6 Best Financial Moves You Can Make This Summer

If there’s one thing 2020 taught us, it’s that you can never be too prepared—and the same goes for your wallet. As we move into a new season, this is the perfect time to make sure your finances are in good shape. Whether you’re staying the course or ready to rebuild, there are six financial moves you can make now that will help you prepare for the future (no matter what it brings).

Check your homeowners insurance.
Everything is bigger in Texas, and that includes natural disasters. Between flooding, tornadoes, extreme heat, and even the occasional ice storm (we all know how disastrous that one can be), it’s essential to make sure you have a solid homeowners insurance policy. While hazard insurance (the kind that helps you in case of severe weather) is generally covered in standard homeowners insurance, renters will want to double check their renter’s insurance and purchase additional coverage if necessary.

Consider getting life insurance.
According to research done by Judi’s House and Jag Institute in 2020, 1 out of every 20 children in Texas will experience the loss of a child by the age of 18. While it’s impossible to predict the future, you can take steps now to protect your loved ones. Dayforward, a life insurance company that recently launched in Texas, has created a new way to protect your family by protecting your income. With Income Protection from Dayforward, your bimonthly paychecks can live on until your children are grown up. This way, there are no complicated guessing games when it comes to finding the right coverage amount to protect your family if the unthinkable happens. Learn more about smarter life insurance coverage that starts at just $7.

Use your tax refund wisely.
Many people’s tax refunds looked different this year, and that might include you! If you found yourself with some extra funds, think about applying that refund to something that pays off in the long run. And if you were disappointed this year, it’s never too early to strategize your strategy for next year. When in doubt, it’s always good to check with a professional!

Rethink your post-pandemic budget.
Even if you had a solid budget before the pandemic, there are any number of things that could have turned it upside down. From home offices to decreases in vacation spending (while increasing your takeout charges), this is a great time to examine your spending and find a new normal that helps you thrive now while planning for the future.

Pay off your debt.
There’s no doubt about it–too much debt can weigh you down. If you don’t have a plan in place to pay off your debt, this is a good time to start (there are certainly worse things you could do with your stimulus check, for example). Starting small and working off the debt with the highest interest first, and consolidating your credit card debt to get the lowest interest rates are two ways to start to make a dent in debt.

Start an emergency fund.
This one is pretty self-explanatory, but we’ll do it anyway! Whether you get laid off, have a medical emergency, or even just have an expensive unexpected car repair, having an emergency fund can keep an unfortunate experience from becoming a disaster. Most experts recommend six months to one year of living expenses, but even starting small can make a big difference down the line.