The Mid-Year Budget Reset That Can Save You $500+ Before Fall — a Step-by-Step Guide
There are certain times of the year when you’re used to resetting your budget. Surveying the financial damage after the holidays can add money matters to your New Year's resolutions. Tax season may light the fires of inspiration. But fall also comes with big expenses, from back-to-school costs to pre-holiday shopping. And that’s not even considering the generally higher cost of living.
Saving an extra $500 heading into fall sure would be handy. How do you do it? You add another budget reset to the calendar, taking a breather from the midyear swelter to rethink your finances. MoneyLion chatted with financial experts to walk you through this reset.
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1. Know Where You’re Starting From
If you’re sharpening your machete to start hacking at your spending, Ralph Estep Jr., a financial coach and host of Becoming Financially Confident, would like you to take a breath. Estep encourages people to do an honest inventory of where their money is going before making any changes.
“The first step: Don't start by cutting; start by looking. Pull the last 60 days of spending and read it like a story,” Estep said. “You can't fix what you haven't honestly faced, and most people have never actually looked.”
Estep added that many people can spot overspending quickly by totaling the amounts in three categories: food, subscriptions and convenience spending, such as delivery services and other quick purchases.
2. Start With a Few Small Cuts
Worried about needing to make a total lifestyle overhaul to save $500? Estep has good news. Often, making a few easy cuts or changes to your biggest areas of overspending can help you save $500 before pumpkin spice season starts.
“Drop or renegotiate two or three subscriptions ($40 to $60 a month), cut restaurant and delivery spending in half ($100-plus a month), and pause one recurring habit you won't even miss in a week,” Estep said. “That math gets you to $500 by September without misery.”
Without misery? We like the sound of that.
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3. Plan for Seasonal Expenses Now
As you start locking down your new budget, you’re worried about two factors: last-minute summer travel and back-to-school costs. Instead of being blindsided by these expenses, Estep encourages planning for them now.
“Give them a line in your budget now and set aside a little each week,” Estep said. “A planned expense is a budget item. A surprise expense is a crisis.”
You could consider creating a sinking fund for seasonal expenses heading into the fall and storing that money in a high-yield savings account.
4. Generate Some Extra Cash
For Austin Kilgore, an analyst with the Achieve Center for Consumer Insights, adding an extra $500 to your income before autumn isn’t a matter of magic — it’s about being creative and resourceful. Kilgore suggested starting at home by periodically raiding your closets, pantry, attic and basement for items that are still in good condition.
You can sell the items you won’t use online or host a yard sale for extra cash. As for the items you will use? Going "shopping" in your closet or pantry can keep you from inadvertently spending money on items you already have.
“For some short-term results, everyone can benefit from getting in the habit of routinely organizing belongings, whether in attics and basements or pantries and closets,” Kilgore said.
5. Avoid the Stealth Damage to Your Finances
Kilgore also encourages people to examine common habits that may keep them from paying bills on time, leading to interest charges and late fees. Instead of letting these fees bleed your budget, get proactive by setting up simple systems to ensure you pay each bill on time.
“Open all mail — including every bill — upon receipt,” Kilgore said. “Pay bills immediately, schedule payment dates online, or note due dates in a dedicated place you frequently check, whether that's an online calendar or a basket on your kitchen counter.”
For monthly bills, such as rent, phone and utilities, look into setting up automatic payments.
6. Make Saving Money Easy
To head into spooky season without your budget causing a fright, make saving money a regular habit before fall. Kilgore said one way to normalize saving money is by setting up an automatic transfer from your checking account to your savings account.
“Set up self-billing for savings, too — either via an employer plan for automatic deposit into a savings account or by seeing if your financial institution will do an automatic withdrawal from your checking account to a savings account,” Kilgore said.
The Bottom Line
To save an extra $500 by fall, you’ll need to show a willingness to look at your current finances and make some changes. The good news is that those changes might not be as difficult as you fear.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal, or tax advice.
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