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As summer hits its stride, the idea of financially preparing for the holidays might feel like overkill. Consider this: money is the most cited source of stress during the holidays, with 58% of US adults worrying about overspending or not having enough money.
July is an ideal month to assess your financial picture and make mid-year adjustments that will help you cruise into the holiday months with fewer concerns. To make planning easier, here is a seven-item checklist you can use as your guide:
1. Review Your Budget
With a customizable budgeting worksheet or free app, identify areas where you may be overspending and eliminate costs or comparison shop if possible. Budgeting isn’t about guilt, rather it is a way to ensure you’re saving a little each month – ideally 10% of your income. Less still counts.
2. Automate Savings
Consider the “set it and forget it” approach to allocating savings so that when peak holiday spending season comes around, you’ve avoided (or at least minimized) high interest credit card balances that can put a damper on the season and coming year. Look into opening a holiday-specific savings account at your financial institution and start saving now.
3. Strategize Debt Repayment
Review the balances and interest rates of your credit cards, loans, and other debts. Tackle high-interest payments first (so you’re able to put more toward principal in the long run). Explore a debt management program which can help you eliminate debt faster.
4. Check Your Credit Report
Request a free copy of your credit report from AnnualCreditReport.com. Review the report for any inaccuracies or signs of identity theft. Dispute any errors you find, which could be a contributing factor to a lower score.
5. Revisit Investments
If you have any investment accounts, assess whether your allocations still align with your long-term goals and risk tolerance. Market conditions often change, and your investment strategy should account for these fluctuations.
6. Maximize Retirement Contributions
If you have a retirement account, check your contributions, and see if you have any room in your budget to increase them. This especially applies if your employer offers matching contributions, as it’s essentially free money. The sooner you invest, the more time your money has to grow.
7. Review Insurance Policies
Ensure that your health, auto, home, and life insurance policies still meet your needs. Life changes such as marriage, the birth of a child, or significant purchases might necessitate adjustments to your coverage or comparison shopping for more favorable rates.
In a perfect world, summer would be a time for children and parents to soak up the sun and enjoy a slower pace. As most of us know, work calendars don’t align with school calendars. Summer camp is a lifesaver for busy households, and costs add up quickly, leaving many families feeling financially burdened. Here are ten strategies for cutting costs this season:
1. Camp Scholarships
Many summer camps offer scholarships or financial aid for families in need. Chat with camp staff to determine your eligibility and submit any required documentation.
2. State Subsidies
Depending on where you live, some states offer income-eligible subsidy programs for qualifying families. Start your search online for local organizations that can steer you to the proper application forms.
3. Day Camps
Day camps can be significantly cheaper than overnight camps since they don’t include accommodation expenses. Look for day camps in your area that offer similar activities and experiences to overnight camps.
4. Sibling + Group Discounts
Do you have more than one camper in your household this year? Or perhaps even other children in your parent group that could add to the headcount? Look for camps that offer sibling and/or group discounts.
5. Community Programs
Most community recreation centers offer year-round low-cost or free programs for children, including day camps, sports leagues, or even virtual experiences led by online educators. Beyond rec centers, check out local offerings at YMCA or Boys & Girls Club.
6. Flexible Payment Plans
Research camps that offer flexible payment plans, allowing you to spread out the cost over several months rather than paying a lump sum upfront.
7. Partial Weeks
Does your schedule allow for partial weeks at camp? Many camps offer the option to enroll two or three days per week (or even on a per-day basis) instead of a full week session. This can make camp attendance more manageable in the short-term, especially if you have summer travel plans.
8. Pack Your Own Supplies
Camps often charge extra for snacks, meals, and supplies. Save money by packing your child’s snacks and lunch each day, and ensure they have necessary supplies like sunscreen, bug spray, and water bottles.
9. Flexible Spending Accounts
Some employers may allow allocation of FSA funds to cover expenses if the camp is considered a qualified dependent care expense. Check your specific plan to confirm whether summer camp expenses are reimbursement eligible.
10. Volunteer Opportunities
Some camps offer discounts for families willing to lend their time (similar to co-op programs where parents can assist in classrooms). Helping with administrative tasks or coordinating activities has the secondary benefit of enriching your resume.
You’re not alone when it comes to crunching the numbers. Connect with your financial institution to see what resources we offer and consider free financial counseling with our trusted partner, GreenPath Financial Wellness, if you need support in building your summer budget.
Imparting core money concepts to children and young adults is beneficial to their future success, but parents are often juggling other obligations—a curated reading list can help.
Highlighted below are financial literacy reading recommendations for children, tweens, and young adults. From budgeting best practices to early investing, you may even learn something new yourself!
Want a little money advice from two of the authors? Watch Tiffany Aliche weigh in on “Next Level Adulting” and tune into Real $tories Episode 48 with Jasmine Paul.
Amidst juggling work, household chores, and other responsibilities, imparting valuable money lessons can sometimes take a backseat for busy parents. The good news? You have help!
There are lots of great reads out there covering everything from building a budget to early investing. Check out this reading list for young children, tweens, and teens, designed to teach money management skills, cut through the jargon, and put a little fun into finance.
Ages 3-7
Pauline and her younger brother John-John boldly set up a winter lemonade stand despite skepticism from their parents. Their spirited salesmanship earns them not profits, but enough for two Popsicles. This charming book, enriched with subtle money lessons, also celebrates sibling bonds, entrepreneurship, and persistence. Illustrated beautifully, it captures the winter ambiance vividly.
Ages 4-10
Money Ninja is on an adventure and with the help of his wise mentor, Mr. Roach, Timmy learns valuable lessons about saving, spending, and giving. Through fun storytelling and colorful illustrations, this book teaches kids essential money management skills in a relatable and entertaining way, empowering them to become savvy “Money Ninjas” in their own lives.
Ages 5-10
Follow Jake as he sets out to achieve his dream of owning a bicycle. With the guidance of his wise grandfather, Jake learns the fundamentals of budgeting and saving, overcoming obstacles along the way. Through determination and financial discipline, he realizes the power of setting goals and managing money wisely to make dreams a reality.
Carmen Perez is the mind behind MakeRealCents, a platform committed to empowering individuals towards financial independence. Carmen specializes in educating millennials and Gen Z on effective money management and wealth-building strategies, imparting insights on topics such as investing, debt reduction, and savings. She’s also the mind behind Much, an app for budgeting and finance management. While her guidance is broad, she has addressed specific financial challenges and offered advice on side hustles relevant to the LGBTQ+ community.
Ages 8-12
From understanding money’s history to earning it through hard work, children learn valuable lessons. Discover the importance of saving, the power of interest, and budgeting basics to achieve goals. Through engaging storytelling and interactive exercises, Andal equips young readers with essential financial skills for a bright future.
Ages 10-14
From the minds behind Biz Kid$ and Bill Nye the Science Guy, this comprehensive book teaches kids about money management in a funny yet informative manner. Various chapters include setting financial goals, making a budget, getting a job, starting a business, and investing smartly.
Ages 12-18
Visual learners will appreciate this engaging approach to understanding complex financial concepts. Through colorful illustrations and concise explanations, it demystifies topics such as securing your first job, understanding paychecks, managing student loans to steer clear of debt, obtaining your initial credit card, and smart investing.
Ages 13-18
A practical guide for young adults, blending financial advice with relatable anecdotes. Through the story of Tommy, a pizza-loving protagonist, readers learn essential money management skills applicable to high school, college, and beyond. With clear explanations and real-life scenarios, Burkholder equips readers with the knowledge needed to navigate personal finances responsibly in today’s world.
Ages 16+
Siegel tackles fundamental money management topics often overlooked in traditional education. From budgeting and investing to debt management and saving strategies, this book provides accessible advice to empower readers in navigating their financial lives successfully. It’s a comprehensive guide for anyone seeking to improve their financial literacy and build wealth.
Ages 18+
Aliche, better known as “The Budgetnista,” shares step-by-step strategies to help readers build strong financial foundations, tackle debt, save effectively, and invest wisely. Her approachable style and actionable tips empower readers to take control of their finances, offering a roadmap to financial freedom and security. Through anecdotes and relatable examples, Aliche emphasizes the importance of mindset shifts and disciplined money management for long-term prosperity.
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