5 Smart Money Moves to Make Before Summer Ends
Financial Planning Tips for Families and Business Owners in the Pacific Northwest; Published by Tailored Financial Planning – Eugene, OregonI almost had a meltdown yesterday when I realized it was August 1st. Summer is more than half-way over and I’m still adding things to my list of things I want to do with my family & kids this summer. And looking at the month ahead, we are going to headed out on mini-trips three times in the next four weeks. September and school will be here so soon. Yikes.
My husband and I are taking our two kids out to Crescent Lake next week for 3 nights in a cabin (with no wi-fi!) Wish us luck!
If you are like me, I know it’s hard to find the time, but now is a great time to pause, take stock, and make a few smart financial moves before fall is in full swing. Even if you just get some of these things are your radar screen, you’ll be more prepared for the fall and eventually year-end decisions!
Here are five simple but impactful ways you get set yourself up for a strong finish to the year:
1. Revisit Your Mid-Year Money Goals
Are you where you thought you’d be financially half-way through the year? Even if you didn’t have any formal goals going into the year, ask yourself the following questions:
- Are you saving as much as you hoped?
- Are you making progress paying down any debt?
- Have you overspent on any areas in your budget?
If there were any big surprises this year so far, now is a great time to make some adjustments and recommit yourself to getting on track.
2. Prep for Back-to-School & Fall Spending
Does your tween want to buy $50 facial serum for a fresh back-to-school face? Or maybe this is the year that your kiddo joins the club sports team? Maybe you need more daycare this fall as your work schedule is changing. Now is the time to map out those expenses.
If your teen asks you to go to this place, run & hide.
Here is a short list of expenses to potentially plan for:
-Back-to-school shopping,
-Fall sports (whether that is club soccer or Duck Games at Autzen)
-travel & holiday/winter-break plans,
-Christmas or Hanukkah gifts (4 months left to save up some extra money so you don’t go into debt for the holidays like most Americans!)
-extra yard-work to clean up leaves, etc. (this is a huge bill at my house because we have SO many trees on our property).
Are you using a budgeting app to help track & plan your spending? Many of my clients love working with Monarch Money. Here’s a link to a blog post I wrote about it.
3. Mid-Year Tax Strategy Check-In
Now is a great time to review your paystub and check if your withholdings are on track for your projected income this year, especially if you're a business owner or have variable income. The IRS has a calculator for this here.
- Are your quarterly payments accurate?
- Do your withholdings match your projected income?
- Could you benefit from timing charitable donations? (And do you need to plan your budget accordingly??)
Take your laptop outside and enjoy the nice weather while it lasts!
4. Maximize Your Retirement Contributions
Are you on track to max out your 401k this year? What about making additional retirement savings contributions to your Traditional IRA or Roth IRA? Check on your deferrals and make sure you aren’t over- or under-contributing to your retirement accounts.
And if you are a Business owner: now is the time to think & research more about opening a company 401k, a Solo 401k, SIMPLE IRA or SEP IRA retirement plan before year-end deadlines.
5. Prepare for Open Enrollment Season
Open enrollment is coming fast—whether you're selecting employer benefits or shopping on the marketplace. August is the perfect time to:
- Review your current healthcare plan. Will you meet your deductible this year? If so, make sure to use up all the health care you need before year-end, especially if your employer often switches up their plan provider to manage costs. Healthcare costs continue to rise faster than regular inflation and you may need to pay more out-of-pocket next year, so plan accordingly.
- Check HSA/FSA balances and contributions (don’t forget to spend your FSA dollars, while HSA dollars can be left in your account to invest & grow tax-free earnings!)
- Evaluate life insurance or disability coverage (group plans through your employer are often the most affordable way to get enough coverage!)
Changes like a new job, child starting school, or aging parents can all affect your benefit decisions. Planning ahead saves stress later.
Next Steps: Let’s Wrap Up Summer Strong
Whether you're running a business, raising a family, or both—your time is valuable. I’m here to help you make the most of it. Want to chat about how financial planning can help? Learn more about my services & how to book a 30-minute consultation with me.
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Stacy Dervin, CFA, CFP® provides fee-only financial planning and investment management services in Eugene, Oregon. Tailored Financial Planning (TFP) serves clients as a fiduciary and never earns a commission of any kind. As a financial advisor, Stacy is on a mission to help Gen X and Gen Y be truly proactive about their financial futures.
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