New School Year, New Spending? Here’s How to Master Your Budget & Investments
Why August Is the Perfect Time to Reset Your Finances
Summer’s winding down, the kids are heading back to school, and suddenly your calendar—and your bank account—looks completely different.
Sound familiar?
August tends to sneak up on us. But it’s also one of the best times of year to hit pause, check in on your financial goals, and make adjustments before the holidays roll around.
Unlike January (which is often full of lofty resolutions) or April (when taxes steal the spotlight), August is quiet and flexible—perfect for a mid-year financial reset.
Whether you're managing new school-year costs, looking to boost retirement savings, or just trying to spend a little smarter, this guide will help you get there—with simple steps you can take this week.
What You Might Be Overlooking: Back-to-School Expenses That Add Up Fast
When people think about budgeting for back-to-school expenses, most picture the obvious stuff: notebooks, backpacks, maybe a new laptop.
But it’s usually the smaller, overlooked costs that really mess with your monthly plan.
Let’s walk through a few that catch families and professionals off guard every year:
More Driving = More Costs
If you're doing school drop-offs or commuting to work again, you’re probably burning more gas—and paying for parking you didn’t need in the summer.
Extracurricular Activities
Football cleats, art supplies, marching band uniforms... If your kids are in sports or clubs, the costs add up quickly. Even adult hobbies (like fitness classes or fall events) can shift your budget.
School Meals & Grocery Costs
Whether you're packing lunches or buying them at school, feeding everyone during the week can get pricey—especially with inflation on snack food and prep-friendly groceries.
Childcare & After-School Care
Now that school’s back, many parents need help before or after school. These programs are helpful—but they’re not free.
The “Sales” That Aren’t So Helpful
Back-to-school sales can make you feel like you have to spend. And while some deals are legit, it’s easy to buy more than you planned because it seems like a bargain.
All these little costs can sneak up. And when they do, they can quietly derail your financial momentum—pulling money away from your savings, investments, or retirement contributions.
Mid-Year Financial Checkup: 5 Smart Questions to Ask
Now that the year’s more than halfway over, it’s the perfect time for a financial gut-check.
No stress—just take a few minutes to ask yourself these five questions:
1. Am I on track with my savings goals?
Think about what you wanted to save this year. Are you about halfway there? If not, it’s okay—you still have time to adjust. The key is catching it now, not in December.
2. Have my expenses changed since January?
Maybe you had a new baby, moved, changed jobs, or picked up new childcare expenses. If your life looks different than it did in January, your budget should too.
3. Am I spending more in small categories than I realize?
Streaming services, food delivery, random Amazon buys… It adds up. Review your last couple of bank statements and see what could be trimmed.
4. Am I putting enough toward retirement?
Even increasing your 401(k) or IRA contribution by 1–2% now can give your retirement savings a real boost—and help lower your taxable income.
5. Is my investment portfolio still aligned with my goals?
Use a tool like Account View to check how your investments are performing. If your life goals or risk tolerance have changed, your portfolio may need a quick rebalance.
This check-in doesn’t need to take long—but it can help you make smarter, more confident financial decisions through the rest of the year.
Quick Budget Reset Tips (Even If You're Short on Time)
If your schedule is already full of school runs, client meetings, and trying to figure out what to cook for dinner—don't worry. You don’t need a total financial overhaul.
Just start with a few small tweaks:
1. Cancel Subscriptions You Forgot About
Scan your bank statement and look for things you don’t use. That $15 a month for a streaming app you haven’t opened? Cancel it and put that cash toward savings.
2. Shift Your Budget for Fall
Expenses change with the seasons. If you were spending on summer travel, you might now need more for school lunches, heating bills, or early holiday shopping. Move things around accordingly.
3. Boost Retirement Contributions (Just a Little)
Try adding 1–2% to your current contribution. You’ll barely notice it in your paycheck, but it can really grow your retirement fund over time.
4. Check In on Your Investments
Use Account View to make sure your investments are balanced and match your goals. Not sure what to look for? That’s where working with a planner helps.
5. Automate What You Can
Set up automatic transfers to your savings or retirement accounts. Automation takes the pressure off and helps you stay consistent—no extra effort required.
Tools That Make This Easier
You don’t have to do it all in your head. Here are a few tools that can simplify everything:
Right Capital
This tool helps you see your full financial picture—like how much you’ve saved, what you might need for retirement, and how different life decisions could impact your future.
Great for families and professionals who want clarity.
Account View
This gives you a real-time view of your investment accounts so you can check your performance, risk level, and asset allocation without spreadsheets or guesswork.
Want to make the most of these tools? Reach out to book a planning session. We’ll walk through it together.
Why August Is a Smart Month to Rethink Your Money
August isn’t just about school supply lists—it’s also a perfect time to reset your financial strategy.
Here’s why:
- You still have time to adjust your savings and investing plan
- You can set yourself up for smarter tax planning before year-end
- You’ll be better prepared for holiday spending
- You can enter Q4 with less stress and more clarity
Financial planning isn’t just for New Year’s. It’s for real-life moments like this—when things shift and you have a chance to take back control.
Final Thoughts: New School Year, New Money Mindset
This season is a fresh start—not just for your kids, but for your budget too.
You don’t need to change everything overnight. Just start with one move:
- Cancel an unused subscription
- Add 1% to your retirement savings
- Use the worksheet to reset your budget in 20 minutes
Consistency beats perfection. And taking action—even a small one—gets you closer to the financial life you want.
Ready to Take the First Step?
Book a Financial Planning Session
Let’s look at your budget, retirement contributions, and investment plan together—so you can finish the year strong.
