Finances FYI Presented by JPMorgan Chase
When summer hits, many of us shift gears and spend two months living lifestyles totally different from our regular 9-5.
If your habits and spending needs change every summer, your financial apps and products should, too. No matter how you spend your summer months, we’ve rounded up financial tools that will help you achieve your goals and minimize financial hassles. Which summer style sounds most like you?
Summer Style: Maximum Relaxation
Summer Aesthetic: Summers are for unwinding, de-stressing, and finally making time for all your fun projects.
Typical Weeknight Plans: Meeting up with friends for a casual dinner, reading on your back porch, and spontaneously refinishing that cabinet in the garage.
Ideal Weekend: Browsing the farmer’s market before heading to the outdoor concert downtown with friends, or staying in all weekend to finish that passion project.
Financial Needs: You don’t need many funds for relaxation, but you do need to know whether you can afford the premium paint for your project. You have time to make intentional decisions and start laying the groundwork for a less stressful year.
Best Financial Tools to Use:
- Local credit unions: Lean into the slower summer by spending more time exploring banking options that actually serve your needs. Research whether you should switch to a credit union that gives back to its members and community.
- Online banking apps: Set realistic budgeting goals for your summer spending, track your progress online, and create responsible habits that will carry into the rest of the year. You won’t have to stress about plans when you know you’re on the right path.
Summer Style: Family Fun on the Go
Summer Aesthetic: Summers are for making lifelong memories with the kids.
Typical Weeknight Plans: Movie nights in the backyard, evening soccer games, special dinners, and plenty of snacks.
Ideal Weekend: Weekend? How about long weekend. You need plenty of time for those family vacations. You’ll head to the lake for swimming and fishing one week, then it’s off to ride roller coasters the next.
Financial Needs: You need realistic, flexible finances. Chances are, you’ve planned and saved responsibly for your summer vacations, but no one can predict how many times a spontaneous ice cream cone can save a meltdown, or a new theme park hoodie can distract from a sudden cold snap. You need to be able to make financial decisions quickly without risking your budget.
Best Financial Tools to Use:
- Rewards credit cards and prepaid cards: Save on airline tickets, hotels, and car rentals by maximizing rewards from credit cards. You can also save money on entrance fees and tickets by using prepaid cards from that company.
- Digital wallets: You already have to keep track of the kids’ water bottles, so don’t try to keep track of your credit card, too. Use a digital wallet on your phone and leave the cards at home.
- Online banking apps: Get secure, real-time information about your balances before you make those last-minute purchases.
Summer Style: Work Hard, Play Hard
Summer Aesthetic: Summers are for adding two more side gigs to the routine and saying “yes” to every fun invite along the way.
Typical Weeknight Plans: Picking up a delivery shift after your 9-5 ends, then logging on to check your online shop inventory and make restock plans.
Ideal Weekend: Brunch, golf, movies with friends. A quick trip to the mountains for camping and hiking, or a weekend music festival. Back home in time for a few hours of sleep before heading to the office on Monday morning.
Financial Needs: You want every minute of your work to count, and you need the financial tools to support your hustle. When you have several side gigs, it’s crucial to know which ones are the most valuable on a Friday night.
Best Financial Tools to Use:
- Cash flow forecasting tools: Apps like PocketSmith can help you project your future cash flow by tracking investments, expenses, and income, helping you make better decisions about when to take another delivery shift and when to go meet your friends.
- Digital wallets: Maximize your free time by streamlining everything, including your credit cards. Use the secure digital wallet on your phone to make paying for that spontaneous business lunch easier than ever.
- Specialty bank accounts: Increase your motivation to work hard by tracking separate savings goals in specialty high-yield accounts. Digital-only banks offer higher returns to maximize your efforts.
With the right financial tools, you can maximize the season’s potential no matter your summer style.
