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Summer Money To-dos

Memorial Day weekend is upon us, so that means summer is officially in full swing. Whatever you have planned, whether a beach vacation or enjoying your deck at home, don’t let the laid back days of summer make you neglect your money and financial goals. Take an evening soon to go over these money to-dos we’ve put together to help keep you on track.

1. Check in with your 2022 goals. The year is not quite half over, so it’s a great time to take stock of how you’re doing money-wise. Has something come up (new glasses for a kiddo, or an AC on the fritz) that’s thrown you off track? Did you get an unexpected windfall that put you ahead of the game? These are things to review and fit in to your overall financial picture. Early summer is a great time to readjust your goals, if needed, for the second half of the year. 

2. Take stock of your career. Do you have an upcoming mid-year performance review? Have you changed jobs, or gotten a promotion? Take a few moments, even if you’re sitting by the pool when you do it, to think over your accomplishments at work and any financial changes that have happened in your professional life. If you’re an independent contractor or self-employed, get a jump on your second quarter tax estimate, which is due this month. 

3. Review your summer spending budget. Did you plan for a family getaway this year? Are you still on track to stick to the budget you set? Have you saved any extra money for increased gas prices? If the kids are going to summer camp, this could be a good year to start them on a good financial path by having them pitch in for part of camp costs, or a new swimsuit. Just as you did with your overall 2016 goals, just take a moment to make sure your summer spending hasn’t changed drastically one way or the other. 

4. Check your credit. This can be an easy step to overlook as lives get busy, but making sure your credit report is accurate can save you big headaches later. Each bureau, Experian, Equifax and Trans Union, gives you one free report annually, or you can use free websites like CreditKarma.com. 

5. Call your financial advisor. Or hire one, if you haven’t already. Our team can help you sort through any of these financial to-dos, and answer any questions that have come up since our last meeting. Let us know what’s changed in your financial life, any events the second half of the year has in store, and we’ll adjust your plan accordingly. As always, if you know someone who might benefit from our services, please, introduce us. We’re never too busy for your referrals.

Article by David Smyth, Senior Partner at Family Financial Partners — a financial services firm in Lexington, Kentucky.

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