Exciting summer plans coming up? Here are 8 easy ways to keep spending on track

Spring is in full bloom and the hot summer days are right around the corner. You might spend time at ball games, the swimming pool or soaking up the sun on a beach vacation.

It can be easy to get caught up in going from one activity to the next. With added summer activities often come added expenses.

Have you looked at your spending plan lately? If not, take some time to review it and make any needed updates. And if you don’t yet have a plan, take time to create one so you can stay on budget.

Consider these eight tips to keep your spending on track.

▪ Create a spending plan.

First, examine your monthly inflows and outflows. One of the key steps in establishing a solid spending plan is knowing what is coming into and out of your bank account.

Consider using resources such as Mint, a budget tracking app, that can help you monitor your monthly expenses. Once you know the numbers, you can start putting together a plan that works for you.

Second, prioritize needs versus wants. Once you have a handle on your cash flow, think about what is important to you. Your needs and wants are unique to you.

▪ Establish an emergency fund.

How much should you put into an emergency fund? One rule of thumb is three to six months of living expenses. This may seem daunting but start small and establish consistent saving habits.

▪ Set your goals.

It can be rewarding to set goals and come up with realistic, tangible steps to achieve them.

▪ Pay yourself first.

If you haven’t already, create a habit of putting money toward savings before allocating money to other areas of your plan. For help around how much to put toward savings, chat with your wealth advisor.

▪ Check the financial facts.

Now that you have your spending plan in place, it’s time to examine the facts. Look at your inflows and outflows.

Are you spending everything that you are making or are you seeing your accounts grow? Now is a good time to reevaluate your spending to see if you need to make any changes.

By tracking your income and expenses, you should have a clearer picture of where your budget stands. This needed process shows what additional monthly spending you can afford and how much you could put toward savings.

▪ Create your summer bucket list.

This step is more fun. What are you excited to do this summer? Begin having conversations about your summer goals and write them down.

Whether you are traveling out of town or just around the corner to watch your kid’s soccer games, costs in the summer months can add up quickly.

It is important to do your research to understand the added costs that come with your bucket list activities. This allows you to put a priority list together of what you want to accomplish this season or what may need to be pushed to next summer.

▪ Get back to the financial facts.

Pen and paper time again. Now that you know the anticipated added costs for summer, it is time to look again at the financial facts.

How much wiggle room do you have in your monthly savings? Are your summer goals realistic or do they need to be updated? This is the time to make those adjustments.

▪ Enjoy a summer to remember.

Time to have fun. However you choose to spend your time, having reviewed your spending plan should give you the freedom to enjoy a summer of fun.

Nolan Keim is a CERTIFIED FINANCIAL PLANNER professional and an active member of Financial Planning Association of Greater Kansas City. He serves as a Wealth Advisor for Mariner Wealth Advisors in Overland Park, Kansas.