Blink and you can miss the summer. With only a few, short months devoted to the season, you’ll want to hang onto the hot weather for as long as you can. But like the concert tickets in your shopping cart that disappeared in the time it took you to click the checkout button, the summer vanishes all too soon. These seasonal changes can do a number on your finances if you aren’t careful. To make sure your wallet survives the move from one season to the next, use this guide to keep your budget on track.
Give your budget a seasonal once-over
Your budget should never be allowed to collect dust. What worked for you in the summer may not work for you in the fall, so revisit your budget to see if your sacrifices and savings plans make sense for the new season. Remember, you’ll be facing potential back to school, fall maintenance, and weatherization expenses soon. Make sure to include these seasonal costs into your budget.
Revisit your goals, too
What you can expect to spend money on in terms of bills and repairs aren’t the only things your budget should cover. It provides the means to reach your financial goals, too. Make sure your savings goals are still appropriate for your needs and wants as you enter the fall. If you’re preparing for Christmas shopping, setting aside an emergency fund, and planning on traveling next year, professionals suggest you put aside 10–20 percent of your income toward these savings. Split this portion of your earnings between savings, debt reduction, and retirement to pad your finances properly.
Make a backup plan
If things are tight even after you redo your budget and goals, then small things have the power to topple your finances. An alarmingly high data roaming charge, a minor fender-bender paid out-of-pocket, or a necessary repair on your furnace can leave you unable to pay for necessary bills and repairs. A personal loan is your obvious choice for financial assistance, but you’ll want to research your options.
While traditional banks offer conventional cash loans, an emerging industry of FinTech companies like GoDay offer faster, more convenient alternatives. They offer a less expensive way to receive the financial assistance you need.
In a place like Canada, where consumers face some of the highest fees for daily banking, this will come as a relief. A Toronto-based FinTech startup offers to compare rates of available checking accounts to help you stop paying needless fees. The best payday loan Toronto has to offer works as the ideal stopgap when your finances are stretched too thin. Unlike loans issued in a branch bank, they offer online payday loans that make it possible to apply and receive help no matter where you live in the country — even if it is far away from the big city. These online payday loans also mean you can apply at any time you need help, as they run round the clock to process requests in a timely manner.
It can be hard to say goodbye to summer, but its departure shouldn’t leave you in tears because of your budget. If you’re worried about how the change of seasons will test your finances, use these tips to help prepare your budget for anything in your future. When you plan accordingly, even emergencies are easier to manage.