Maximize Your Summer Money Mindset With 3 Simple Steps

Whether you are an educator looking to stretch your income over the next couple of months or juggling fluctuating income for a short period, how can you embrace a summer money mindset to enjoy the season and set yourself up for success in the fall?

“I think the biggest change I’ve had in the last few months is getting an actual plan set and making it realistic where I’m still able to spend money like I need to and not constantly feel like I have nothing.” -Amanda

 

Summer brings us longer days, a laid-back vibe, and for many Caring Professionals, changes to monthly take-home pay. Whether you are an educator looking to stretch your income over the next couple of months or juggling fluctuating income for a short period, how can you embrace a summer money mindset to enjoy the season and set yourself up for success in the fall? As always, The Beans has your back! Let’s look at three simple steps to maximize your summer money mindset.

Step 1: Summer starts with a Plan

Just like we plan a summer trip mapping out travel, activities, meals, etc., our summer finances also need the same care and attention. 

The Beans member, Amanda, works in healthcare and is juggling smaller, sporadic jobs for the next few months. The uncertainty of a regular paycheck led her to freeze and take on a great deal of stress, “I see money in my account but I’m like well I can’t touch any of it.”

Whether you create your Plan with The Beans (we do the work of creating a simple personalized Plan for you) or you create one on your own, a Plan for your money will set you up for success. People with plans are 10X more likely to succeed! Start by mapping out your known income and fixed expenses. We dive deeper into creating your Plan here.  

Step 2: Summer and savings

When juggling unpredictable or temporarily reduced income the question becomes, how much savings is enough? 

“I don’t know where the line is…the I’m OK here.” – Amanda

At The Beans, we suggest setting your target at $2,500. We call this Essential Savings and it’s based on the amount that will protect in case of financial “surprise”. Think about summer savings as reallocating funds to your future self. Adding to your Essential Savings throughout the summer will not only set you up for success come fall, but research shows that just a few hundred dollars in savings leads to stronger financial decision-making. 

Step 3: Define your summer joy

Amanda was so concerned about overspending during the period of fluctuating income that she was cutting the joy right out of her life! At The Beans, we practice value-aligned spending. That means when you spend in alignment with your personality and values, you get more joy per dollar. 

Ask yourself, “Do you account for things that bring you joy?” Maybe those things don’t cost money or maybe it is spending that money on other people, but the effect of values-aligned spending on your happiness can be stronger than the effect of your total income or total spending. 

Making financial progress is a journey, not a destination. Celebrate your wins and use your learnings to power any changes you might make to your Plan come fall. A summer money mindset that incorporates planning, savings, and value-aligned spending is a winning formula for making the most of the season while setting yourself up for success this fall.