From dental bills to vacationing in Mexico- one woman does it all

June is a great time to adjust your annual spending plan, whether by yourself or with a money coach. (Talking through your thinking with someone can be very helpful!) It’s about getting ready to enjoy your summer. 

So what are your summer plans? Are you taking a vacation? Doing some large home projects? Hosting family?

Monthly spending plans are about managing your cash flow and keeping your stress down- they keep you in touch with your spending and your larger plan. And indeed- cash flow in the summer can get pretty crazy with expenses like travel putting pressure on your accounts. But annual plans are about decision making, visioning and how you want and need to live your life for the year. (Your monthly plans are what enable you to live out your annual plan.)

Freshening up your annual plan in June and July (mid-year) will give you peace of mind and help you see if you need to change anything, to make sure you can be financially stress free when you travel and work on your home projects. The last thing you want to think about is money, when you are off enjoying the summer sun. Give yourself the gift of financial clarity. My clients often report that one of the great gifts of money coaching is enjoying vacations more- and not worrying about coming home to the credit card bill.

One of my clients, when we were adjusting her annual plan, was worried about a trip she really wanted to take, because she was hit with high dental bills recently. Turns out she needed some emergency crowns, due to cracking a molar back in February… 

However, as we sat there working with her annual plan, we saw that if she waited on buying some living room furniture, or considered buying the table and chair set at consignment instead of new, she could easily go off to Mexico with friends this summer. She practically floated out of my office.  (She did not want to reduce the new higher retirement savings she had recently started. So we adjusted a few smaller things as well to give her some breathing room.)

The key is knowing what you want to protect. For her, time with friends and time away from work, was more important than buying brand new furniture.

Enjoy the summer,

Mikelann