You’ve fired up the grill, set out the patio furniture and are planning your next family road trip. Summer is officially here!
Although some of your worries may have melted away in the sunshine, don’t let the carefree attitude burn your finances. We’ve gathered some resources and tips that can help you keep your finances in shape all summer long.
1. Keep your credit card from taking a dive
Credit cards are a great tool for building credit and helping during emergency situations. Most even come with great incentives and reward opportunities, like cash back, travel miles or points. But with easy-to-swipe plastic in your possession, it can be tempting to make impulse buys (new pool, anyone?). Every swipe works to increase your credit utilization ratio, which shows how much credit line you use versus how much is available. Most lenders like to see this number under 30 percent, so be careful to keep your spending under this amount — and have a strategy to pay it off.
Additionally, the warmer weather usually signals the start of home renovation season. Whether your deck needs a facelift or you’re planning a complete landscaping overhaul, be sure not to open too many retail credit cards to get the job done because each new account will cause your credit score to drop by a few points.
2. Set up mobile wallet
Still lugging around a heavy wallet or digging through a stuffed purse at the checkout line? With a smartphone always at-hand, your mobile payments will be right on the money no matter where you are this summer. Once you have the mobile wallet app on your phone, you can easily store things like credit cards, debit cards and gift cards. It’s faster than a chip card and more secure since mobile payments are based on a random one-time token that’s useless if copied. Plus, mobile wallets can be used to make hands-free, pandemic-friendly transactions. This could be the financial convenience you’ve been looking for.
“Tap to pay” is available at most major chains, including: Aldi, Hy-Vee, Target, Best Buy, Kohl’s, Walgreens and more.
IHMVCU credit or debit cards are compatible with Apple Pay, Google Pay or Samsung Pay.
3. Financial Housekeeping Challenge
Financial health is more than just what’s in your savings account. It takes a little organization and responsible management to stay on the path to success. Join our four-week Financial Housekeeping Challenge to learn simple suggestions and projects designed to simplify and tidy up your finances throughout the summer — and throughout your financial journey.