July 15, 2018
Guest Blogger Lili Vasileff, CFP, MAFF, CDFA
A thank you to my financial professional colleague Lili Vasileff for sharing her common sense summer tips, especially relevant to my divorced and divorcing readers. See Lili’s social media and contact information below if you’d like to learn more about the financial piece of divorce. Enjoy.
Five things that burn through your summer budget!
Is your summer budget feeling the heat? It’s the season of parties, weddings, festivals, vacations, travel and household projects. While summer is great for the soul and loosens up schedules, summer expenditures add up quickly throughout the months. The surge in summer spending is influenced by so many factors which affect us in sneaky ways.
Five tips can help you tackle overspending and splurges.
- Your behavior. It’s been proven! People spend more money on days when there’s more sunlight – on everything from summer food treats to the stock market to art sales. If you’re feeling tempted by a large purchase, wait a few days to evaluate the temptation.
- Summer hidden expenses. These include everything from unexpected parking charges to that extra cocktail to spending in preparation before vacation even starts! Create a summer budget and factor in “extras” for impromptu treats but stay on track.
- Lifestyle inflation. Sending your kids to upscale camps their friends go to, renting second vacations homes, hosting lavish celebrations for graduations, weddings, etc. Being honest about money is tricky but you have to communicate when you put yourself at risk. It’s not easy but necessary. Don’t be afraid to just say no – to yourself, your kids and your friends.
- Child support. Child support orders are created by reviewing the parents’ financial information in conjunction with the amount of time each parent spends with the child. For the non-custodial parent paying child support, the sudden onset of weeks-long visitation or parenting time could potentially result in a decrease in support obligations. However, practically speaking, courts are slow. Plan ahead if adjustments can be negotiated and agreed to for amending summer obligations. Do not assume you can do it unilaterally.
- Less structure for divorcing families. For many, summer reignites tensions when there is less structure and competing efforts to spend quality time with the kids. Try not to “out do” the other parent, with trips and activities for the kids that hurt your budget. Planning in advance and seeking mediation may help keep the peace.
Lili Vasileff, CFP, MAFF, CDFA
President, Author, Speaker
Greenwich and Woodbridge Locations
Office: 203-622-4911 / 203-393-7200 | www.WealthProtectionManagement.com
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