Money Tune-Up: Get Ahead of the Holidays with These Financial Tips
As summer comes to a close, planning for the holidays might seem a bit premature. But did you know that 58% of U.S. adults cite money as their top stressor during the holiday season? By taking some time now to assess your financial situation, you can reduce stress and set yourself up for a more peaceful holiday season. Here’s a simple seven-step checklist to help you get started:
1. Revisit Your Budget
Now is a great time to review your budget and see where your money is going. Use a budgeting app or a simple spreadsheet to track your expenses. Look for areas where you might be overspending and see if there are opportunities to cut costs or shop around for better deals. Budgeting isn’t about restricting yourself; it’s about making sure you’re saving enough each month—ideally 10% of your income.
We Florida Financial Tip: Use our online banking tools to track your spending and stay on top of your finances. We’ve partnered with GreenPath to provide you with expert guidance on managing your budget. With GreenPath, you’ll soon have access to a virtual financial assistant—an innovative tool that can help you stay on track with your financial goals (Coming soon in January).
2. Automate Your Savings
Building a strong financial future starts with paying yourself first. One of the easiest ways to do that is by automating your savings. When you "set it and forget it," you're making sure that you're consistently putting money aside without having to think about it. This not only helps you build your savings but also ensures that you’re prepared for upcoming expenses—like the holiday season.
Pro Tip: Set up automatic transfers to your holiday savings account so you’re ready when the time comes.
3. Prioritize Debt Repayment
Review the balances and interest rates on your credit cards, loans, and other debts. Focus on paying down high-interest debt first, so you can put more toward your principal over time. If you’re feeling overwhelmed, a debt management program could help you eliminate debt faster.
We Florida Financial Tip: Consider consolidating high-interest debt with a personal loan or balance transfer from another institution to simplify your payments and save on interest.
4. Check Your Credit Report
Stay on top of your credit by requesting a free copy of your credit report from AnnualCreditReport.com. Review it for any inaccuracies or signs of identity theft and dispute any errors you find. A clean credit report can boost your score and make it easier to qualify for better rates.
Pro Tip: Regularly monitoring your credit can help you catch issues early and protect your financial health. At We Florida Financial, we take your security seriously. That's why we offer We Protect, our comprehensive identity theft protection service. With We Protect, you’re covered with fully managed identity fraud recovery, credit monitoring, and lost document replacement. This service ensures that if your identity is ever compromised, you have a dedicated team working to restore your financial health and protect your future. You can get this service for FREE with our Ultra and Prime Checking Accounts.
5. Reevaluate Your Investments
If you have investment accounts, now is a good time to check whether your portfolio still aligns with your long-term goals and risk tolerance. Market conditions change, and your investment strategy should evolve with them.
We Florida Financial Tip: Consider speaking with our financial advisor Brian J. Singer, to help assess your investments and make adjustments that keep you on track.
6. Maximize Retirement Contributions
Review your retirement account contributions and see if there’s room in your budget to increase them. If your employer offers a match, be sure you’re contributing enough to take full advantage—after all, it’s free money! The earlier you invest, the more time your money has to grow.
Pro Tip: Small increases in your contributions today can lead to significant growth over time.
7. Update Your Insurance Policies
Make sure your insurance policies—health, auto, home, and life—still meet your needs. Life changes like marriage, the birth of a child, or major purchases may require adjustments to your coverage. It’s also a good idea to comparison shop to ensure you’re getting the best rates.
We Florida Financial Tip: Take the time to compare your current coverage with your current needs. Make sure your policies reflect any recent life changes, such as new family members, major purchases, or shifts in your financial situation. Adjusting your coverage now can prevent costly surprises later.
Ready to Take Control of Your Finances?
By taking these steps now, you can reduce financial stress and enjoy the holiday season with confidence. We Florida Financial is here to support you every step of the way with products and services designed to make managing your money easier.
Start your mid-year money tune-up today with We Florida Financial!
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