Budgeting for the Fall: Getting on Track After the Summer

The summer is a time of vacation, get aways, and relaxation—which also means that it’s a time of spending! As such, when you begin to put together your budget following the end of summer, there are a few important things to keep in mind! First, if you’ve gone over on your summer budget then the fastest way to get on track in the fall is to stop the overspending! Second, add up and address any debt that you’re still holding on to from your summer excursions! Lastly, make sure that you’re leaving room for saving in your new fall budget!

Stop the Overspending

If you’ve spent too much during the summer then, it may sound obvious, but stopping your overspending is the best way to get back on track in the fall! Often times we overspend in the summer due to a vacation or time spent with friends, so you might feel like the additional money you spent went towards something good. That said, spending less won’t seem as fun, but there are a number of ways that you can get creative with your spending! Consider eating more meals at home to save money—after all, you may find that it’s a great way to spend some fun time with the family! In addition, if you feel that you’re missing on social opportunities or gatherings with friends, don’t be afraid to invite them over for a small get-together! Ultimately it take discipline to cut back on the money you spend, and it’s up to you to get yourself back on track!

Take Care of any Outstanding Debt

As we spend money over the summer, many of us choose to pay for things through our credit cards and, while that’s perfectly fine in the moment, you’ll be faced with the reality of what you owe when you open your credit card bill! As such, you should work to address any debt that you’ve incurred over the summer, and pay it off as the year advances through the fall! There are countless ways to pay off your debt, especially if you’ve incurred in on multiple credit cards, so decide which method is the most effective for you! Some people choose to evenly spread their payments out and pay off each card at the same time. Others used what’s called the snowball method, which stipulates that pay off one debt entirely while making the minimum payments on the others until the first is paid off!

Don’t Forget to Save

Anytime you have debt to pay off, you may feel like you have to drop everything and pour all of your additional cash into paying off that debt! As such, you should never forgo saving money, even when you’re trying to get back on track in a budget! Your savings are the most important part of the money that you earn and, if you think that you won’t be able to save and pay off your debts at the same time, then you should evaluate your spending habits! There’s always money to be saved and money that can be put towards something else, so don’t be afraid to get creative in how you pay off your debt!