We all do it. We promise ourselves this will be the year we spend less, save more and embrace our best selves, but sometimes…life has other plans, and that’s okay. But don’t worry. It’s not too late to get back on track to financial freedom and put this year in the win column.
Not sure where to start? We’ve got you covered with these mid-year resolutions for better money management.
- Create a budget. Estimate your incoming cash flow. This will be your boundary when setting your budget. Then, start tracking your spending. Daunting, we know. Make it easier with a budget worksheet that does the math for you. Your budget should include fixed payments, like rent, as well as variable expenses, like food and entertainment. And don’t forget to make saving a part of your financial routine–start with a small chunk each month and then level up gradually, on your terms.
- Build your savings. Whether you’re just starting to put money away, or you’re in a consistent saving routine, it’s never a bad time to build savings. A good goal to work toward is three months’ worth of living expenses saved. This is enough to keep you going in an emergency, like losing your job, or to cover an unexpected expense, like car repair. If you’re worried about sticking to a savings plan, set up automatic payments from your paycheck. You could also get your savings growing with a certificate or money market account from Summit. These have higher interest rates, which means you earn more for your money.
- Pay down debt. It’s tempting to put debt on the backburner, but ignoring debt will burn you in the long run. Student loans have especially high interest rates, which means you should pay them off as quickly as possible. Strive to pay more than the minimum every month, even if it means tightening your monthly budget. It will be worth it down the road when you have the freedom to pursue your other financial goals, like traveling or owning a home. You can also consolidate your student loans with Summit for added savings.
- Get money smart. This is your chance. Six months is plenty of time to make a financial change, and with Summit you have all the tools you need at your disposal. Read up on spending, saving and everything in between on our Money Smarts blog. Attend a financial workshop or even talk to an advisor. Then, take what you’ve learned and make the next six months the best six months of your financial life.
Questions? Summit is here to help all year long. Get inspired with tips, tricks and real-life success stories on our Money Smarts blog.