5 Manageable Ways to Recover from Summer Spending

Summer is long gone and although lazy days spent on the beach are becoming a distant memory, the carefree season of spending may be lingering longer than you’d like and haunting your budget. From weekend road trips to keeping the kids entertained to increased energy bills, summer is an expensive time for many consumers. If your bank account is drained and credit cards are maxed out, follow these tips to get your finances back on track.

Assess the damage. Begin your budget fix by reviewing all of your financial accounts to understand just how much you spent over the summer and how much you owe across your various credit cards. Facing the problem head on is the most important step toward recovery!

Create a debt repayment plan. Before you can make a plan, organize your accounts by jotting down how much debt you’ve accumulated on each account along with the corresponding interest rate. Then, focus on paying off the one with the highest APR so you save more money over time.  Debt repayment apps like Ubury.me can help you stay on track!

Trim monthly expenses. Review your monthly subscriptions and stop paying for services you aren’t using, whether it’s a beauty box delivery or gym membership. If you aren’t receiving value from these goods or services, it’s time to cancel and save yourself some money. Look for other areas in your monthly budget where you can cut back, including takeout expenses, housekeeping services and beauty treatments. You can always add these items back (thoughtfully) once your debt is paid and your funds return to normal levels.

Sell unwanted items. The changing of the seasons also provides an opportunity to clean out unwanted items and sell them for cash. Consider consigning kids’ fall and winter clothes that no longer fit, plus any harvest or Halloween decor or costumes to local shops or online resellers. Using the cash you earn to replenish your budget will boost your progress toward recovery.

Take advantage of free activities. October welcomes mild weather for much of the country and there are several outdoor activities the whole family can enjoy for free or very little money. From fishing and apple picking to bike riding and foliage viewing, there are plenty of fun things to do! Check out this comprehensive list of free and frugal activities and don’t forget to scope out your local library for free kid’s craft classes and movie showings for adults.