*First National Community Bank’s blog does not constitute legal, tax, accounting, investment or other professional advice. Recipients should consult their professional advisors for advice.
As summer winds down, it’s the perfect time to hit pause and check in on your finances. Whether you've taken a vacation, splurged on summer activities, or simply enjoyed a more relaxed routine, now is the time to reassess and reset. At First National Community Bank, we believe in proactive financial wellness, so here’s a simple five-step checklist to help you assess spending, debt, and your goals before heading into fall.
1. Review Summer Spending: Start by going through your bank and credit card statements from June through August. Were there unexpected expenses or areas where spending got out of hand? Highlight categories like travel, dining out, and entertainment. This helps you identify patterns and adjust for the upcoming season.
2. Update or Create a Budget: If you’ve been operating without a budget (or if your current one didn’t hold up over the summer) now is the time to revisit it. Use what you’ve learned from your summer spending review to create a realistic plan for fall, especially as back-to-school expenses, holidays, and colder weather bring new costs.
3. Assess Debt and Make a Repayment Plan: If summer fun came with a side of credit card debt or personal loans, take a moment to total what you owe. Review your interest rates and prioritize high-interest balances first. Consider your options to reduce your monthly payments and interest.
4. Check Your Emergency Fund: Did you dip into your savings over the summer? Make a plan to replenish it. A healthy emergency fund (typically 3–6 months of living expenses) is crucial as we approach the end of the year, when unexpected expenses can arise.
5. Revisit Financial Goals: Did you set financial goals at the beginning of the year? Take stock of where you stand. Whether it’s saving for a home, building retirement funds, or paying off student loans, fall is a great time to adjust your strategy or recommit to your targets.
Taking time for a financial check-in now can help you feel more confident and in control heading into the final months of the year. As your locally owned community bank of choice, the success of your financial future is top of mind. We offer Personal Checking Accounts, Money Market Accounts, Personal Savings Accounts, CDs, IRAs, Mortgages, Personal Loans, Personal Credit Cards, Business Credit Cards and Business Loans of all shapes and sizes.
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