June 2022 Roundup
Staying the course financially can be difficult, and that can compound now that summer is here. Sunny days, warm weather, and a slew of social media posts boasting about summer plans, home upgrades, and the summer wedding season can bring on some serious fear of missing out (or FOMO).
But resisting FOMO can be key to staying on budget and actually being able to afford all those summer plans you have. From basic budgeting and investing to resisting unnecessary home and wedding upgrades, we’ve got some tips to help you avoid temptation so you’re not broke before summer even begins.
Basic Budgeting Tips
One of the simplest ways to keep yourself on track financially is to create a budget and stick to it. However, that can be easier said than done. To help motivate yourself you may want to set a money-oriented goal such as saving for a home improvement project (more on that later!) or attaining financial freedom.
Already have a budget? You can help yourself stay on track by avoiding bad money habits, such as overspending. And if that isn’t enough to stay on budget, you may want to consider getting a side hustle to cover those extra expenses (we all need some financial wiggle room from time to time!).
Investing in Your Future
While budgeting for the short term certainly is important, you may also want to consider your financial situation down the road. Do you have money stored in an emergency fund? Have you set up a retirement account? Do you have savings or investments? If you’re not investing in your future, the best thing you can do is figure out how to take that first step and just start!
What that starting place looks like will be different for each person. If you’re in your 20s , that may mean setting up a 401(k) or building a savings account. If you already have those things, it may mean diversifying your portfolio (or starting your first investment account!) or even reaching out to a money manager to set realistic and attainable financial goals.
As the weather warms up, people are spending more time in their backyards. And for many of us, seeing neighbors with new home upgrades like outdoor kitchens, pergolas, and swimming pools may bring about some
serious FOMO .
However, it’s important to keep those feelings in check and make sure your financial house is in order before going on a home improvement shopping spree. You don’t want to jump head first into a major project before making sure you have the funds to afford it. You may also want to start with smaller home projects, like refreshing your living room , instead of tackling something more expensive, like a kitchen renovation or major landscaping project if your budget is already stretched thin.
Saying ‘I Do’ to Being a Budget Bride
Summer is one of the most popular seasons for weddings in America. While your dream venue or caterer may charge more during the summer months due to increased seasonal demand, there are many other ways to save big on your big day .
One of the easiest ways to become a more budget-conscious bride (or groom) is to consider your venue carefully. You can find cheap or free venues that may not be as extravagant as what’s on your Pinterest board, but bring their own uniqueness and charm at a much lower cost. Check out local parks, museums, churches, or even college campuses for scenic, but budget-friendly venues.
You can even squeeze some significant savings from your wedding day look. Hair and makeup can be costly, especially if you’re footing the bill for your bridesmaids, too. You could save big on makeup, hair, and other beauty products by shopping sales, cashing in rewards points, and even having a skilled friend create your wedding look instead of a paid professional.
Budgeting for Summer Fun
Dreaming of an island getaway or creating the perfect barbecue and hangout spot in your own backyard? No matter if your summer plans involve a beach vacation or creating a backyard oasis, you can start building better buying habits now to ensure you have money leftover for summer fun.
Also, excessive spending on daily coffees or online shopping sprees can seriously drain your bank account. So, correcting those spending habits now can help ensure you’ve got the money you need to enjoy your summer. And if your version of summer fun involves traveling, you could even explore how to get paid to travel so you can not only save money, but potentially make money doing so!
Around the Web
Looking for more ways to save and avoid FOMO? We searched the web for more tips to help you manage your spending through the summer:
• How Often Should You Review Your Personal Finances?
• Feeling the Squeeze? How to Be a Thrifty Traveler as Prices Soar
• Staying cool and saving cash: how to cut down on your energy bill this summer
• Amid high gas prices, inflation, here’s how to save money as you head back to the office
This summer, as your friends boast about their vacation plans online, it may be tempting to give in to FOMO and blow your budget before the season even ends. But you can avoid that temptation by reading up on budgeting basics, finding ways to save on home improvements, and making sure your future self has money leftover after summer ends!
If you need help collecting your summer funds, SoFi Relay can assist you in keeping track of your finances. Whether saving up for a vacation or a summer home improvement project, you can keep a close eye on your expenses and watch your funds grow all in one single app.
Photo credit: iStock/jacoblund
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