Time seems to slow down in the summer. School is out. Sports seasons have wrapped up. The boss may be more flexible when it comes to time off.
It can be tempting to while away the lazy days of summer with a book by the pool. However, the season is the perfect time for some financial housekeeping. “No one wants to spend their days thinking about these meaty topics,” acknowledges James Capolongo, head of consumer deposit products for TD Bank, but many tasks don’t require a large investment of time or energy.
As you are making your summer bucket list for the next few months, don’t forget to include these financial tasks.
Put your finances on autopilot. Before you do anything else this summer, make sure your finances will run smoothly while you’re on vacation or crossing other items off your bucket list. Setting up automatic payments through your institution’s bill pay service is easy. Then, your bank or credit union can access paperless statements and make payments on due dates. It’s a simple way to eliminate late fees and free up time for more enjoyable summer activities.
[See: 10 Summer Savings Tips.]
Make an appointment with your accountant. Bruce Lev, a certified public accountant and partner with Mazars USA in New York City, says it’s regrettable most people only talk to their accountant during tax season. During that time, tax professionals are working long hours and aren’t in a position to consider their clients’ planning needs.
“Catch your accountant when he’s well-rested and has time to really think about the future,” Lev says. Scheduling a summer appointment provides an opportunity for your accountant or tax professional to review your financial situation and make cost-saving recommendations. Plus, with June 30 being the mid-point of the year, it’s a good time to confirm whether you’re on track for annual tax withholding.
Prepare for student loan repayments. New college graduates get a six-month reprieve before they have to start repaying student loans. It can be easy to put off planning for those payments, but the grace period goes by quickly, says Rick Castellano, spokesperson for Sallie Mae. “The summer is an ideal time to do a little homework,” he says.
During the summer, recent graduates who have student loans should be notified about when payments will begin and how much they will be. “It sounds really basic, but reading your mail is important,” Castellano says. Understanding repayment terms in advance can provide graduates ample time to create a workable budget.
Make a holiday budget. The holiday season is still six months away, but that doesn’t mean people shouldn’t be thinking about it already. Putting together a holiday budget now means more time to save for the celebration you want.
“Saving is a lifestyle,” says Brandon Frank, manager of the savings portfolio at Navy Federal Credit Union. It may not come naturally to some people, but certain bank products can make it easier to set aside money and avoid the temptation to dip into it early. Some institutions have Christmas clubs or similar programs that can be used to save for holidays or a vacation. “That’s a fantastic product for [saving for] specific goals,” he says.
[Read: How to Save $2,000 by Summer.]
Review your work benefits. It’ll be months before you need to make benefit selections at work, but summer is a great time to review current policies. “It’s a good time to get in touch with the HR department,” Lev says.
As with accountants, the summer can be a quiet time for human resources professionals. Rather than trying to get answers in the thick of open enrollment, sit down now with a benefits representative to clarify coverage and understand your current policies better. While you’re at it, review beneficiaries for life insurance and retirement funds to make sure those are up to date as well.
Inventory necessary home repairs. Owning a home means ongoing maintenance, and the summer can be a good time to survey property for needed repairs and potential improvements. It can also be wise to begin saving now for winter weatherization needs such as added insulation and new windows.
However, don’t jump on getting work done just yet. Frank relates his experience of planning to add a deck to his home. While he received quotes in the summer, the project was pushed back. Months later, one contractor called with an offer to do the work at a rate significantly lower than the original quote. “Sometimes you get better discounts in the winter,” Frank says, noting that companies may be willing to work for less during their slower months.
[Read: How to Go to Summer Camp in Retirement.]
Cancel cable to make the most of summer. If you’ve been thinking about living without cable television, summer is the time to do it. Between vacations and the array of recreational activities available during these months, eliminating cable, satellite or other subscription entertainment services may not seem so difficult. It can also be a boon to household finances. “That ends up being a pretty sizable component of people’s budget,” Capolongo says of cable television and similar services. Going without cable can free up both time and money to cross off other, more enjoyable items from your summer bucket list.
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