Summertime is a wonderful season that should be spent enjoying the favorable weather with family and friends. From days spent at the beach and pool to endless bbq’s and celebrations, summer is truly one of the best seasons of the year.
However, summer can be a time of overindulgence. Teens, college students, and even grown-ups have the tendency to overspend during this time. So, what’s the best way to recover from this summer’s spending spree? Well, we can promise that you won’t have to lock up your credit cards and throw away the key–as long as you show some self-control, of course. However, it will involve a manner of cleansing; and no, we’re not talking about the type of cleanse health aficionados recommend doing to prepare for swimsuit season. This cleanse is of the financial variety and it starts with rectifying your spending habits.
Spend Less, Save More
With the summer ending and the autumn season right around the corner, it’s time to fall back into a more productive savings plan. Here are top-grade financial tips to help you recover from your summer spending spree and pave a path to a more financially stable year:
Assess the damage
Assessing the damage by looking through the spending you did throughout the summer is a crucial step in the financial recovery process. From the gathered information, it will be easier to determine the proper adjustments that your new budget will need to be tailored to.
Grab a pen and notebook and start logging each of your purchases and where you made them while you scroll through your bank account and credit card statements. This is the best way to note any patterns you might see in your spending so you can have a better idea of what to cut back on first.
For example, you may notice that a grand majority of your spending stemmed from going out to eat frequently or stopping by the same coffee shop every morning to buy your favorite overpriced cup of iced coffee. These are both things that you can make a conscious effort to reduce in the following months. Remember, this assessment is not limited to the purchases that were made with only a credit card; cash counts. So, it’s important to go through any receipts you may have for any retail or off-premise ATM machines you’ve used to withdraw cash from while out and about. Logging your summer purchases is the best way to successfully determine the areas where you need to cut down spending.
Adjust your budget
Once you have reviewed your receipts and bank account statements, it’s time to reevaluate your budget. In order to financially recover from your summer spending spree, it is highly recommended that you adjust your budget to be more saving friendly. Unfortunately, this budget must be followed strictly in order to expunge any of the debt you accumulated over the summer while allowing for opportunities to put away and save money. The best way to go about budgeting is through keeping a log of all your necessary bills and payments. Add up those totals for each month and incorporate a modest amount to spend on groceries. Once you have come up with that number, do your very best to keep your spending on track; you’ll thank yourself later.
Increase your income
Another solution to your summer spending spree woes is to consider ways of increasing your income. Now, it’s understandable that attempting to work two jobs can be difficult and stressful, but there are ways to make quick and easy cash that doesn’t require you to stretch yourself too thin. If you have some spare time throughout the week, consider becoming an Uber or Lyft driver. Nothing screams easy money like a quick babysitting or pet sitting gig, either. And in the gig economy, you can easily earn extra money by doing some online freelancing as well.
Doing odd jobs and working here and there to make extra money will only benefit you in the long run. Plus, if you diligently save the money you make, you may even be able to afford to participate in more luxury things the following summer without the impending worry of going into debt.
Plan a summer savings plan
Summer is supposed to be a time to do fun and exciting things with your family and friends. Don’t miss out on these exciting opportunities because your budget doesn’t allow it; think ahead and create a summer savings plan that will allow you to enjoy all of the things the summertime has to offer without putting yourself in a deep money pit. Think about the things you want to do or the vacation you would love to go on one day, and start saving your money.