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Queen Bey\u2019s \u201cCowboy Carter\u201d 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\u2014summer is almost over.<\/p>\n
And if you spent the summer all the way outside\u2014whether catching flights or saying \u201cyes\u201d to each and every invite from the group chat\u2014your savings may also be over (or close to it).<\/p>\n
But don\u2019t let buyer\u2019s remorse, regret, or shame set in: spending on experiences and items that align with your values isn\u2019t wasted money. It\u2019s a sign of a healthy relationship with money,<\/a> when paired with a plan that allows you to enjoy life while staying on track with your long-term goals.<\/p>\n That\u2019s why creating a summer savings wind-down plan can help you reset your financial foundation and end the year financially strong:<\/p>\n Secure your soft landing.\u00a0<\/p>\n \u201cDo a quick \u2018spending audit\u2019 for the summer months and look at where your money actually went versus where you wanted it to go,\u201d says Jamila Souffrant, podcaster and\u00a0 author of Journey to Financial Freedom.<\/a>\u00a0 This can be as simple as printing out your bank and credit card statements, highlighting the essentials, and trimming the extras that don\u2019t 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.<\/a><\/p>\n \u201cOnce you have that number, set a realistic savings goal for the next 3 months and automate transfers to a separate savings account.\u201d Souffrant adds, \u201cThe key is starting small so you rebuild momentum without feeling deprived.\u201d<\/p>\n Calculate the \u201ccatch-up\u201d.\u00a0<\/p>\n After you\u2019ve built a cushion, focus on any summer splurges that landed on your credit card. \u201cIf you financed most of your summer fun on credit, then you\u2019ll need to calculate your \u2018catch-up\u2019 number,\u201d says Netiva Heard, CEO at The Frugal Creditnista.<\/a> Your \u201ccatch-up\u201d 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.<\/p>\n For example: Let\u2019s say your take-home pay for the next month is $3,000. Your essentials\u2014like rent, utilities, groceries, transport, insurance, and childcare\u2014add up to $2,000.<\/p>\n Your minimum debt payments plus past-due amounts total $1,200.<\/p>\n So, you\u2019ll need $3,200 to cover everything.<\/p>\n Subtract your $3,000 income, and your catch-up number is $200.<\/p>\n That means you need to find an extra $200 to get back on track.<\/p>\n Budget the bliss.\u00a0<\/p>\n Once you\u2019ve played catch-up with your credit cards, you\u2019ll be in a stronger position to plan for the year\u2019s biggest spending season\u2014the holidays. \u201cSet a budget ahead of time for gifts, decorations, food, travel, and unplanned expenses like postage,\u201d shares Nika Booth of Debt Free Gonnabe<\/a>. If you\u2019re in debt, Booth suggests setting clear boundaries: \u201cTreat holiday spending as a separate category in your budget so it doesn\u2019t interfere with your debt payments or necessary expenses.\u201d<\/p>\n You can also free up holiday cash by temporarily reducing non-essential spending, selling unused items, or taking on a short-term side hustle.\u00a0 Booth says that these steps allow you to enjoy the season without starting the new year in a financial hole.<\/p>\n Protect your peace.\u00a0<\/p>\n 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. \u201cMost 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,\u201d says Ngozi Nnaji, managing partner at Ako Insurance Consulting.<\/a> \u201cIt\u2019s also the perfect opportunity to upgrade benefits, switch networks, or drop coverage that no longer fits your needs,\u201d says Nnaji.<\/p>\n If navigating the options feels overwhelming, or quite the opposite\u2014 underwhelming,\u2014 remember you don\u2019t have to do this alone. \u201cEnlist the help of an agent. They can help you conduct a \u2018life audit\u2019 to review changes over the past year and determine how they might affect your auto, home\/renters, health, and life insurance,\u201d Nnaji adds. \u201cThey can also get bids from multiple carriers to identify discounts and ensure proper coverage.\u201d<\/p>\n Grow your garden.\u00a0<\/p>\n With your financial foundation protected, you can focus on building wealth that lasts. If you\u2019re 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: \u201cLegacy building doesn\u2019t require perfection, it just requires intention,\u201d says McElroy.<\/p>\n A single mom of three, McElroy, opened a retirement account for herself and custodial accounts for her daughters, even when money was tight. \u201cEven if I could only automate twenty dollars a month, I was showing my kids what it looks like to invest in your future,\u201d she says. \u201cThese small steps create a ripple effect. You\u2019re modeling consistency, long-term thinking, and self-worth.\u201d<\/p>\n Summer spending allows you to make memories, pursue your passions, and live life fully\u2014without apology. Now, as the season shifts, use the last few months of the year to secure your financial future.<\/p>\n Managing money isn\u2019t an either\/or\u2014it\u2019s 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.<\/p>\n Kara Stevens is founder of The Frugal Feminista<\/a> and author of heal your relationship with money.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Queen Bey\u2019s \u201cCowboy Carter\u201d tour officially closed a few weeks ago, the kids are heading back to school,…\n","protected":false},"author":2,"featured_media":90386,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,147,530],"class_list":["post-90385","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/90385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=90385"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/90385\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/90386"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=90385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=90385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=90385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}