Leveraging “Back To School” To Level Up Your Financial Life

By Joe Messinger, CFP®

August 31, 2023

2 min READ

August always seems to bring a fresh perspective on finances and life. The long days of summer are winding down and you might be feeling that classic “back to school” energy – whether you have kids in school or not!

Of course, as adults, we don’t get a back-to-school shopping list. We’re not heading to the office supply store to grab folders and pencils for ourselves. Still, you can harness this feeling and use it to refocus on what’s important both with your budget and your lifestyle. Here are a few ideas to hit the “reset” button this back-to-school season:

1. Evaluate your spending habits. Summer can be a time where spending goes a little haywire. Whether you’ve had kids home from school, done some extra travel recently, or gone for some spendy dinners with friends, now is a good time to check in and see how much you’re *actually* spending month to month. Look at your bank or credit card statements to get an idea of where you’re at.

2. Consider trimming costs where you can. You can leverage the motivated energy you’re feeling right now and try to make some spending changes. Consider checking in on all those subscriptions. Which ones are in alignment with your goals or the lifestyle you want to live?

3. Focus on your priorities. If you feel a little overwhelmed by your spending or feel like you’ve “gotten off the bandwagon”, now is an excellent time to focus on your priorities. Take this season to get clarity on your goals and align your spending and saving to achieve them.

4. Work joy into your daily routine. Summer can be a season of life that’s jam-packed. A lot of activities you have on your schedule are fun and enjoyable, but that doesn’t necessarily make it any less stressful. As you enter this new season, you can take charge of your calendar and daily routine. Focus on what brings you joy or peace, and engineer a schedule that works for you.

5. Plan for near-term expenses. If you have a student headed to college or have another big bill coming up soon, now is the time to plan. To tackle a large expense like college it will likely take a well thought out strategy that combines use of some savings, paying as you go with cash flow, and a smart lending strategy to fill the gap.

If all this sounds a little overwhelming, you are not alone. There is no one size fits all. Resetting your finances, getting clarity on your goals and the best way to achieve them is no small feat.

We get it, talking to a stranger about your finances is probably not something on the top of your “priority” list for this back to school season. But, if you have been considering working with a financial planner and you just don’t know where to start, schedule a free call with one of our Capstone Advisors or just reply to this email to learn how we can help.