The Save-More-Money Checklist: Summer 2024
The summer slowdown could be the ideal opportunity to kickstart your financial goals. Use this checklist to save more, spend wisely, and take control of your investments.
June
Seize Your Days
A significant 55% of all paid time off (PTO) went unused last year, according to a report from Sorbet, a PTO platform. Don’t become part of that statistic—check how many vacation days you have left and request time off.
Cool It
What’s cooler than being cool? Lower electric bills. Stay chill with these tips:
Ceiling Fan Direction: Ensure your ceiling fan is spinning counterclockwise to push cool air down, making you feel up to 4 degrees cooler and potentially saving on AC costs.
Block the Rays: Most sunlight that hits your windows heats up your home. Insulated cellular shades and window blinds can help reduce this effect.
Set a Higher Temperature: Every degree of extra cooling increases your energy usage by 6% to 8%. Save by setting your thermostat to the warmest comfortable temperature in the summer.
Upgrade Your AC Unit: Although it's a significant investment, the most efficient new AC units use 30% to 50% less energy than those from the mid-1970s. Replacing a 10-year-old unit could cut your cooling costs by 20% to 40%.
Give Subscriptions the Summer Off
Traveling soon? Spending more time outdoors?
Consider pausing streaming apps, gym memberships, and auto-deliveries. You may not need these services often. Some providers let you pause your account for free or at a lower cost for 1 to 3 months. If a hotel stay is in your future, take advantage of their fitness room and on-demand entertainment.
Check on 401(k) Contributions
You’re halfway through the year—how are your investments doing? Consider logging into your retirement accounts to check your progress. If you’re not there yet, try to increase your contributions by 1% whenever you get a raise, bonus, or other windfall.
Looking to max out your accounts? Individual contribution limits for 2024 are $23,000 for 401(k)s and $7,000 for IRAs. Those 50 and older can contribute an additional $7,500 and $1,000 respectively.
July
Figure Out a Flight Cancellation
Canceled flights are frustrating, but you can take a few steps to manage the situation:
Get in Line and Call: Queue up for customer service and call the airline simultaneously; sometimes, the call is quicker.
Check DOT Customer Service Dashboard: Visit the Department of Transportation's customer service dashboard to see if your airline has promised to provide you with a meal, taxi fare, hotel voucher, or frequent flyer miles for canceled or delayed flights due to reasons within their control.
Know Your Rights: Once you know what you're entitled to, politely ask the customer service rep for assistance. Most airlines will rebook you on a new flight for free. If you choose not to accept the rebooking, the airline must refund you, even for nonrefundable tickets.
Seal It Up
Besides your AC, the refrigerator is the hero of summer. But it can’t keep contents as cool if the gasket (the tubing on the inside of the door frame) isn’t sealed properly. Here’s a quick test:
Close a dollar bill in the fridge door and then try to pull it out. If the dollar comes out easily, your refrigerator could be working overtime, which might increase your energy bill.
Double-Check Medical Bills
Taking your kids (or yourself) to the doctor ahead of school restarting? Before you pay, ensure your visit was billed through your health insurance. If you don’t have an itemized list of services, ask your doctor for one.
Go Off-Hours
To save on energy bills, try running your dishwasher or washing machine in the early morning or late at night. Charging your electric vehicle at night can also help. Why? During summer peak hours, some energy companies charge up to 15 times more for electricity, usually from 8 a.m. to midnight.
Card Your Cards
The average credit card interest rate is now over 21%, the highest in the last three decades. Your interest rate is set for the first year, but the issuer can change it after that with 45 days' notice.
Save at the Stadium
Millennials spend more than $600 on game tickets, merch, and tailgating essentials, according to a LendingTree survey. Save money by checking if your credit card offers discounts on tickets or merchandise. You can also find deals on tickets by looking on trusted resale sites on the day of the event.
August
Clear Your Autofill
End-of-summer sales can lead to impulse buying. Slow down your spending by clearing the autofill tool on your computer or phone. This will remove any saved credit or debit card numbers that make it too easy to check out.
If your credit card is working overtime this summer travel season, you might be racking up rewards. Consider putting those perks to good use.
Revisit Your W-4
Remember your first week at work when you completed a W-4 form? This form helps your employer figure out how much federal tax to take from your pay. Has your tax situation changed since then? For example, if you’ve added a dependent, bought a home, or picked up a side gig, you might want to update your W-4.
Simmer Surge Pricing
To save money on rideshares, schedule your rides in advance. This is especially important during peak times such as rush hour, bad weather, or weekends. This also ensures you’re not waiting for the app to find a driver.
September
Don’t Let Your Wallet Get Grilled
Planning a Labor Day barbecue? Beef prices have surged nearly 8% over last year.
Talk about high steaks! You might find smaller meat packages at the store.
You could also receive free burger buns when you buy beef to offset the high prices. Save money on meat by opting for chicken or pork, whose prices have barely changed. If you want steak, try a cheaper cut like chuck eye steak instead of rib eye.
Go After That Raise
Don’t wait until December to ask for a raise. Many companies set the next year’s budget now. If your employer doesn’t have a traditional review process, schedule a meeting soon. Beforehand, list your accomplishments—using numbers to show results—and decide on a percentage increase to request.
Sell Your Closet
Got summer clothes you won’t wear next year? Post them on resale sites and use the cash you make to buy what you need for fall and winter.
Pay Quarterly Taxes
If you’re a freelancer, side hustler, self-employed, or have substantial investment income, and don’t have an employer withholding taxes for you, remember that the quarterly tax payment deadline is September 16, 2024, for income earned from June 1 to August 31. You may need to make these payments if you expect to owe more than $1,000 when you file your tax return or if you owed taxes last year.
Start a School Carpool
Got a student who can’t take the bus? Save money on gas and time in the drop-off line by sharing driving duties with other parents. Post in a local social media group or a class email chain that you’re looking for families on your side of town and set a schedule. If you can’t take a turn driving, offer to pay for gas in exchange for rides for your kid.
Bottom Line
The summer slowdown presents a perfect opportunity to jumpstart your financial goals. By following this comprehensive checklist, you can enhance your savings, manage your spending, and take charge of your investments. Take advantage of this quieter season to build a more secure and prosperous financial future.
Sources:
https://www.fidelity.com/learning-center/smart-money/financial-planning-checklist-for-summer
Disclosures:
This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.
This material is provided as a courtesy and for educational purposes only. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation.
These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. Neither the named Representative nor Advisory Services Network, LLC gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information.