“Smart Money Moves for the Summer” (Bountiful S3E15)

For this episode, we want to give you five (5) things to review during the course of the summer – while Bountiful is on its summer break until August – to help get you in better financial shape. Five things that we sometimes put off until we get around to it. Five things that can help make the rest of the year an easier one from a personal financial perspective.

First, take a financial snapshot. If you haven’t pulled your credit report in a year or longer, your edible to get a free one at annualcreditreport.com. Your credit report not only gives you your credit score (commonly known as FICO score – see the link to the “Bountiful 101” episode about credit scores below) but it also lists all the accounts that are under your name. If you see an unfamiliar account, one that you didn’t open or one that you rarely use and can live without, it’s worthwhile to close it.

While you’re getting your finances into focus (get it? financial snapshot?) review your bank accounts, money market accounts, individual retirement accounts (IRA’s) or other places where your money is building. Are these accounts meeting your needs? For example, in your retirement accounts, is your portfolio mix appropriate for your age? A person who is 25 has, if the Lord grants them the years, several years before retirement, and they can afford to have a more aggressive mix of more stocks and less bonds as that usually yields the best returns over time. However, a person who is 60 and is only a few years away from retirement would be wise to invest more conservatively, in part because their risk tolerance is lower. Another example would be bank fees. If you’re paying for a lot of bank charges, it’s time to either change banks where you won’t have to pay those fees or set yourself up so you don’t have to pay them anymore. These are just a few ways you can take a financial snapshot over the summer.

Second, review important documents. Make sure your will, trust, life insurance, etc, are all set up appropriately for your situation. Are your beneficiaries correct? Did you establish secondary beneficiaries? These are things that take time to do. You have to submit paperwork and get documentation and consistently follow-up sometimes in order to get it all done. Nevertheless, this is important, and here is one reason why. Getting your will in order and documenting beneficiaries and things like this are decisions you should be making. However, if you don’t make them, you force your loved ones to choose at a time that’s already emotionally challenging for them. So, take a few minutes or a few hours if needed and review important financial documents.

Third is downsize. If you have a lot of possessions that have lost their purpose (listen to our episode about purposeful possessions here: https://thelightnetwork.tv/bountifuls1e6/) then it may be time to downsize. You can have a garage sale or donate these items. A clutter-free house can help provide a clutter-free mind. If spring cleaning didn’t do the trick, maybe it’s time for a summer downsize.

The next smart money move is review your expenses. Do you know how much you pay each month for internet access or your cell phone plan? Are there better deals available? When was the last time you used your gym membership? Do you need all of those online subscriptions? Not all monthly expenses are bad, but if you’re paying for something that you seldom use, that money could easily be more productive for you.

Finally, this summer, take some time to consider how much you give to the Lord. Has your income changed? If so, did your giving change also? Are you happy when you give each Sunday, or do you view the collection as an “entrance fee” to hear the sermon? God’s Word is clear – we ought to give cheerfully, willingly, as God has prospered us, and with a heart that’s engaged in this avenue of worship. Take some time to pray, talk with your family, and evaluate your giving. If you determine you’re giving the right amount with the right attitude, then God will continue to bless you! If you figure out you need to make some changes, when you put those changes into practice, God will bless you more (Acts 20:35).