The summer slowdown might be the perfect time for you to jumpstart your money goals. Use this checklist to help save more, spend smarter, and get a handle on your investments.
June
Seize your days
A whopping 55% of all paid time off (PTO) went unused last year, according to a report from Sorbet, a PTO platform.1 Don’t be a statistic—check how many vacation days you have left and request time off. Need more reasons to go OOO besides getting to avoid work email for a while? Multiply your hourly rate by the number of PTO hours you get this year. Saying "no thanks" to taking off that time means leaving that money on the table. Before you book a getaway, check for employer discounts on hotels, rental cars, and vacation-related activities.
Cool it
What’s cooler than being cool? Lower electric bills. Stay chill with these tips:
- Make sure that your ceiling fan is spinning counterclockwise. That motion makes the blades push cool air down to you, making you feel up to 4 degrees cooler. And that may save you on AC use and costs. If the air isn’t going your way, there’s typically a switch to flip near the fan’s motor.
- Block the rays. Most of the sunlight that hits your windows heats up your home. Insulated cellular shades and window blinds can help.
- Pick a higher temp. Every degree of extra cooling ups your energy usage by 6% to 8%.2 Save by setting your thermostat to the hottest comfortable temp in the summer.
- Upgrade your central air unit. It’s a big investment, but the most efficient new AC units use 30% to 50% less energy than those from the mid-1970s.3 Replacing a 10-year-old unit could cut your cooling costs by 20% to 40%.4
Here are 7 more ways to chill your utility bill.
Check it out
It’s the start of moving season. Need to pay for an apartment security deposit or something else out of the ordinary with a check (ugh) but don’t have any? Ask your bank to print a “counter check.” A counter check has your account info on it and functions like a regular check, and usually only costs a few dollars. If you need a full checkbook, consider buying at a warehouse store, where they’re typically cheaper than at banks. Need help writing a check? Here’s how to do it in 6 easy steps.
And if you plan to stay in your apartment ...
Consider negotiating your rent
When your lease is up for renewal, your landlord might be more open to negotiating. Landlords typically ask renters to share their intention to stay or leave 45 to 60 days prior to the end of the lease. So set a meeting with your landlord (and have all of your research and negotiating ducks in a row) right around the 60-day mark. Do your homework on what comparable apartments are going for in your area and have a specific request ready. Then, plan to meet IRL—it will help to prevent any misunderstandings. Learn more tips for persuading your landlord to negotiate rent.
Give subscriptions the summer off
Traveling soon? Spending more time outdoors? Consider pausing streaming apps, gym memberships, and auto-deliveries. You might not need those services as much, and many providers allow you to freeze your account for free or get a reduced rate for 1 to 3 months. If a hotel stay is in your future, take advantage of their fitness room and on-demand entertainment.
Check on 401(k) contributions
You’re halfway through the year—how are your investments doing? Consider logging into your retirement accounts and checking your progress. Fidelity’s guideline is to save 15% of your income toward retirement savings, which includes your employer match. If you’re not there yet, try to inch up your contributions by 1% whenever you get a raise, bonus, or other windfall. Your employer might even offer an automatic increase program to do this for you each year. If you can, consider contributing at least enough to your 401(k) to get any match your company may offer, so you don’t leave any money on the table.
Looking to max out your accounts? Individual contribution limits went up in 2024 to $23,000 for 401(k)s and $7,000 for IRAs. And those 50 and older can contribute an additional $7,500 and $1,000 in 2024, respectively.
July
Figure out a flight cancellation
Canceled flights are frustrating, but there are a few things you can do.
- Get in line for customer service and call too, in case that’s faster. Hot tip: Some travel pros swear airlines’ international hotlines have shorter waits, and they can still help with domestic travel.
- Check the customer service dashboard of the Department of Transportation to see if the airline has promised to provide you a meal, taxi fare, hotel voucher, or even frequent flyer miles for canceled or delayed flights for reasons within their control (such as maintenance or crew issues, but probably not bad weather).
- Once you know what you’re entitled to, politely ask what the customer service rep can do. Most airlines will rebook you for free on a new flight. If you choose not to accept, the airline is required to refund you regardless of their reason for canceling the flight, even for a nonrefundable ticket. In 2024 new DOT rules will require airlines to automatically refund passengers for significant flight delays for any reason too, including weather. Checked bag fees can also get refunded, for long luggage-return lags.
Get helpful ideas for saving on your next flight fare too.
Seal it up
Besides your AC, the refrigerator is the GOAT of summer. But it can’t keep contents as cool if the gasket (the tubing on the inside of the door frame) isn’t sealed properly. Here’s a quick test: Grab a dollar bill, close it in the fridge door, and then try to pull it out. If the dollar comes out easily, your refrigerator could be working overtime, which might increase your energy bill. What to do? If you own your home, order a replacement gasket that fits your fridge’s make and model and swap out the old one for the new. Rent? Call your landlord for help.
Double-check med bills
Taking your kids (or yourself) to the doctor ahead of school restarting? Before you pay up, make sure your visit was billed through your health insurance. If you don’t have an itemized list of services you received, ask your doctor to provide one. Comb through it, checking the medical billing codes against any reputable third-party site that lists out what they represent, and make sure you actually got each test, medication, or service listed. Dispute any issues with your doctor’s office. Still can’t afford the bill? Ask if it’s negotiable. Some providers may reduce the cost because they’d rather get most of the money than none of it. If they won’t make a deal and you can’t pay all at once, ask for a payment plan.
Feel like your prescriptions are too pricey? Here are some ways to save.
Go off-hours
A simple way to save on energy bills: Set appliances, such as your dishwasher or washing machine, to run early in the morning or late at night. Charging your electric vehicle at night can help too. Why? Some energy companies bill as much as 15 times more5 for electricity during summer “peak hours,” typically 8 a.m. to midnight. Bonus reason: Dishwasher humidity can make your AC work harder. Running it at night when your AC might be pumping less can save you too.
Card your cards
The average credit card interest rate is now over 21%, the highest it’s been in the last 3 decades.6 Although your rate is typically locked for the first year you have the card, the issuer can then change the rate whenever they want, with 45 days’ notice. So check your cards’ rates. Knowing how much it’d cost to carry a balance could be enough to help you avoid building debt—or at least motivate you to make a plan to pay it off.
Save at the stadium
Millennials drop more than $600 on game tickets, merch, and tailgating essentials, according to a LendingTree survey.7 But there are ways to save: See if your credit card offers discounts on tickets or memorabilia or look for tickets on reputable resale sites the day of an event for deals on seats. Check stadium rules to see if you can BYO concessions—some big parks allow sealed food and drinks. You might also save by parking farther away to avoid pricey lot fees or taking public transportation to the stadium.
August
Clear your autofill
End-of-summer sales could mean impulse buying. One way to slow your (bank) roll: Clear the autofill tool on your computer or phone. This will get rid of any saved credit or debit card numbers that make it all too easy to check out. Go to your device settings, click the browser you use, then look for “autofill” and delete the stored cards. Next time you make a purchase, the extra step of typing in your card number may make you think twice.
Put rewards to work
Your credit card might be working overtime this summer travel season and you might be racking up rewards. Consider putting those perks to work: Some credit cards let you deposit your rewards into an eligible account at Fidelity. (Psst … the Fidelity® Rewards Visa Signature® Credit Card offers this.) Check your credit card terms for more info. Here are 7 ways to maximize credit card rewards while avoiding debt.
Revisit your W-4
Throw it back to week 1 at your job when you probably filled out a W-4, a tax form your employer uses to calculate how much federal tax should be taken out of your paycheck. Has your tax situation changed since then? For example: If you’ve added a dependent, bought a home, or picked up a side gig, you might want to update your W-4. (PS: According to the IRS, if you got married, you only have 10 days to redo your W-4.) That helps make sure you’re not overpaying Uncle Sam—or underpaying and getting a big tax bill next spring. Ask HR how to resubmit.
Simmer surge pricing
Schedule a rideshare to avoid surge pricing, especially if you’re traveling during rush hour, bad weather, or Thursday to Saturday. You can schedule a car up to 30 days in advance—at no extra charge—and even to and from tricky locations, such as major airports and arenas. Even better, you’ll ensure you’re not waiting for the app to find a driver. Try these 10 other tricks to help cut costs on travel.
September
Don’t let your wallet get grilled
Planning a Labor Day barbecue? Beef prices are up nearly 8% over last year.8 Talk about high steaks. When you head to the grocery store, you might see smaller packaged cuts to curb sticker shock or incentives for buying beef, such as free burger buns. You could save money on meat by opting for chicken or pork—their prices have barely budged. If steak is a non-negotiable, try swapping in a cheaper cut like chuck eye steak rather than pricey rib eye—you might not even know the difference if you take time to marinate.
Go after that raise
Don’t wait until December to tell your boss you want a raise. Now is when many companies set the following year’s budget. So if your employer doesn’t have a traditional review process, it’s time to set up a meeting. Before you do, list out the accomplishments you’ll present—ideally using numbers to show results—and pick a percentage bump to ask for. Then send your boss an invite with a clear request. Try: “I’d like to discuss my performance over the last year and get your feedback.” You can also steal these tips that helped real people get big raises.
Sell your closet
Got summer clothes you won’t wear next year? Post them on resale sites. Then use the cash you make to buy what you need for fall and winter. Try these ways to help make more money from offloading your stuff.
Pay quarterly taxes
If you don’t have an employer withholding taxes on your behalf (because you’re a freelancer, side hustler, self-employed, or have substantial investment income) the quarterly deadline to pay taxes is September 16, 2024, for the June 1 to August 31 income period. You may need to make these quarterly estimated payments if you expect to owe more than $1,000 when you file your tax return or if you owed taxes last year. Here are other important federal tax filing and payment deadlines to know.
Start a school carpool
Got a student who can’t get the bus? Save money on gas—and time in the endless drop-off line—by sharing chauffeuring duties with other parents. Post to a local social media group or a class email chain that you’re looking for a couple of families on your side of town and set a schedule. If you’re a commuting parent who can’t take a turn driving, offer to pay for gas in exchange for rides for your kid.