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How to Keep Your Finances in Check This Summer

The summer months are within touching distance, and the sunny days are already stretching out before us – with promise of fun in the sun, whether here or abroad, and of great times with friends and family alike. The allure of the summer months is tangible, as is the temptation to spend.

Spending is not a luxury many of us have, given the heightened cost of living in the UK. But with cold drinks and warm beaches beckoning, it is hard to reconcile a fun season with financial wellness. What, then, can you do to keep your finances in check this summer?

Control Your Debt

Debt is the sworn enemy of financial wellness. It hoovers up your expendable income, and then a little more via predatory and unassailable rates of interest. Getting out of debt is essential to your long-term financial journey, and crucial to short-term liquidity.

If you have debts in multiple places, reducing them down to one single debt is your best bet to controlling your repayments. Debt consolidation loans do just this, getting you free from the yoke of unfavourable interest repayments in favour of a single monthly repayment responsibility. This makes budgeting much simpler, and will keep you honest as to just how expensive a summer holiday you can afford.

Control Your Spending

Getting out of debt is one thing, but staying out of it is another thing entirely. Wherever you are in your debt recovery journey, the most important aspect of said recovery is controlling your spending. Naturally, you’ll need to have as complete an understanding of your finances as you can do – which you already should have, after restructuring your debt and starting your repayment journey proper.

Keeping track of your spending in a spreadsheet may not be the most thrilling of tasks, but it is the most useful for you – particularly if you categorise each expenditure, and keep an eye on overall figures for expenses like food or leisure. These will naturally increase in the summer, due to holiday-making or more days spent out and about in the sun; ensuring they don’t swell too much is the key.

Destroy Your FOMO

For chronic over-spenders, one of the key factors in spending is ‘FOMO’, or the Fear Of Missing Out. FOMO is strong at all times, whether you are a fashionista doing your best not to miss out on the new season or a social butterfly with many friends doing brilliant – and expensive – things.

The key, then, is to kill your FOMO. Finding contentment in your own itinerary and journey can be transformative for your spending – but this doesn’t mean you should close yourself off from joy. Letting go of being there for every product launch or dinner invitation can be freeing, but honest conversations with loved ones about your budget can also open the door to cheaper habits, and a FOMO-less life still rich with experience.

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