Longer days, warmer weather, family outings – these are just a few of the benefits of summer. While you may be tempted to “leave it all behind” over the summer, that shouldn’t apply to your long-term financial goals. Here are four quick tips to help you balance your summer spending and saving.
No one likes to run out of money by the end of the month, but often how much we think we spend is radically different from what we actually spend.
Write down how much you think you spend in a typical month, and then track your expenses over an entire month to see how close you came to your estimated amount. By tracking your spending each month, you can get a clearer picture of where your money goes and how you can start making specific adjustments, if necessary. You’ll also have a better idea of how much money you have left over for summer fun.
Some savings goals – such as a summer trip – are short-term. Others, such as saving for retirement, require a longer time frame. But every financial goal requires persistence and planning.
Talk to your financial advisor about whether a systematic investing program, or dollar-cost averaging, is right for you. This program allows you to automatically invest a set dollar amount at certain intervals. While systematic investing does not guarantee a profit or protect against loss in declining markets, it can help you stay on track with your investment strategy.
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This information is for educational and illustrative purposes only and should not be interpreted as specific investment advice. Investors should make investment decisions based on their unique investment objectives and financial situation.