Profitt Report: How to do a summer budget detox and save money this fall
Now that the school year is underway, vacation season is over for many of us. While the summer can be a chance to relax, it’s often a stressful season for our budgets. The average American was projected to spend nearly $2,000 on summer vacations this year according to the Allianz Global Assistance Vacation Confidence Index.
According to LearnVest, 74 percent of people go into debt to pay for a vacation.
“Let's take a step back let's do a fiscal fast so to speak. So you hear people doing different things like that with dieting, really, let's take a look at becoming more lean with what are our expenses,” said Mindy McIntosh, financial professional with McIntosh & Associates in Freeland.
During a fiscal fast, McIntosh says you can try a cash-only week or month. During this period, take the exact amount of cash you’ll need for your weekly or monthly expenses and if you overspend, don’t head to the ATM! This should give you a better idea of exactly how much money you’re spending.
“Pay the lowest balance first, once they have that done they have that… they can use not only what they were paying on that card, but then they can push all of that additional to the next lowest balance,” McIntosh said.
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