we are here to tell you it is okay! Although some mistakes in life can't be undone, financial ones usually can. All you have to do is put your summer spending behind you and turn those automatic deposits back on!
To help, we've rounded up tips from our trainers to inspire you and get back to being your fabulous and frugal self.
1. Try to identify wasteful spending habits and find ways to cut them. Remember every dollar spent on things that don't add value takes away from saving for your goals. Saying no now means saying yes to your future self!
2. Set small goals for yourself and set up a rewards system for when you achieve them. For example, put yourself on a Starbucks ban for a month. If you succeed, treat yourself to your favorite drink at the end of the month.
3. Do the work and find out what your new monthly payment will be when you purchase your home (mortgage+insurance+taxes). Make sure that you practice paying this monthly payment before you go to contract so that you're sure your budget can absorb the new costs.
4. Using travel rewards points is a great way to keep costs low! Make sure you do your research and find out which card is best for you based on your spending habits and how the points are redeemed.
5. Keep 2 different checking accounts: one for your bills and another for your day-to-day spending. This way you always know how much you actually have to spend.
6. In some instances, applying for a personal loan may be a good way to consolidate debt, especially high-interest credit cards. Personal loans can offer a single monthly payment at a low interest rate along with a flexible repayment period.
7. If you're ready to start investing, you should be sure that you know what time frame you're investing for. Short-term goals require different asset allocations than long-term goals like retirement.
8. If you are a first-time home buyer, look into the different programs offered to those looking to buy their first homes. These programs often provide competitive interest rates, smaller down payments, and lower closing costs.
9. Considering staying with friends or family when traveling domestically and internationally. Locals know the best “off the beaten path” restaurants, parks, and nightlife. Plus all that cash you save from not having to pay for accommodations means more moolah for dining and shopping.
10. When you get your first credit card, you should start out by only putting recurring expenses on the card and then set an automatic payment each month to ensure you have a good payment history and low credit utilization. This will jump-start your credit score!
11. If you're trying to stick to a weekly budget, but don't like using cash, set a weekly goal for yourself and pay off your credit card at the end of every week so that your balances don't accumulate and you can keep yourself in check!
12. If one budget doesn't work for you, don't throw in the towel, keep trying new ones until one or two of them stick and keep you on track. Budgeting is just like working out, you have to find the right one that fits you!
13. Set S.M.A.R.T goals for yourself and enlist someone else to help you stay accountable!
Ready to take your finances to the next level?
To get started, schedule a free 20-minute consultation call to speak to a member of our team. We will ask you a few basic questions to get to know you more, walk you through our financial training program steps, and of course answer any questions you may have. No pressure to join! Need advice quickly? Talk to one of our Trainers on Demand.