How To Make July Your Best Month


July is here again and no doubt, you would love to make the best out of the month. The temperature has risen considerably and you can no longer deny that summer is in full gear. You should be looking forward to spending more time with family and friends, and planning summer vacation.

However, this is a good time to make some smart financial moves to improve your finances. How can you make July (or any other month) your best month? Let’s find out.

How to make July your best month

#1. Increase your retirement saving nest

Everyone wants to retire in comfort. However, not everyone makes the needed sacrifice to achieve that. Research has proven that July is one of the months of the year many Americans accumulate more credit card debts and payday loans. This could be as a result of the holiday. Instead of accumulating debt, the opposite could be your story if you take deliberate steps to work on your finances this month.

Cutting down on extra expenses this month and channeling the funds to your retirement savings is a smart money move to make this period. The more money you put into your retirement funds, the more money you are likely to accumulate as a result of compounding interest.

The common retirement plan used by most individuals is the 401k plan commonly known as an employer-sponsored plan. If however you are self-employed and don’t have a retirement savings plan, you may need to consult a financial advisor on the best plan to use.

#2. Pay off outstanding debts

Instead of piling up debts, July could be a good time to clear all outstanding debts and balance your accounts. July is the beginning of a quarter as well as the first month in the second half of the year. If you didn’t perform so we’ll financially in the first half, July could be a good time to make a fresh start.

Work out a payment plan with your payday loan lenders. Debt consolidation will not be out of place during this time either. You may need to be extra careful this period so that you don’t end up overspending at this time. The spending goal in this period especially if you are trying to pay off debts is to eliminate any expenditure you can do without.

#3. Consider getting additional employment

Applying this period will be a smart move. The reason is quite simple. Many people will be traveling for the holidays thereby leaving openings in many places. If you have been planning on switching careers or leaving your current job, this may be a good time to make such moves.

Career switch however should be carefully thought out and planned for. Ensure you are not leaving any money behind in your current place of employment such as an unpaid 401k plan or unused vacation. If you have extra time on your hands, you may also consider putting in extra hours to make more money.

#4. Teach your children financial independence

The summer holiday could be a good time to drive home some financial lessons to your young ones. While traveling and hanging out on the beach is a good way to celebrate with family, also weave in some financial talks into the hangouts. It is possible to also have young adults around you that may be leaving home soon. These financial talks will also benefit them in no small way.


July could be the best month so far for you financially and otherwise. But you may have to take some steps to make that a reality.