Tips for Setting Up Your Summer Budget

Are you longing for sunshine and warm air? OneUnited Bank has offices in Boston, and we’re certainly ready for summer. As weather gets warmer, our summer calendars will soon be filled with a wide range of activities. What’s on your agenda this summer? Do you plan on doing home projects as the weather improves? Will you be traveling for vacations, graduations or perhaps shopping for a prom dress for your teen’s big dance? If so, you’ll need to manage your finances to ensure you can make the most out of summer without going in the red.

If you haven’t had the best of luck setting up a balanced budget, now is the perfect opportunity to get started. Summer is known as the season of reflection; you can rethink everything you know about personal finance and start off fresh in the fall. Here are a few tips to help you get started:

Write Everything Down: This is the first step in getting an accurate measure of exactly how much you’re spending, and on what items. Include all of your regular monthly expenses, as well as expected expenses that pertain to summer, such as home repairs you have been postponing. Once you’ve written everything down, you might be amazed to find out where all of your money is going. By keeping solid records, you should be able to create a budget that covers all of your costs, savings, etc. If you don’t have enough money to cover everything, see if there are things that you can cut back on until you can save.

Review Your Credit: Everyone needs credit. If you don’t have credit of any kind, you might want to look into secured credit cards to get you started. A secured credit card reports to all 3 major credit bureaus and provides access to credit to users who otherwise wouldn’t be able to get it. If you do have credit, remember to order a free credit report to make sure there aren’t any errors or signs of identity theft.

Take Advantage of the Weather: With the warm weather, comes many free activities. Instead of wasting money on the gym, try running/walking outside. Instead of spending money on tickets and popcorn at the movies, go on a hike. There are a number of free festivals and other events during the summer months. Take advantage of them and you’re sure to see your finances get healthier.

As we get ready for the summer months, remember that your finances will have a direct impact on how well you enjoy these warmer months. For more information about secured credit cards, personal checking, loans and more, please visit

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