Savvy Summer Money Tips
Summer is here and you might be more focused on barbecues than bills, but it’s the middle of the year, so it’s a good time to give your finances a checkup. Here are a few summer money tips from the financial experts at CCF to get you started. Plus, watch CFO Mark Evenson’s Summer Money Tips interview with Fox2’s Roop Raj.
Check your credit card rates to make sure they’re not rising with the temperature.
- The average credit card interest rate is 24.59% and rising, according to Forbes Advisor’s weekly credit card rates report.
- There are lots of reasons for your credit card rate to change. Variable rate cards fluctuate when the federal rates change, or you may have opened a card with a promotional rate for a limited time.
- If your credit card rate is out of control, consider switching to a fixed-rate card from your local credit union. Credit union card rates are historically lower than banks or other credit card issuers and many CUs offer fixed rate cards that won’t fluctuate with the federal rate changes. Cornerstone’s Visa Platinum is a fixed rate card that starts as low as 10%
Stick to your budget.
- The change in schedule and added summer expenses can throw us off our regular spending, but don’t throw your budget out the window.
- Take a look at your cash flow and make intentional decisions about where you want to spend during summer months.
Rebalance your investment accounts and check in on your tax withholdings.
- We’re halfway through the year, so it’s a good time to review your investment portfolio and rebalance where needed.
- Increase your retirement contribution percentage, if possible. Even increasing by 1% can make a big difference in the long run and you likely won’t even notice it in your paycheck.
- Check with your tax preparer to make sure you’re on track for the year, so you’re not surprised with a big tax bill next tax season. There’s enough time left in the year to make withholding adjustments if needed. Tax Withholding Estimator | Internal Revenue Service