June is here, and it’s time to enjoy warmer and sunnier days! As you do so, it’s also a great time to make a Financial Summer Bucket List. It’s a twist on the usual bucket list, but with better rewards!
Here are some ideas to help you make your very own list.
Create and build your emergency fund.
Please don’t put off saving for a rainy day when it’s already a torrential downpour! The best way to protect your money in an emergency is to have an emergency fund. How much do you need? Well, that depends on your living expenses. But, most financial experts agree that you should save between three to six months’ worth of living expenses.
Pay off your credit card debt.
Achieving your financial goals is easier if you don’t have credit card debt hanging over your head. Paring down your debt can be accomplished in one of two ways. Either pay off the card with the highest interest rate first and then turn your attention on your remaining cards. Or, create a snowball effect by paying off your smallest debt and then rolling that payment onto the next card and so on.
Start a side business.
Got a passion and want to see if it can generate some money? The summer is a great time to get a side business up and running. Launch your business now while you have the extra security of a regular gig. You may find this side business will transform into your life supporting work!
Automate all financial activities.
Set your bills to come out of your accounts automatically. This will save on late fees and make budgeting and cash flow analysis easier. Don’t forget to schedule budget check-ins at least every two weeks to ensure you aren’t overspending.
Don’t forget the fun.
Summer fun doesn’t have to cost a lot of money. Take some time now to scope out the free or low-cost activities in your area. Being financially wise doesn’t mean boring!