Labor Day is often considered the unofficial end of Summer as Fall traditions begin, including back-to-school season and holiday preparations. But even though you’re taking the day off before the end of the year kicks into gear, your money doesn’t have to.
If you haven’t done so yet, changing of seasons is a good time to make smart financial moves to build your wealth. With clear-cut goals and a “moneymaxxing” mindset, your money can keep compounding, earning and saving.
Here are three moves to make today so your money can work for you all year long.
Automate Your Savings Before You Unplug
Setting up automatic transfers is a smart money move in many ways. Automating savings contributions pays yourself first, which helps build rewards to your short-term goals like vacations and “splurge” purchases, and long-term goals including big purchases (think car or home down payment) and emergency savings.
And by automating saving contributions, it’s money that you can steadily budget around, creating a savings buffer between your “Needs” of home payments, car payments and paying down debt, and “Wants” including eating out and entertainment.
Do it once, and your money keeps grinding even when you’re off the clock, literally and figuratively! It’s the perfect moment to:
- Set up (or bump up) automatic transfers into a savings account
- Increase your retirement contributions, even by a percent or two
- Automate a “fun fund” for the holidays so December doesn’t sneak up on your budget
Bonus Tip: Take advantage of low minimums and enjoy maximum chill with a SESLOC Share Certificate. We’re offering increase dividends on higher balances for select Consumer, Business and IRA share certificates1, making it easier for you earn more when you save more. Open your Consumer Traditional or Business Share Certificate with a minimum opening deposit of $1,000 or a IRA Share Certificate with a minimum opening deposit of $500 and let us do the rest!
Put Your Points and Miles to Work for Holiday Travel
If you’re racking up credit card points with the SESLOC Visa Signature® Rewards Card or another favorite program, Labor Day weekend is prime time to start planning your Thanksgiving or December trips. Award seats and good redemption rates disappear fast as the holidays get closer, so it’s smart to search early and often, and book when the price is right. A few moves worth making now include:
- Check your loyalty balances across cards, airlines, and hotel programs — you might have more sitting around than you think
- Book flights with points sooner rather than later — award availability often opens up before cash fares even drop
- If you’ve got a trip already on the calendar, a well-timed new card sign-up bonus could cover a big chunk of it
Max Out Your Retirement Accounts While There’s Still Time
Labor Day sits roughly four months out from year-end, which makes it a great natural checkpoint to check on your retirement accounts. A little adjustment now gives compounding a few extra months to continue building your future. Instead of scrambling in December, take a few minutes now to:
- Check your 401(k) or IRA contribution progress against the annual limit
- Meet with a financial advisor to consider rebalancing your portfolio and start eyeing any tax-loss harvesting opportunities before year-end
You deserve the day off. Your money doesn’t have to take one too. A few small moves this Labor Day weekend can set you up for a much smoother, more relaxed run into the holidays.