Summer’s over, and it’s easy to let spending get out of hand during all the fun. Now’s the time to refocus on your finances. Whether you overspent or just lost track of your budget, this quick guide will help you get back on track and ready to tackle the rest of the year.
Reviewing Your Summer Spending
The first step to getting back on track after the manic summer that we’ve all had is to go through all your bank statements and highlight all your summer spending costs. This is important to grasp where costs may have increased for groceries, days out, holidays and entertainment so you can adjust your spending for next year.
Going through your spending also encourages you to be honest with yourself about overspending. You might notice that you have spent a lot more on dining out than you had planned. You can make a note to revisit next year to be more creative with cooking at home.
Once the above is complete, you can assess your actual summer spending with how much you had planned to spend/how much you had put aside. If you have used Moneyhub to categorise your spending and/or set budgets, this will be easy to see as the hard work has been done for you!
Understanding and going through your expenses will allow you to see how much overspending or savings dipping will affect your long-term plans and debt repayments.
Adjusting Your Budget for the 'Ber' Months
As we move from summer into autumn and winter, it’s important to prepare for both expected and unexpected expenses. This might mean starting your Christmas shopping during the Black Friday sales, setting aside money for higher utility bills as it gets colder, or buying new winter clothes for the family.
By planning ahead, you can set money aside for different things, which helps you avoid using credit cards or getting into debt. Moneyhub’s projects feature is a great tool for keeping track of these expenses within the app.
Setting Short-Term and Long-Term Goals
While adjusting your budget for the colder months, it’s important to keep your financial goals in mind. Whether you’re saving for the holidays, planning a winter trip, or paying off a specific debt, having clear goals will guide your spending. Start by setting both short-term and long-term goals. For example, you might aim to save a certain amount by December for holiday gifts, while a long-term goal could be paying off a credit card or building up your emergency fund.
Moneyhub’s Savings Goals & Emergency Cash Builder feature can help you put money aside and rebuild good saving habits.
Breaking down bigger goals into smaller, monthly targets can make them easier to reach. For example, if you want to save ÂŁ500 by the end of the year, try setting aside about ÂŁ125 each month. This way, you can keep track of your progress and adjust as needed, making sure you stay on track towards your goals.
Staying Accountable
Achieving your financial goals requires not just planning but also accountability. Regular budget check-ins are a great way to stay on track. Set aside time each week or month to review your spending, assess your progress toward your goals, and make any necessary adjustments. This habit will help you stay in control and prevent any unexpected financial surprises.
Another effective strategy is to find someone you can check in ith. This could be a friend, family member, or even a community group focused on budgeting and saving (check out Facebook!). Sharing your goals with someone else can provide extra motivation and support. Plus, celebrating small wins together—like hitting a savings milestone or successfully sticking to your budget—can make the journey more enjoyable and rewarding.
Conclusion
Taking the time to reset your finances after the summer holidays is key to maintaining financial health throughout the rest of the year. By reviewing your summer spending, adjusting your budget for the 'ber' months, and focusing on your future financial goals, you'll be well-prepared to navigate the autumn and winter seasons with confidence. Remember, it's not just about catching up—it's about setting yourself up for success.
Take the first step in your financial reset by reviewing your spending, setting up your new budget, and planning for the months ahead. Check out Moneyhub, and take the stress out of managing your finances.
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