Your Summer Financial To-do List

Whether traveling, considering a big purchase, or just checking in on your financials, follow these summertime to-do’s to prepare for a financially savvy end to the year.

Check Your Tax Withholdings

Now that we’re halfway through the year, it is a good time to check in on your taxes being withheld. Particularly if you have experienced (or will have) a major milestone like a birth, marriage, or retirement, it’s a good idea to make sure you’ve taken that into account. Speak to your accountant or check the IRS or TurboTax’s withholding calculators to get a ballpark. If adjustments need to be made to keep you from owing more than expected come tax time, now’s the time to make those changes.

Jump on a Recreational Vehicle Purchase

Before the summer days fade away, look for end of season discounts on boats, jet skis, RVs, or ATVs. You may find individuals selling their used summer vehicles, or buy new and squeeze several more weeks of fun out of your purchase. South Metro Federal Credit Union offers recreation vehicle loans at great rates, so let us know how we can help!

Do a Mid-Year Check on Your Investment Portfolio

Check in with your advisors to see how your portfolio is performing so far this year. It’s good time to see if they’d recommend any changes in how your investments are allocated for the remainder of the year. Don’t have an investment portfolio? South Metro provides investment services through our broker dealer CUSO Financial Services, and we’d be happy to help you get started.

Let Your Bank Know When You’re Traveling

If you’re planning a trip out-of-state or abroad, it’s a good idea to let your credit card companies or banks know that you’ll be using your cards from a different location (and may be spending more than normal). This will alert them to a change in your activity so you don’t mistakenly get flagged for fraudulent purchases or face any disruption in access to your money. And yes, go ahead and buy that hand-made cuckoo clock or alpaca rug.

Do Some of Your Holiday Shopping Now

Department stores and many retail shops experience a serious lull in the summer and have the sales to prove it. Make a trip to the mall, soak in the A/C, enjoy light crowds and eager salespeople, and snatch up those holiday gifts during the offseason.

Enjoy the sun, warmth, and being financial savvy this summer. And contact us at South Metro Federal Credit Union with any questions or to join our financial family.

How to Regroup from Holiday Debt

Another holiday season has begun, and you have some bad news. As you look at your finances and think about how much you have been and will be spending in the next few weeks, you may be wondering, “How can I regroup from holiday debt?”

Review these top tips to regroup from holiday debt and prepare for the upcoming year.

1. Create a Yearly Budget and Stick to it

One of the top ways to regroup from debt is to make a budget. Review each of your accounts. Determine where to decrease monthly expenses and use that money towards paying off your holiday debt.

2. Find a Seasonal or Part-time Job

If you have the ability and time, find a seasonal job to work during the evenings and/or weekends. It won’t be fun to work the hours, but depending on the amount of debt, it may only be for a few months. Use that extra, hard-earned cash towards your debt.

3. Make Your Own Starbucks at Home

Although everyone loves a good Starbucks coffee, it can be quite draining on the wallet. Instead of purchasing your daily $5 Starbucks beverage, make your coffee at home and save that money. That $5 will quickly add up to be applied towards your holiday debt.

4. Use Your Tax Return and Holiday Bonus

Instead of taking that big vacation, use your tax return and holiday bonus to pay off your holiday debt. Once it’s paid off, you can then easily save your money to take a paid vacation in the future.

5. Look Into a Personal Loan

Most credit cards have a high-interest rate which means spending even more money due to that interest. Look into acquiring a personal loan with a lower interest rate through South Metro Federal Credit Union. You can then apply that money to pay off your high rate credit card(s) and save money in the long-term.

6. Transfer to a Low-rate Credit Card

Similar to a personal loan, you can also transfer your high interest rate balance to a low-rate credit card. Although not many banks may offer a low-rate credit card, South Metro Federal Credit Union does. If you go this route, ensure you budget paying off the low-rate card as soon as possible.


These tops tips can help you regroup from holiday debt. As part of the first tip, ensure you create a budget for upcoming holidays to help prevent seasonal debt in the future. Check out South Metro Financial Education Services and South Metro’s Budgeting Tools that provide services and education to achieve personal and financial goals and improve your quality of life.