Summer Financial Check-Up and Getting Ready for the Holiday Season

Summer's a good time to take a step back and see how your finances are doing. The holidays will be here before we know it, so doing a mid-year financial review now can save you some stress down the road.

Reviewing Your Current Financial Position

Start by looking at how your actual spending compares to the budget you set up earlier this year. Grab your bank statements from the past six months and see where things line up and where they don't.

You'll probably find some categories where you've spent more than expected and others where you've spent less. That's completely normal.

Figure out if your savings goals are on target. If that number isn't where you'd like it to be, take a look at your expenses and see where you can cut back and redirect that money into savings.

You could also consider picking up a side gig to boost your income if that’s doable in your situation. It’s easy to overspend without realizing it, so one of the simplest ways to stay consistent with your savings goals is to set up automatic transfers to your savings account. It makes saving a lot easier when you don’t have to think about it.

Check on your emergency fund while you're at it. Ideally, you want to have three to six months of expenses set aside for unexpected situations.

If your emergency fund could use some work, summer's a great time to focus on building it up.

Getting Ahead of Holiday Spending

December might seem far off, but starting your holiday planning now can save you a lot of headaches later. The average American family spends around $902 each year on holiday gifts, food, and other seasonal items.

If you start saving in July, you can put away smaller amounts each month instead of scrambling with credit cards when the holidays arrive.

Set up a separate holiday savings account with automatic monthly transfers. Keeping that money separate from your regular savings helps you stay on track and avoid spending it on other things.

Make a rough gift list and start keeping an eye on prices. Shopping throughout the year means you can catch sales and skip those inflated holiday prices.

Working with Your Local Credit Union

We can help you with your summer financial planning. Many credit unions offer savings accounts designed for specific goals. These accounts often have better interest rates than regular savings accounts and include features to help you stick to your goals.

At First Pioneers, we offer a savings account dedicated specifically for holiday spending that makes it easy to save throughout the year and have your money ready when you need it most.

Consider setting up a meeting with one of our financial advisors to review your current accounts and see if there are better options for your situation. We can help you fine-tune your savings strategy, look at loan options for bigger purchases, and discuss investment possibilities. 

Taking Action on Your Financial Health

A financial check-up only works if you actually do something with what you learn. Based on your review, set some realistic goals for the rest of the year.

It could be boosting your savings rate, paying down debt, or building up your emergency fund. Having clear targets helps guide your decisions.

Adjust your budget based on what you've learned about your spending habits. If you've been overspending in certain areas, think about ways to cut those costs or increase your income. If you've been underspending in some categories, you might redirect that money toward savings or debt repayment.

Financial planning doesn't have to be perfect. Small, steady steps usually work better than big changes that are hard to stick with.

If you have questions about savings accounts, budgeting strategies, or any other financial planning topics, don't hesitate to reach out to First Pioneers. We're proud to serve the residents of Iberia, Lafayette, Acadia, Vermillion, and St. Martin parishes, and membership is also available to immediate family members of current members.

As one of the trusted banks near you in Lafayette and New Iberia, LA, we're here to help you achieve your financial goals and build a stronger financial future. Contact us today to learn more about our savings accounts and financial services.