Smart Money Moves for Each Season

To start making your budget for the year, work out your net income for 2024 and note it down. Divide this by 12 to work out your approximate monthly income. It’s a good idea to round down at this stage, so any variations in your income should mean you get a little more than expected, rather than less.

Work out how much you need to spend on essentials each month. This includes things like housing costs, food, energy bills, and transport. You can then use the rest on more enjoyable things, and even put a few dollars into a savings account.

Take the time to look at your subscription services this month. As the weather gets warmer, you’re more likely to be heading out into the world in the afternoon or evening, rather than sitting indoors watching TV. Perhaps now is the time to cancel the Netflix subscription to save a bit more money.

If you’re struggling to pay off any debts, now is a great time to get them under control. Choose a method that works for you and start a clear plan for debt repayment now you’ve had time to get used to your budget.

Spring is a time of new beginnings, warmer weather, and the end of the tax season. If you earned $400 or more as a freelancer last year, you’ll need to file a tax return by April 15 2024. This date can be delayed if it falls on a weekend or bank holiday.

You should have received all the documents you needed in January, so if you haven’t finished filing your taxes yet, spring is your deadline!

Some people don’t stop at spring cleaning. They go all out with spring renovating. If you’re ready to start a house renovation in the spring, you’ll need to check how much it’ll all cost.

Thankfully, there’s a template for that!

Use our home renovation cost calculator to make sure you consider all the expenses involved when completing a spring renovation. From the building permits, engineering fees, and insurance costs, all the way to the dumpster you’ll need to remove the debris. Don’t miss a trick, plan ahead with us.

I know, we’re not allowed to use that word until November 24. But Christmas is a notoriously expensive time of year. Avoid being caught out if you can by opening a savings account for your Christmas expenses. Think about food, gifts, and entertainment, and be prepared!

This is a biggie. It’s likely in summer that you won’t be in the house quite as often. You’ll be out in the country, at an outdoor bar, or on vacation. So remember to check your thermostat.

Air conditioning accounts for about 12% of monthly power bills in the US, and as much as 27% percent in hot, humid states like Florida and Louisiana. It’s important to stay cool in hot weather, but it doesn’t make sense to keep the air conditioning running when you’re not in the house.

If you’re not going to be in the house for a while, even if it’s a few hours, switch the air conditioning off. Or, set a timer to make it come on just before you get in, so you’ve got a nice cool home to come back to, but you’re not cooling an empty house.

This is the next step on your journey to financial freedom. Now you’ve mastered your budget, reviewed your subscriptions, and you’re on top of any debts you may have, it’s time to automate your finances.

If you’ve managed to open a savings account, now is a good time to set up a recurring payment to it from your main checking account. You can set the schedule to make sure you’re saving regularly without having to think about it.

It might be a good idea to automate some of your other payments at this time, too. If you’re still working on your debts, or looking for an easier way to pay your regular bills, set up a similar system for these payments so you can let your account tick over without worrying.

Note: Don’t forget to cancel automated payments that aren’t needed anymore!

If you automate your debt repayments, make sure you remember to cancel them when they’re no longer needed.

Chances are, you’ve only recently returned from your summer vacation. You’ve sipped your lemonade by the pool, enjoyed the summer sun, and explored a new place. It was lovely. I bet you’re already looking forward to the next one.

In the fall, start to plan your big expenditures for next year. If you’re going on vacation, start planning where you’re going to go and see if you can get some early-bird deals. Check your savings for Christmas, and top them up if you feel like they’re going to be stretched.

Take note of any last-minute expenditures you ran into last year and have a think about how you can prepare for them in the future. If the car broke down in April and you needed to get it repaired, try to put the amount you spent into an emergency fund you can dip into if anything like that happens again. Ideally, your emergency fund should cover at least three months' worth of wages.

The Friday after Thanksgiving is Black Friday, when stores slash prices and a number of great deals can be had. If you can handle the crowds, it might be worth checking out some of the stores to see if there’s a deal to be had before Christmas.

Some online stores like Amazon have ‘Black Friday’ sales that last longer than a week, so don’t panic if you don’t want to deal with the throngs of the high street.

This one is key. Winter is the most expensive season of the year, so it’s crucial that you’re prepared. Come December, temperatures often reach record lows, so it’s important to prepare your bank accounts for increased heating bills.

And of course, Christmas is around the corner. But hopefully you were able to save a bit for Christmas back in the spring, so this won’t cause too much damage to your checking account balance.