I’d like to start a NEW video series which is a Summer Financial To-Do List. Hopefully, this will be a helpful nudge to listeners to improve their finances this summer.
So, the Summer tends to be the slow season. Many people take time off to recharge and businesses slow down or work truncated hours.
In the investing world, I have found that the summer is a wonderful time to revisit some key personal finance areas. Periodically reviewing your finances can help ensure that you are on track to achieve your goals and minimize the chances of any costly oversights.
Int his series I will highlight 10 areas worth assessing and adjusting where appropriate.
The first is to Review your cash flow: Gathering your latest bank statement and credit card bills to review line by line is not the most glamorous task. However, taking a few hours to go through this process at least once a year is foundational to ensure that you are making the most of your money. This is a great time to cut wasteful spending, like memberships and subscriptions that you don’t use or assess discretionary spending to determine if there are any activities, such as eating out, car leases, or any other financial outlays that you’d like to minimize.
Freeing up cash from unnecessary expenses can give you the flexibility to spend more on areas that are more meaningful for you, like family, vacation, or making necessary home improvements. Alternatively, if these extra funds are not needed for expenses, they can be invested for your future.