Budgeting & Savings

Smart Money Moves To Make This Memorial Day Weekend

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It may be hard to believe, but with Memorial Day weekend approaching, 2023 is almost halfway over. Most people have had their share of financial challenges this year, and taking stock of their financial status might help everyone rest more easily for the remainder of the year.

Memorial Day means the unofficial start to summer, but the holiday can also give you a chance to save money by taking control of your finances. Carve a couple of hours out of the holiday weekend to make these smart money moves.

Here are some money-saving moves to make this Memorial Day:

  1. Check Your Credit Reports

Become a rate checker by taking a look at your credit reports every year. You can get one free credit report annually from each of the three credit reporting agencies (Experian, Equifax, and TransUnion)  and if you haven’t taken a look at yours yet in 2023, now is a good time to complete your annual review. Knowing what is on your credit report can save you money when you are looking to finance your next car or other big-ticket items. Get your free credit reports by visiting www.annualcreditreport.com.

Checking your credit reports will also identify any fraud, errors, or identity theft. If any of these issues are on the report, steps can be taken to resolve them as soon as possible. The credit report may also identify any loans or outstanding collections which might easily be paid off and resolved.

  1. Consolidate Credit Card Debt

Credit cards can be a good financial tool when needed, but too much credit card debt will stand in the way of future financial transactions. To consolidate credit card debt, many consumers will seek out credit counseling from a reputable non-profit credit counseling agency such as AdvantageCCS.

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We’ve been helping people get out of credit card debt since 1968. Our expert Debt Management Program can lower interest rates, lower monthly fees, and help you get out of debt as quickly as possible all while maintaining a healthy credit score and rating because you’re paying back all of the debt you owe and on time. Reach out to us today at 866-699-2227 to find out more about our Debt Management Program.

  1. Talking To Lenders Can Reap Advantages

Talking to a credit card company, especially when you have been faithfully paying off your balance, will often result in an increase in your credit limit. Once the spending limit has been raised, many credit card companies will also be willing to lower the interest rate. A lower interest rate will help save a substantial amount of money each year.

Call up your credit card companies and ask for a credit increase. You’ll increase your credit score when you demonstrate you can use your credit responsibly. While you are on the phone asking for that credit increase, ask for a lower interest rate, which can save you hundreds of dollars each year. If you’ve been making payments on time, your lender may be able to give you some customer perks that you didn’t know about. It can’t hurt to ask!

  1. Make A Realistic Budget

If you haven’t already, set up a budget and a spending plan while you’re enjoying a few well-deserved days off. By making a list of your monthly bills and setting up a savings and spending plan, you will always know where your money is going each month (and where it’s staying when you stash it away in the bank). We can’t stress enough how important having and maintaining a household budget really is!

This may be the most important thing to get your family’s finances back on track for success. Writing down income details and using that to plan the amounts available for expenses is the smartest way to keep finances in check.

A budget is especially helpful when a large expense suddenly unexpectedly happens. There are times when a larger-than-planned purchase must be made, and careful budgeting can help families survive financially for the rest of the month.

Budgeting can also come in handy if saving for a vacation or special event. Certain planned expenses will probably need to be reduced, and others may need to be delayed. Careful budget planning will help meet those basic expenses, and it will help families find ways to pay unplanned expenses.

  1. Try Some Low-Risk Investments

Balance your stock portfolio so that your money is invested the way you want it to be and your personal risk tolerance is low to medium. A good investment portfolio is highly diversified among types of investments called “asset classes.” These classes include stocks, bonds, cash, real estate, and precious metals to name a few. It’s also very beneficial to diversify within each asset class if you have multiple classes.

Taking stock of any loans and requesting a refinance can help you save money. Consumers with good credit can often persuade loan companies to give them better terms on a new loan. Those who have a 401K should shop around for a plan with a better interest rate, and save more money.

  1. Update Important Documents

Make sure your Living Will and beneficiary information are both updated and correct. Protect both your loved ones and your money by keeping your beneficiary information updated on all of your insurance policies and investments. An updated Will can guarantee that your property goes to who you intend it to upon your death.

  1. Support Your Favorite Charity

Donate to your favorite cause over the holiday weekend in order to take the tax write-off when next April rolls around. You’ll be ahead of the game! Just make sure the donations are within your budget. You don’t want to go spending money that you don’t really have.

  1. Work On Your Taxes For Next Year

Take a look at your tax withholdings at work and make any adjustments that are necessary for what you are claiming in order to keep your monthly budget on track.

  1. Make Sure You Have Two Separate Accounts

Open separate checking and savings accounts where you put money for something you want in the future, like a new car or home. That way you will know how much you’ve saved while tracking your progress to making that dream a reality.

  1. Get Rid Of Junk And Make Some Money 

Have a yard sale to raise some quick money. Weekends are a great time to clean out the garage or attic and sell those unwanted goods. Lots of folks have time off and enjoy looking for deals over three-day weekends.

Conclusion –

Spending a few hours of your weekend taking control of your money can put you on the path to financial independence and can help turn your dreams into a stable future for you and your family. When you have some extra time off from work, it makes perfect sense to utilize that time to get organized and make some strong efforts in building the kind of financial future you want.

If you need help setting up a budget, getting out of debt, or just figuring out how to better manage your finances, give us a call at 1-866-699-2227 or visit us at http://www.advantageccs.org to speak with one of our certified credit counselors.


Disclaimer: The information provided is for informational purposes only. The materials are general in nature, are not offered as advice or guarantee, and should not be relied upon without advice from an attorney or a financial advisor. Reading the information does not constitute a legal contract, consulting, or any other relationship with Advantage Credit Counseling Service.
Author: Lauralynn Mangis
Lauralynn is the Online Marketing Specialist for AdvantageCCS. She is married and has two young daughters. She enjoys writing, reading, hiking, cooking, video games, sewing, and gardening. Lauralynn has a degree in Multimedia Technologies from Pittsburgh Technical College.