Queen Bey’s “Cowboy Carter” tour officially closed a few weeks ago, the kids are heading back to school, and our days of sunlight are getting shorter. That can only mean one thing—summer is almost over.
And if you spent the summer all the way outside—whether catching flights or saying “yes” to each and every invite from the group chat—your savings may also be over (or close to it).
But don’t let buyer’s remorse, regret, or shame set in: spending on experiences and items that align with your values isn’t wasted money. It’s a sign of a healthy relationship with money, when paired with a plan that allows you to enjoy life while staying on track with your long-term goals.
That’s why creating a summer savings wind-down plan can help you reset your financial foundation and end the year financially strong:
Secure your soft landing.
“Do a quick ‘spending audit’ for the summer months and look at where your money actually went versus where you wanted it to go,” says Jamila Souffrant, podcaster and author of Journey to Financial Freedom. This can be as simple as printing out your bank and credit card statements, highlighting the essentials, and trimming the extras that don’t align with your goals. From there, create a realistic spending plan for the rest of the year, adds Naseema McElroy, mom and personal finance enthusiast at Financially Intentional.
“Once you have that number, set a realistic savings goal for the next 3 months and automate transfers to a separate savings account.” Souffrant adds, “The key is starting small so you rebuild momentum without feeling deprived.”
Calculate the “catch-up”.
After you’ve built a cushion, focus on any summer splurges that landed on your credit card. “If you financed most of your summer fun on credit, then you’ll need to calculate your ‘catch-up’ number,” says Netiva Heard, CEO at The Frugal Creditnista. Your “catch-up” number is the dollar amount you need to cover to bring all past-due bills and minimum payments up to date, while still covering your essentials.
For example: Let’s say your take-home pay for the next month is $3,000. Your essentials—like rent, utilities, groceries, transport, insurance, and childcare—add up to $2,000.
Your minimum debt payments plus past-due amounts total $1,200.
So, you’ll need $3,200 to cover everything.
Subtract your $3,000 income, and your catch-up number is $200.
That means you need to find an extra $200 to get back on track.
Budget the bliss.
Once you’ve played catch-up with your credit cards, you’ll be in a stronger position to plan for the year’s biggest spending season—the holidays. “Set a budget ahead of time for gifts, decorations, food, travel, and unplanned expenses like postage,” shares Nika Booth of Debt Free Gonnabe. If you’re in debt, Booth suggests setting clear boundaries: “Treat holiday spending as a separate category in your budget so it doesn’t interfere with your debt payments or necessary expenses.”
You can also free up holiday cash by temporarily reducing non-essential spending, selling unused items, or taking on a short-term side hustle. Booth says that these steps allow you to enjoy the season without starting the new year in a financial hole.
Protect your peace.
As you prepare for the holidays, remember another area that protects your financial health year-round: insurance. Insurance may not be exciting, but the right coverage can save you thousands over time. “Most health plans have open enrollment between November 1st and January 15th. For Medicare Advantage and Medicare Part D (prescription drug coverage) the window is between October 15th and December 7th,” says Ngozi Nnaji, managing partner at Ako Insurance Consulting. “It’s also the perfect opportunity to upgrade benefits, switch networks, or drop coverage that no longer fits your needs,” says Nnaji.
If navigating the options feels overwhelming, or quite the opposite— underwhelming,— remember you don’t have to do this alone. “Enlist the help of an agent. They can help you conduct a ‘life audit’ to review changes over the past year and determine how they might affect your auto, home/renters, health, and life insurance,” Nnaji adds. “They can also get bids from multiple carriers to identify discounts and ensure proper coverage.”
Grow your garden.
With your financial foundation protected, you can focus on building wealth that lasts. If you’re a parent, generational wealth is likely one of your goals, but it can feel unattainable amid competing priorities and limited resources. The solution is simply deciding to start: “Legacy building doesn’t require perfection, it just requires intention,” says McElroy.
A single mom of three, McElroy, opened a retirement account for herself and custodial accounts for her daughters, even when money was tight. “Even if I could only automate twenty dollars a month, I was showing my kids what it looks like to invest in your future,” she says. “These small steps create a ripple effect. You’re modeling consistency, long-term thinking, and self-worth.”
Summer spending allows you to make memories, pursue your passions, and live life fully—without apology. Now, as the season shifts, use the last few months of the year to secure your financial future.
Managing money isn’t an either/or—it’s a sacred both/and. This is the fullness of abundance that emerges when you have a plan: honoring your present while securing your future. And Black women deserve both.
Kara Stevens is founder of The Frugal Feminista and author of heal your relationship with money.