Your family’s budget is one of the most personal things that you can create for your family this summer. It is completely all about your financial goals, expenses, and liabilities to date.
A good budget with plenty of value, can help you fulfill your financial dreams. The idea is that your family will be able to set aside enough money to take that dream beach vacation, or you can send your children to that awesome summer camp for a few months during the season. The overall goal is to budget enough money during the year to avoid major stress, and worry during the first weeks of summer break. Whether you are in a major transition period, leaving a job, moving to a new state, or making a major life change through new births of children, or divorce, or you are just saving to reach a major goal. But seek first the kingdom of God and HIS righteousness, and all these things will be added to you. Matthew 6:33.
Listen, we have to keep in mind that life happens, and things happen with life. The one constant thing in life is change, and so many things can happen unexpectedly while you are planning your summer budget.
And Girl, you may see yourself paying for unexpected expenses, that just come out of the blue! By checking on your expenses and budget on a consistent basis, at least monthly by setting and scheduling dates to check in on your budget is vital for financial survival. This gives you a chance to see the growing ebbs and flows of your assets, and allows you to make proper adjustments in case of emergencies. This continuous practice of checking in on your budget can allow you to move smoothly from season to season. I am going o share with you a few ways to know that it is time to revise your family’s budget for the summer.
If you feel like you are living pay check to pay check. What would happen if car need repairs? Or if your stove or furnace would give out? Would you be able to cover these expenses?
You’re noticing patterns of spending on things that are taking away from your budget. if you are spending more money on dining out or on entertainment, or having that guilty pleasure of that great cup of coffee from Starbucks, it is time to drink more coffee at home, and cook more healthy meals for your family.You can cut down on expenses by packing a lunch for work, and renting movies from your local library for free. They library is a great resource for children during the summer, they have discounts for local parks and zoos.
You’re experiencing a major rise and fall in income this is the time to be smart with your money.
If you have received a raise or a promotion this year, that is so amazing! Make sure that you try to pay off some any outstanding debt or credit cards that are on your financial radar so they do not affect your credit score. If you have experienced a job loss, reserve the money that you saved prior to the job loss in an emergency fund.
If you received an inheritance or financial windfall that you did not expect to add more value to your budget.
Be smart with the lump sum of cash that you have received, and first thank God and HIS beloved son Jesus for blessing you with the inheritance! You can use the new blessings to pay off a large debt, start a college savings account for your children, create an emergency fund, and put a little aside to really take that much need summer and winter vacation. If you are going through a job transition the money can help keep you in the green for the next six months while you are putting yourself back on the job market, and going on job interviews. This is a great time to really check your budget for both household and family expenses. You may have some household repairs and appliances that could use an upgrade too.