Making the most of 2024 Leap Year 

_{By Bromwich+Smith Staff | 703 words | Reading Time: 3 minutes and 30 seconds | Date: 2024/02/06}

This year, we celebrate a leap year, but what does that mean? A Leap Year, which only occurs once every four years, means an extra day in February: February 29th! Make the most of this leap year by exploring the best ways to budget for this extra day and how to best spend the extra 24 hours.  

Budgeting for the day 

It may seem like we are over thinking things, but for many an extra day comes with extra costs. For example, you may get paid a day later, you will have to cover an extra day of meals, there will be more use of utilities, travel to or parking at work and more. If you are paid for hours worked, you may get paid more this month than you expected. So how can you plan and budget for this extra day? 

Reflect on your 2024 goals 

Take a few moments to reflect on your financial goals. Review your current budget and assess if you need to make any adjustments. Are there new financial goals that you'd like to set up for the year? Then refine your budget. Perhaps you should consider setting aside a special leap day fund. You could use any extra earnings from this long month to save for the next one in 2028! This could be spent to participate in a pre-planned event or day trip. 

Savings Challenge 

Challenge yourself to put away a set amount of money. You could choose to avoid a daily spending habit like take-out coffee, and put that money into your savings account. You could create a new income stream by posting something for sale that you made yourself, and put that income into savings. Small steps like this just might start a new habit of saving. 

How to spend the day 

Invest in you. Take a little time on this extra day to invest in your personal development. There is always something new to learn online!  

Try a new hobby. Think about what makes you happy and spend the extra day indulging in it. This could be something you have always loved to do or perhaps it's the ideal time to try out a new activity.

Spend time with loved ones. Make leap day a special outing for your family. This could be a trip to the museum, a movie day or anything else you enjoy doing together as a family. Focus on spending time together and create memories that do not stress your budget. Consider hosting a get-together at home for friends or family. Bringing loved ones together is another meaningful way to spend the day.  

Make time to connect. Use this extra time to reconnect with friends that you may have not reached out to in a while. Make phone calls, set up video chats, or write an old fashioned letter. Putting effort in your relationships does not require a financial investment but brings immediate rewards. 
 
Make time for you. Consider dedicating the day to self-care prioritizing your well-being and mental health which will build a stronger physical and emotional well-being. The staff at Bromwich+Smith recently celebrated “A day for me” in which all employees participated in a day off to focus on their mental health.  

Read a book. Take the time to catch up on reading or that movie you have been meaning to watch. 

Self-reflection 

An extra day gives us time to revisit financial goals review how effectively our budget has been working and make necessary changes. Taking time to review where we're at will ensure that we stay on track for the rest of 2024. Take time to celebrate the winds both big and small. Acknowledging these successes motivates us to continue on the financial journey we are on. Consider setting new challenges whether it is eliminating debts, investing, for saving for specific goal.  

However you choose to spend the day, enjoy the extra 24 hours in set the stage for a healthy money relationship in 2024. 

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,  Live Chat  or you can request a call back at contact us page. We want to see you flourish!