4 Tips to Help You Spend Your Summer Wisely

DEWITT, Mich. - Aug. 7, 2019 - PRLog -- Longer days, warmer weather, family outings – these are just a few of the benefits of summer. While you may be tempted to "leave it all behind" over the summer, that shouldn't apply to your long-term financial goals. Here are four quick tips to help you balance your summer spending and saving.

1. Keep tabs on your spending.

No one likes to run out of money by the end of the month, but often how much we think we spend is radically different from what we actually spend.

Write down how much you think you spend in a typical month, and then track your expenses over an entire month to see how close you came to your estimated amount. By tracking your spending each month, you can get a clearer picture of where your money goes and how you can start making specific adjustments, if necessary. You'll also have a better idea of how much money you have left over for summer fun.

2. Put your spending to work.

• If you plan to use a credit card during your summer vacation, look for one with the lowest possible interest rate, in case you need to carry a balance for more than one billing cycle.

• Some credit cards offer points based on your spending that you can redeem down the road.

• Interest rates have increased over the last few months, so it's a good time to see if your bank offers interest-bearing checking accounts, savings accounts or CDs. These can help you earn income on your money while still giving you easy access to it if you need it.

• Set up your credit card and other bills to pay automatically while you're away, so that you don't miss a payment.

3. Financial goals don't take a vacation.

Some savings goals – such as a summer trip – are short-term. Others, such as saving for retirement, require a longer time frame. But every financial goal requires persistence and planning.

Talk to your financial advisor about whether a systematic investing program, or dollar-cost averaging, is right for you. This program allows you to automatically invest a set dollar amount at certain intervals. While systematic investing does not guarantee a profit or protect against loss in declining markets, it can help you stay on track with your investment strategy.

4. Stay in touch while you travel.

With Online Access, you have fast, secure access to your account information and documents anytime and anywhere. Be sure to download our mobile app for even more convenience. You can send secure messages to your client team, deposit checks electronically, transfer funds and get the latest market news.