On the flip side, things may be a little slower at work, and you could be less focused on your financial and professional goals.
Even if none of that is true for you, summer tends to be a kind of financial limbo between spring taxes and end of the year preparations. Now is a perfect time to carve out some extra hours in your schedule to do a little work on your summer money tasks, no matter how minimal, before obligations pick up again in the fall.
Here’s how to get started:
Check in with your Goals
Before you begin, you need to find where you should be directing your attention. What goals did you set for yourself this year? Either check in with the goals you did set, or take some time to set new ones.
This only needs to take a few minutes, but it can help you re-direct your focus for the rest of the year. We laid out some tips for how to do this is our mid-year goals post.
Set Up Insurance
If you’ve been holding out on increasing your coverage, the summer months are an ideal time to get that taken care of.
Choosing a life or disability insurance policy isn’t always an easy or straightforward decision. There are different companies, types and levels of coverage to consider.
Give yourself time to shop around and compare policies this summer, and you’ll feel more confident in your decision.
Start Saving for College
Even if your kids are still in diapers, it’s not too early to start saving for their future education. But it is important that you take the time to find the right savings plan for you, which is a great item to add to your summer money tasks.
Check out our post here for the pros and cons of some popular options.
Meet with your Attorney
Estate planning isn’t exactly a fun way to spend a summer afternoon, but it’s one of those tasks you probably never find the time for the rest of the year. But if you’re setting up a will or trust and all that entails, you need to meet with your estate planning attorney to make sure everything is accurate.
Embrace the summer lull by editing your finances. Sort through your paper piles, delete unnecessary emails you’ve been hanging onto, and take another look at your household spending.