14 Ways to Improve Your Finances by End of Summer

Summer is time to refresh, recharge, and spend time with your loved ones. It's also an ideal time to take a look at your financial situation and implement a few simple improvements.

With these 14 tips, you can end the season in a better place than where you started and you can get yourself on the path to long-term financial success.

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If you want to improve your financial situation by summer's end, it's helpful to know what changes you actually need to make. Figuring that out starts with a careful review of your current status.

You can find out where you stand by taking a look at what you owe, what you earn, and where your money is currently going.

ALSO READ: Your 5-Point Midyear Financial Checkup

As you take a look at the big picture of your financial life, you'll want to identify any problem areas that are plaguing you.

For example, you might decide you aren't happy with how you are spending or you may discover that you have a lot of high-interest debt you're dealing with. Make a list of these issues.

The next step is to clearly define your financial goals. And you want to be as specific as possible to maximize your chances of achieving them.

For example, rather than simply setting the goal of spending less, you might want to aim to reduce your expenditures by $200 per month (or whatever number makes sense for you).

If you're looking to improve your finances by the end of summer, you'll likely want to include some short-term goals you can accomplish quickly. But it doesn't hurt to set long-term objectives as well. You can get started working on them this season and continue your efforts for months or years to come.

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If you don't already have a budget, making one now could be the single best thing that you do to improve your finances by the end of summer. Living on a budget gives you control over where your money is going so you can use it wisely.

If you have a budget already, consider trying to rework it to prioritize any new financial goals that you have set for yourself.

Many people don't really have a clear idea of exactly where their money is going, but you can change that by tracking your spending for a few weeks over the summer.

By keeping tabs on everything you spend, you can ensure you aren't wasting money and will be more likely to make smart choices about where your cash is going. Tracking your spending can also help you make a more informed budget and ensure you are sticking to it.

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If you have set the goal to save for specific things, such as for a vacation or a large item you want to buy, it can be helpful to have a dedicated savings account solely for those purposes. If you have an account intended for a specific goal, you'll be more motivated to invest in it and less likely to spend it on other things.

If you don't already have separate savings accounts, get at least one open by the end of summer so you can start depositing money into it ASAP.

ALSO READ: How to Choose a Savings Account

Most people save too little for retirement. If you are one of them, then inch up your retirement account contributions by summer's end.

Since you save for retirement over a long time and benefit from compound growth, even increasing your 401(k) or IRA contributions by 1% can make a big difference in the long run.

Give it a try this summer and see if you can live on what's left over. Chances are good you won't even notice that a little bit of extra money is gone from your paycheck and transferred to your investment accounts.

Summer is a great time to enjoy free outdoor activities, whether that's a concert in the park or a visit to your local nature trails for a hike.

Since you can do so many free and low-cost things when the weather is warm, aim to cut any unnecessary spending during this season. If you picnic instead of eating out or go for a swim instead of going to the mall, you'll likely have a great time and get to keep more money in your pocketbook.

ALSO READ: Suze Orman Insists It's Time to Cut Expenses. Here's How

If you're in debt, make a plan to pay it off early and implement it ASAP. You could try out the debt snowball plan, where you pay more than the minimum to your loans with the lowest balance until it's paid off. Or you could opt for a debt avalanche and start working on paying extra to your high-interest loans first.

Implementing a payoff plan is one of the best ways to end the season in a better financial situation, since the sooner you become debt-free, the more spare income you'll have and the more interest you can save.

Many people use the same credit card for years on end just by default. But take the time this summer to evaluate whether your card is right for you.

If you find you aren't earning many bonus rewards or that your card is lacking perks that you would make use of, it could be worth opening a new one.

This is a simple and easy way to improve your financial life since it requires little effort on your part and you can reap the benefits indefinitely as you earn better rewards for everyday spending.

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Refinancing debt can sometimes reduce the costs you pay in interest. Almost any kind of debt can be refinanced, including mortgage loans and auto loans.

While mortgage rates have climbed higher, there could still be opportunities to save. Explore your options and see if you can lower your borrowing costs this summer by applying for a new loan to pay off your old one.

ALSO READ: What Is a Mortgage Refinance?

Your credit score is one of the most important components of your financial life, so checking your credit report and score can be a good first step in ending the season in a better position.

When you check your credit report, you can identify whether there are any black marks on your record that you might be able to get removed by writing a goodwill letter to your creditors.

You can also look for errors that might need to be corrected or other opportunities to improve your score by paying down debt.

You should have money invested to build wealth. And you'll want to make sure you have the right mix of different investments so you aren't limiting returns by being too conservative or increasing your risk of losses by being too aggressive.

It's important to look at your portfolio periodically to allocate your assets appropriately based on your age, risk tolerance, and investing goals. If you haven't done that for a while, take the time to do it this summer so you can maximize your chances of earning the returns you expect.

ALSO READ: Is Your Investment Portfolio Down Big? Here's the Simplest Road to Recovery

Finally, aim to change your mindset by the end of the season if you are currently struggling with sticking to your budget or controlling your spending.

Instead of viewing your budget as something that limits you, commit to looking at it as a tool that will help you accomplish big, important things with your money over time.

By taking as many of these 14 steps as you can, you'll be able to end summer in a better position than you started.

These habits can help you long after the season ends and will go a long way toward improving your net worth and giving you peace of mind.

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