Summer Financial Wellbeing Tips

Our Financial Partners over at Brighton Jones have put together a selection of brief financial wellbeing tips for to share with all of you! Each season will have a different selection of tips with the reminder that you all have a financial wellbeing resource through Brighton Jones vis AdvisorSupport@brightonjones.com or at go.oncehub.com/AdvisorSupport.

Set Up Automatic Payments for Recurring Bills

Make sure your recurring bills like water, electricity, mortgage, and car payments are all set to be paid automatically. Automatic payment ensures they never get missed and helps you avoid a penalty fee or get surprised by a double-payment.

Increase Savings When You Decrease Spending

It may seem obvious, but it does take action. When you know you’ll be spending less money in any given month, take a moment to adjust your retirement savings rate – increase your percentage (or dollar) contribution to your retirement plan at work to get those dollars working for you and save a bit in taxes (if you’re making pre-tax contributions).

Save Your “Social” Cash

As habits change, the amount of time and money we can spend on recreational activities may fluctuate. By acting as if these charges are still being accrued, you can save a considerable amount of cash every month.

For example, if you typically get drinks with friends once or twice a week but stop or reduce to once a month, move that money into your savings account. These charges may seem small, but they quickly add up. Reviewing your previous months’ outgoing cash can help you calculate averages while giving you valuable insights into your spending habits.

Consolidate Your Savings Account

Savings accounts with a minimum balance requirement or monthly fee may be costing you more than they’re worth. By consolidating your savings, you might be able to surpass the minimum balance requirements and reap the benefits of a higher interest rate.

Consider opening a high-yield online savings account. Virtual banks do not have the same overheads as brick-and-mortar institutions, allowing them to offer slightly higher rates despite recent cuts from the Federal Reserve.

Remember, Brighton Jones offers financial wellbeing to our team – check out other tips for financial wellbeing at www.brightonjones.com/financial-wellbeing or reach out with your specific questions to AdvisorSupport@brightonjones.com.

Disclosure: Please remember that past performance is not a guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this article, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this article serves as the receipt of, or as a substitute for, personalized investment advice from Brighton Jones, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with his/her advisor. A copy of our current written disclosure statement discussing our advisory services and fees is available for review upon request.