Bad case of Summer-itis?? Do these 5 things so it doesn’t hurt your financial plan…

I have a daughter graduating from high school in a few days who has a bad case of SENIOR-ITIS. Who can blame her? The weather’s beautiful, the days are longer, gone are the external deadlines of college applications and final exams — and with them, all motivation to do anything that requires any effort beyond putting on some flip flops and heading out with friends.

But even if you’re well past your student days, it’s still easy to succumb to your own form of ‘senioritis’ — which I’ll coin “summer-itis.” Work slows down, people take advantage of summer Fridays and check out for a long weekend, vacations abound. And, like my daughter, you too may find that your own motivation-meter is starting to decline.

And that’s okay! After all, that’s what summer, and seasons in general, are all about. A time and rhythm to everything…

But (of course there’s a “but”!), what you don’t want is to catch such a serious case of ‘summer-itis’ that you’ll have regrets come the Fall. Slowing down doesn’t mean stopping projects completely to the point where it will be difficult to resume them later on.

So when it comes to your personal finances, how can you make sure that you don’t veer too far off track during the summer season? What are some easy tasks you can still accomplish without too much effort?

1) Budget Adjustments: Do yourself a favor and spend a few minutes the next time it’s raining outside to see if you need to adjust your budget for summer spending. If you haven’t already, verify that you have allocated appropriate amounts for any vacations, excursions or fun activities scheduled over the next couple of months.

Hopefully, you already have planned for these increases in spending by saving throughout the year; but to help create more cushion, consider temporarily stopping some items that you might not use as much during the summer months, such as cable, Netflix, gym memberships, etc.

2) Income: When it comes to personal finances, many people focus so much on reducing spending or growing their investments, but forget the income part of the equation despite it being such a significant factor.

Are there ways to increase your income this summer? Depends. If your current job slows during the summer, it may be an ideal time to work on your side hustle or take on a temporary low-stress, seasonal job to fill up those hours (that is, if your place of your place of employment allows it – be sure to check with them first).

Another possibility is to volunteer to take on extra work or projects in your current office/workplace when others take vacation or time off. If you’re a salaried employee, it might not immediately translate to additional income, but could impact the size of your bonus at year-end or possibly lead to a promotion down the road if your employer sees you stepping up while others slow down.

3) Investments: Studies have shown that trading historically slows during the summer months and then picks back up come November. While no one can predict future returns and while I do not advocate trying to time the market, you still want to review your investments periodically throughout the quarter. Do they need to be rebalanced back to your targeted allocation? If you’re unsure, seek some professional guidance before taking off for the summer.

4) Automation: If you owe estimated taxes and don’t do this already, pay your June payment now (it’s due this Thursday, June 15!) and automate your September payments so they are taken care of. In addition, most people these days make automatic payments for their recurring bills, but if you don’t yet do so, summer is the perfect time to tackle this task so you can “set them and forget them.” It also may be worthwhile to research the mobile apps available at your bank to determine if it makes sense to start using these features and if they make banking easier for you when you’re away or traveling.

5) Summer reading: Why not? When others have a cheesy summer romance or crime novel, you’ll stand out from the crowd when you pull out a Personal Finance book to read on the beach. It’s an easy way to keep your head in the game while not cramping your summer style. And the good news is there are so many options to choose from these days that, while not exactly page-turners, are still relatable and user-friendly, yet practical. A few that are currently on my bookshelf include: Own It by Sallie Krawcheck, You are a BadAss at Making Money by Jen Sincero, and The College Solution by Lynn O’Shaughnessy.

So there you have it. Even if you’re ready to check out from June through August, there are still ways to keep your financial head in the game and still enjoy the lazy days of summer.

And if you’re motivated to do even more, contact jennifer@financialwealthbeing.com to schedule an initial consultation.