The days of summer are still hot and humid. However, as the kids head back to school, our gaze shifts to the fall and winter months. Before the days slip into months and the calendar turns to another season or another year, there are some end of summer financial tasks to check off your to-do list in August.
Square the Bills at School
Textbook fees, lunch accounts, yearbooks, PTO dues – it’s time to make a bullet list of everything you need to set straight for the new academic year. Some schools require only a deposit at registration meaning you’ll want to be sure to either budget for or pay the full balance. Make a good note (preferably in your budgeting software) if you’ve purchased a yearbook. You may forget in the year to come.
Begin Saving for Christmas
It’s still likely going to be 90 degrees for several days in August. But brace yourself, winter is coming. That means now is the time to begin setting savings goals and maybe even picking up extra work for Christmas. Again, check your receipts and checking account to see approximately last year and begin hatching a plan. Jolly ‘Ole Saint Nick will be sliding down the chimney before you can imagine.
Polish Off Outdoor Projects
It’s not quite time for winterfication yet. However, you’d be smart to evaluate what needs to be done on the exterior of your home and see if anything needs replaced or repaired. It’s also a good time to keep your eyes peeled for excellent clearance deals in the big box retailers as school supplies replace the outdoor furniture.
Consider Opting Out of the Child Tax Credit
If you have kids, you may have noticed a tax credit in the form of a monthly payment beginning in July. There are reasons (especially if you’re used to that money coming in more of a lump sum in the spring, have a child turning 18 this year, are divorced and sharing the credit, or significantly increased your income in 2021) you may want to consider opting out. Now through December, you can go to the IRS portal and jumps through a few hoops. In order to ensure it won’t hit your bank account, you need to do that three days before the first Thursday of the month (which would be Monday August 2).
Re-Evaluate Your Pantry
One of the things I’ve learned during the pandemic is to better monitor our pantry, fridge, and freezer. It seems we learn daily there’s another hiccup in the supply chain. Those are unlikely to be over anytime soon and we may see some more ups and downs in the days ahead. So evaluate what you may need to pick up to guarantee you have what you need if you or someone in your family has to be quarantined. You don’t need wall to wall toilet paper, but an extra package never hurts. And a few extra packages of meat in the freezer would be a good idea too. Again, you’re not trying to stock a bomb shelter. You just need 1 or 2 more than what you buy normally.
I’m not trying to spoil your end of summer fun. I just want you to have an amazing fall and holiday season! Small steps today lead to sound finances in the future.
My book is now available: Slaying the Debt Dragon: How One Family Conquered Their Money Monster and Found an Inspired Happily Ever After. You can also check out The Debt Free Devotional
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