The Financial Forecast
Winter is on its way! While many dislike the winter, I believe that it has its charms. Especially if you’re prepared for the challenges the season brings. Along with challenges like snowy driveways, icy sidewalks, and air so cold it makes your lungs hurt there are also financial challenges involved. Increased utility bills, possible car trouble due to weather, or even reduced hours at work because of the slow season, there are many things that can come up as financial challenges in the winter. Think about “winterizing” your finances so that you can enjoy the winter knowing you are prepared!
Bundle Up
It’s always best to prepare and get ready before the weather gets bad. Look at your bills and expenses from the last couple of years. What trends can you see in costs and spending habits? What might you be able to avoid this winter?
It’s always great to have an emergency fund, but having some extra money set aside for specifically winter emergencies could really help in a pinch.
There’s also the winter holidays to consider. It seems like from November through the end of December there’s always so many things to spend money on. Preparing ahead of time could save a lot of stress later.
Keep Your Wallet Warm
Winter in Northern Michigan inevitably means higher bills. There are a few simple things that you can do to help alleviate those higher costs though. Adjusting your thermostat by even just a few degrees less can make a big difference, as can maintaining a similar temperature consistently with less changes. Be sure to check for drafts around doors and windows, and winterize if need be to help reduce loss of heat. You might also consider unplugging appliances that are not often used to reduce the drain on your electricity.
Frost-Proof Your Credit
In the hustle and bustle of holiday spending it can be tempting to disregard financial concerns to be worried about later. Utilizing lines of credit during this time can negatively affect your credit, not to mention the added strain of higher payments going forward. Avoid overspending whenever possible and try to pay off balances from month to month.
Snow Much to Look Forward To!
The winter months can be intimidating and you may find yourself dreading the snow, but a bit of winterizing now can help you have more relaxed holidays and keep you on a firm financial footing. If you need any help with winterizing your finances Straits Area Federal Credit Union has many financial counselors on staff. By taking a few extra steps now you can enjoy the warmth of the winter season without any financial worries.
