Your end of summer financial checklist

As summer winds down, now is the perfect time to review your finances before the holiday season arrives. While it may sound intimidating, we’re here to simplify the process and highlight the key factors that shape your long-term financial health and success.

Use this checklist to stay on track:

• Focus on debt – Paying down debt is one of the most effective ways to prevent compounding interest from draining your funds. Prioritizing debt repayment not only lowers your credit utilization ratio, helping to boost your score, but also frees up more cash flow. You can then reallocate those funds toward savings or other financial goals.

  If your debt carries a high interest rate, consider consolidating it with an Abound Personal Loan or a Home Equity Line of Credit¹ (HELOC) if you’re a homeowner. Both options allow you to consolidate debt while offering flexible terms and affordable payment options.

• Replenish your funds – Summer often comes with extra spending, so now is the time to rebuild your savings if you dipped into them. Restoring your savings ensures you’re prepared for the holiday season ahead and provides a cushion for unexpected expenses. Simplify the process by setting up automatic transfers to your Savings Account through Digital Banking². You can customize the amount and frequency to align with your budget and pay schedule.
• Create your fall spending plan – The shift from summer to fall is an ideal time to bring clarity to your finances. Start by listing your upcoming priorities, whether it’s back-to-school needs or cozy fall essentials, and compare them to your current savings and spending habits. From here, you can identify areas to cut back on non-essentials and redirect those funds toward savings or debt repayment.
• Check your investments – Take time to review your investments and contributions to Individual Retirement Accounts (IRAs) and 401(k)s to ensure you’re on track with your long-term financial goals. Regularly monitoring these accounts helps confirm that your savings and investment growth are aligned with your retirement timeline.

For personalized guidance, our Financial Advisors are here to help. They listen to your goals, assess your needs and tailor a portfolio to suit your unique situation. You can request an appointment here.

Interested in a Personal Loan or HELOC? Apply online or visit your local branch to get started. Our team is here to help you find the best fit for your needs!