Getting your Budget in Shape for the Summer

_{By Bromwich+Smith Staff | 663 words | Reading Time: 3 minutes | Date: 2022/05/31}

When it comes to getting in shape for the summer, there is no shortage of reasons for NOT doing it:

“I don’t have time.”

“I don’t have the energy.”

“I don’t even know where to start!”

Sound familiar? BUT, how amazing does it feel to find a fitness plan that works? One that you can stick to and see what your hard work accomplishes. It takes hard work for sure but it all starts with a plan. And once you find a plan that works for you, taking those steps to keep on top of it comes with dedication and practice.

A financial budget is no different. There isn’t one size that fits all, you need to know where to start, and then you need to stick to it to see the results you are after. To help you get started on creating your very own budget OR to help you get your current one back into shape, we’ve laid out five steps to help you get motivated as summer approaches.

See where you are spending

History paints a picture of where those dollars are going, and let's be real, it isn’t always a pretty picture. If you don’t like what that looks like, that’s ok, you can take steps to be better going forward. Knowing where you are currently at will help you determine what is going well, what needs improvement, and if you need any additional help getting where you want to go. Don’t be afraid to dive in! See what you are spending your money on a daily, weekly, and monthly basis. Cut subscriptions you are no longer using, make coffee at home instead of hitting up the local coffee shop everyday, or pick a better day of the week to dine out, one that coincides with a delicious daily special.

Set your goals

Once you know your patterns, you can set goals that will put your future self in a better position. Create a mix of long term and short term goals, to make sure your short term goals don’t cut into your long term ones. Your goals are yours and they are personal. Take time to figure them out and what you want to achieve. What is your happy place and where do you want to be in one month, one year, even one decade?

Save for a rainy day

Those glorious sunny summer days don’t happen everyday, there will be rainy days and you need to be prepared to weather the storm. The secret to successful saving? Start small and keep it realistic. Don’t try to do it all at once, take small steps everyday to put those hard earned dollars to work. Once you are clear on where you are overspending, you’ll have a clearer picture of what you have left for your savings each day, week and month.

Make some extra money

Still coming up a bit short for that weekend getaway? If there isn’t room in your current budget to make a special outing happen, consider branching out and finding alternative revenue streams. From part time jobs, to turning your car into an Uber on weekend, there is no shortage of possibilities. Assess your skills and see what resources you have on hand (i.e. a car) and see what might work for you.

Debt check

Much like checking in on your spending, now is the time to see where your debt is at. All your debts - your mortgage, student loans, credit cards, outstanding bills, etc. Depending on how much debt you have, paying it off might not be possible, and that’s ok. There are debt relief solutions for every situation.

If your debt is overwhelming and you can’t see past it, know that you are not alone. Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243, or request a call back at contact us page.