July is usually hot, stormy, and always unbelievably busy, so I can understand your financial to-do list usually takes a back seat. I, however, think you can easily accomplish on of these tasks in less than 45 minutes out of the 44,640 minutes available in July.
Re-evaluate your homeowners/renter’s insurance
Summer is usually a good time to take inventory of any major changes that occurred with your home or apartment. The weather is nice enough for you to do a thorough inspection of your property and belongings. Possibly updating your homeowners/renter’s insurance over the summer lines up well with how many remodels, purchases, and updates take place during this wonderful weather window.
I hate the new car buying experience. Haggling isn’t necessarily my favorite thing to do; however, getting a great deal is something I really like. One way to limit haggling from the start is to generate a game plan based on the time of year. Early summer is when you can begin researching the model car you want. Setup test drives and you can pit some dealers against one another now. Then come August and September, you can start to see some of the current year models being discounted to make way for next year’s models. With devising a game plan based on a late summer buy, you can possibly save thousands of dollars without every hearing a salesperson say, “what’s it going to take for me to get you into this car today?”
Track childcare expenses
The Child and Dependent Care Credit is one of the best ways to spend your money on your children or dependents. Depending on your income level, the credit can offset up to 35% of the cost of day camp. Considering the large number of camps that occur in July, it makes sense to take detailed records of how much you spend on the day camps. You will probably receive receipts showing the amount spent, but, for tax purposes, you will also need the address and camp’s federal ID number.
These aren’t tall tasks to accomplish. Heck, your local fireworks display will probably last twice as long as the amount of time you need to spend on your financial homework.