15 Money Moves to Make Before Summer Is Over

At this point, we're well into summer, and the cooler weather will be here before we know it. But while you may be focused on getting in some last-minute beach trips and barbecues, it's also important that you spend some time getting your finances in order. Here are some specific moves it pays to make before summer is out.

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If you're not following a budget, you may struggle to save money and meet other important goals. Setting up a budget is easy. Just list your expenses in a notebook or on a spreadsheet and compare what you spend to what you earn. If you find that you're spending your entire paycheck -- or, worse yet, more than your paycheck -- then you'll need to look at cutting back on some expenses.

ALSO READ: 4 Myths About Budgeting

Many people set up their budgets at the start of the year. If you went that route, now's a good time to take a closer look at that budget and make sure it's still accurate. Inflation is making a lot of things cost more these days, so you may be spending extra at the pump or supermarket without even realizing it. If necessary, make tweaks to your budget to reflect what your expenses actually look like.

Some debts, like a mortgage, are healthy, while others, like credit card balances, can hurt you financially. Take a look at your debts and see if it pays to consolidate any or make changes to your budget that will allow you to pay them off sooner.

The pandemic has taught us that it's important to have money in the bank for unplanned bills, or for unplanned circumstances, like job loss. If you don't have around six months' worth of living expenses socked away in savings, start carving out more money to pad your cash reserves.

ALSO READ: 3 Ways to Build Your Emergency Fund More Quickly

Your credit report will tell you what your debts look like and whether you have any delinquent debts you need to make good on. Just as importantly, your credit report will show you what accounts you have open, and if there are any on there that you don't recognize, you'll know to investigate them in case you've fallen victim to fraud. Credit reports are actually free on a weekly basis between now and April 2022, so you have plenty of opportunity to check yours out.

5 Winning Stocks Under $49
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Right now, mortgage rates are sitting near historic lows, so it's a good time to swap your existing home loan for a new one. Shop around with different lenders to see what rates they have to offer you on a refinance.

The more money you save for retirement, the more financial security you'll buy yourself down the line. Take a look at how much you've put into your IRA or 401(k) plan so far. If you're nowhere close to maxing out or hitting your personal contribution goal, then you'll know to ramp up.

ALSO READ: Don't Work During Retirement -- Collect Money From These 3 Dividend Aristocrats Instead

It's important to have an investment portfolio that's well diversified. Check up on your investments and make sure you own stocks across a range of market segments. If you're not happy with your investment mix, you may want to buy some more stocks or exchange-traded funds, which offer instant diversification.

Cryptocurrency is hot right now, but there are risks involved in buying it. It could pay to invest a small amount of money in digital coins, so do some research and decide if that's the right move for you.

The stock market could crash at any time, and it's hard to predict when the next downturn might strike. But it's important to be prepared for that turn of events, so assess your savings and portfolio to make sure you're in a good position to weather any upcoming storms. You may, for example, decide to shift some of your assets away from stocks and into safer alternatives, like bonds, if you're nearing retirement.

5 Winning Stocks Under $49
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

If you're enrolled in a high-deductible health insurance plan, you may qualify to participate in a health savings account, or HSA. These accounts let you contribute pre-tax dollars for medical expenses that you can use in the near term or carry forward all the way into retirement. Open one soon if you’re eligible and start funding it.

ALSO READ: 2021 Rules for Health Savings Accounts (HSAs)

If you put money into a flexible spending account, you should know that if you don't use up your balance by the time your plan year ends, you'll risk losing it. Take a look at your healthcare and childcare costs and make sure you've claimed any expenses you've already racked up. Then, see how much more you need to spend to use up your balance in time.

It's hard to motivate yourself to go out and do extra work when the weather is cold. But in the summer, there's plenty of opportunity to pick up a few extra gigs that put more cash in your pocket. See what openings are available at local businesses or sign up for a ride-hailing or dog-walking service. The additional cash you earn will come in handy for contributing to a retirement plan, investing, or just plain having more spending money to enjoy.

The moves you make throughout the year could impact your tax bill at the end of it. If you normally itemize on your tax return, make sure you've been donating to charities at your usual pace. Or, you might consider making other moves that help from a tax perspective, like selling underperforming stocks in your portfolio and using that loss to offset capital gains.

ALSO READ: 3 Tax Tricks Savvy Investors Know

Though the holidays are still many months away, they have a way of sneaking up on people. And the last thing you want to do is rack up debt later this year because of them. That's why now is the perfect time to start setting money aside for the holidays. Along these lines, if you're set on traveling for the holidays, it wouldn't be a bad idea to start researching flights -- before they get more expensive.

5 Winning Stocks Under $49
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Summer may be a time to kick back and relax, but it's also the perfect time to give your finances the attention they deserve. Aim to check as many of these moves as you can off your list before summer comes to an end.

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