Bouncing back financially after summer and back-to-school spending

Tamika Sherman Avatar
Back to school canva
Back to school can be expensive! Photo via Canva.

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Summer is officially a memory and the hype of the back-to-school season has faded, leaving many military families facing a financial reality check. The warm months often bring vacations, family outings, and the inevitable back-to-school shopping spree—all of which can strain even the most carefully planned budgets. But fear not! With a few strategic moves, you can rebound financially and set the stage for a more balanced budget in the months ahead.

Rebalance Your Budget

The first step to regaining financial stability is to reassess your budget. Review your summer and back-to-school expenditures, and compare them with your initial budget. Did you overspend in any areas? Identifying where you went over budget can help you pinpoint where to cut back moving forward. Adjust your budget to reflect your current financial situation, and prioritize essential expenses.

Tip: If you don’t have one already, create a budget that accounts for seasonal spending. Knowing that certain times of the year will demand more from your wallet can help you plan ahead and avoid financial strain. It may also be helpful to create sinking funds and contribute to them year-round. 

 Identify and Cut Unnecessary Expenses

Once you’ve rebalanced your budget, it’s time to identify any unnecessary expenses. This is especially important after a season of heavy spending. Look for areas where you can trim the fat. Are there subscriptions or services you’re not using? Could you reduce dining out or entertainment costs? Every small saving adds up.

Tip: Consider conducting a 30-day spending fast where you only spend money on essentials. This will give you a clear picture of where your money is going and help you reset your spending habits.

Find Ways to Save in the Months Ahead

Now that your budget is back on track, focus on building a cushion for the future. Look for opportunities to save money in the months ahead. Take advantage of military discounts, shop sales, and use coupons whenever possible. Additionally, consider setting up a savings plan for next year’s summer and back-to-school expenses. By setting aside a small amount each month, you can ease the financial burden when these seasons roll around again.

Tip: Automate your savings. Set up an automatic transfer from your checking account to your savings account each month. This way, you’re saving without even thinking about it.

Personal Stories: Success in Financial Recovery

Many military families have successfully navigated the financial challenges of summer and back-to-school spending. I can recall a season where we had just come off a difficult PCS during the summer season which transitioned into the back-to-school season with little time for recovery. We realized we had overspent during our trip, so we immediately cut back on non-essential spending. This helped to replenish savings and regain our financial footing. Experts would agree that the key to bouncing back after a period of heavy spending is to avoid panic and take proactive steps to regain control of your finances. Start by adjusting your budget and focus on needs versus wants.

Recovering from the financial strain of summer and back-to-school spending is possible with a little planning and discipline. By rebalancing your budget, cutting unnecessary expenses, and finding ways to save, you can set yourself up for financial success in the months ahead. Remember, it’s never too late to take control of your finances and create a more secure future for your family.

If you’re feeling overwhelmed, don’t hesitate to seek advice from a financial expert who understands the unique challenges of military life. With the right strategies and mindset, you can bounce back stronger than ever.