Summer is the perfect season for lazy afternoons by the pool, barbecues, and unwinding. It's a wonderful opportunity to step away from your usual routine, indulge in outdoor activities, and spend quality time with loved ones. However, while enjoying the summer vibes, it's crucial to stay financially focused and not lose sight of your financial goals. Here are some tips to help you stay on track with your finances throughout the summer.

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1. Automate Your Finances

Want a break from constantly managing your finances? This summer, give yourself the gift of relaxation by automating your accounts and investments. Here’s how you can streamline your financial routine and enjoy more time by the pool:

Set Up Automatic Debits: Arrange automatic payments with your credit card company, loan servicer, and utility companies. This removes the hassle of scheduling payments each month. Just remember to regularly check your accounts to ensure the correct amounts are debited.

Use Bill Pay Services: For service providers that don’t offer automatic debits, consider setting up direct payments through your bank account. This is simpler than mailing checks each month.

Automate Retirement Contributions: Use payroll deferrals to automatically contribute to your retirement plan.

Direct Transfers to Savings: Establish automatic transfers from your paycheck to your savings account.

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2. Review Your Beneficiaries

Take some time this summer to review your beneficiaries. As life changes, so might your choices for who you want to benefit from your accounts, investments, trusts, and other estate planning documents. Ensure the custodian(s) for your children and your successor trustee are still appropriate.

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3. Rebalance Your Portfolio

The change in seasons is a good reminder to review and rebalance your asset allocation. Adjusting your portfolio helps lock in gains from high-performing sectors and keeps your investments aligned with your goals and risk tolerance. Consult your wealth manager for guidance.

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4. Check Your Insurance

For extra peace of mind this summer, review your insurance policies to ensure adequate coverage for unexpected events. Your wealth manager can help identify any gaps in your current policies.

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5. Plan for Summer Expenses

Avoid being caught off guard by summertime expenses. Plan ahead for the costs of vacations, kids’ camps, and additional childcare when school is out. Having a plan allows you to enjoy summer spending without impacting your financial goals. If you have a dependent care FSA, remember it can cover summer day camps, daycare, and preschool expenses on a pre-tax basis assuming the expenses are allowing you to be gainfully employed or look for work.

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6. Take Steps to Lower Your Taxes

Mid-year is an excellent time to review your tax strategies. Your wealth manager can assist with tax-loss harvesting, asset location, charitable giving, and other tactics to reduce your annual tax liabilities.

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Need some assistance with your finances this summer? GatePass is here to help. We collaborate with clients to create personalized financial plans aimed at achieving their vision of financial success. Don’t hesitate to schedule a call with one of our team members to get started.

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Unless otherwise indicated, commentary on this site reflects the personal opinions, viewpoints and analyses of the author and should not be regarded as a description of services provided by GatePass Capital or its affiliates. The opinions expressed here are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual on any security or advisory service. It is only intended to provide education about the financial industry. The views reflected in the commentary are subject to change at any time without notice. While all information presented, including from independent sources, is believed to be accurate, we make no representation or warranty as to accuracy or completeness. We reserve the right to change any part of these materials without notice and assume no obligation to provide updates. Nothing on this site constitutes investment advice, performance data or a recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Investing involves the risk of loss of some or all of an investment. Past performance is no guarantee of future results.

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