As summer approaches, we all start dreaming about lazy days by the pool, weekend barbecues, and fun vacations. But before you dive into relaxation mode, there’s one more thing you should consider doing: taking a Financial Health Day. It might not sound as exciting as a beach day, but dedicating a day, or even a few hours, to tackle important financial tasks can significantly enhance your peace of mind and set you up for a stress-free summer.
First, let’s talk about your 401(k). If you haven’t looked at your retirement savings in a while, now is a great time to do it. Increasing your 401(k) contributions, even by a small percentage, can make a huge difference over time. Plus, if your employer offers a match, you’re essentially getting free money. Who doesn’t love that?
Next on the list: subscriptions. We all have them—those pesky automatic payments that sneak out of your account each month for services you barely use. Take a moment to review your bank statements and identify any subscriptions you can cancel. Whether it’s a streaming service you rarely watch or a gym membership you haven’t used in months, cutting these out can save you a surprising amount of money.
Now, if you have kids or are planning to, setting up a college savings plan is another crucial task. The earlier you start, the more time your money has to grow. Look into options like a 529 plan, which offers tax advantages and can be a smart way to save for future education costs.
Finally, use this day to review your budget, pay off any lingering debts, and check your credit report. These steps may seem small, but they add up to a big impact on your overall financial health.
Taking a Financial Health Day might not be as fun as a day at the beach, but it’s an investment in your future that can make your summer (and beyond) much more enjoyable. So, put on some comfy clothes, brew a nice cup of coffee, and get to work. Your future self will thank you!
