This Summer, Get Financially Fat (Assets)

Whether you are counting calories or pennies, success requires ongoing commitment and discipline because fitness – of any type – is a journey, not a destination.

Not surprising, as the season of bathing suits, many of us are focused on shedding pounds and inches. When it comes to your finances, though, summer is a great time to build financial muscle and fatten up your assets.

Here is a summer financial fitness regimen based on the tips shared by my fellow contributors to the Manilla.com blog:

• Get organized. “You can’t be financially sound if you’re not organized. Through organization comes knowing your financial position (assets and liabilities); paying on time every time; keeping a handle on your transactions; sticking to a budget; and saving, saving and saving.” – Sam Burgoon, Account Executive at consumer finance website, Credit Season

• Think experience, not extravagance, when making plans. “Prioritize what you and your family members wish to accomplish this summer and let it be more than how many sites you see or the new places that you visit. Spend time with those that you love, hold a pool party, read a good book, catch a movie, or simply take a walk in your favorite local park. With the proper mindset, you can plan not only for what you can afford, but surprisingly for what you will enjoy most. Whatever you choose to do, just remember that how you feel about it all starts with your mindset.” – Shira Adler, Voice-over artist, writer, speaker and founder of Diva Mama, LLC

• Slim down your entertainment budget. “Outdoor summer concert series are among the many great ways you can cut summer costs, whether you want to boost your fun quotient or create a fun-filled staycation. Find free summer concert series info where ever you are across the country by inputting those key words into any online search. Commit to further slimming down while you're out and about by bringing along healthy snacks and carrying a water bottle.” – Lisa Alcalay Klug, author of the books, Hot Mamalah and Cool Jew

• Spend using gift cards. “As a mom of three, I know how easy it is to keep reaching for the debit/credit card in your wallet just to keep the kids busy. But back-to-school time costs nearly as much as the holidays (for me), and if I don’t plan for August expenses throughout the summer, I won’t be prepared. Gift cards are a fabulous way to enjoy the convenience of shopping with a card while avoiding the dread of opening up a statement at the end of the month. If you plan to spend no more than $200 at a theme park, for example, buy a gift card in that amount. When you hit the limit, you’ll know to stop buying souvenirs and won’t be tempted to mindlessly keep shopping.” – Shelley Hunter of Gift Card Girlfriend at GiftCards.com

• Make a place for saving. “Always, always save a portion of every dollar that comes into your life, whether that dollar comes to you through a paycheck, a gift, or even a tax refund. While this tip is not exactly novel, it is I believe the foundation for building a life of financial freedom. And saving a little bit from every paycheck doesn't depend on how much you make; it's a habit. There are plenty of families making six-figures a year, yet who live paycheck to paycheck. So stop making excuses, and starting saving even a little bit of money today.” – Rob Berger, Founder & Managing Editor, The Dough Roller

• Turn your excess stuff into cash. “Summer is a great time to do something with all your old stuff. Old sterling silver and gold can be sold for cash at some jewelers – earning you some extra dollars. Take old baby gear to places like Once Upon a Child, who will buy the items from you on the spot. Old books in good condition can also earn you a few bucks through Amazon's purchase program or websites like Cash4Books.net. Selling off your excess stuff will help you build up your savings and also reduce the stress that comes with too much stuff.” – Sarah W. Caron is a writer, editor and recipe developer who writes about food and about going after big life dreams

• Digitize your financial life and apply ROI thinking to optimize your cash flow. "I scan and tag all receipts and incoming checks, both business and personal, so they can be sorted digitally, which helps me analyze spend vs. income against everything I do. I am now starting look at the ROI considering measurable (new revenues) and intangible (lost productivity) factors, and starting to see what I can cut expense-wise and use to start saving more money for retirement.” – Adam Riemer of Riemer Marketing, an online marketing and advertising consultancy

• Plan your own conference. “Can’t afford to hit a conference this summer? Why not create your own via your LinkedIn network? Connect with industry insiders, form a group and arrange a meeting. No time to meet offline? Set up a live chat with the group.” – Nicole Williams, Founder of WORKS by Nicole Williams

• Check your paycheck withholdings. "Make sure that you are withholding enough taxes from your paycheck. No one likes to get stuck with a big tax bill at the end of the year. If you received an excessively large refund last year, or owed the government, or if your financial situation has changed this year, you may want to adjust your payroll ‘allowances’ (set on a form W4, typically when you start a new job) to ensure you're on course for a small refund next April." – Mitchell Fox, co-founder of GoodApril, an online tax planning solution for consumers

• Plan ahead for next summer. “Next summer might seem off in the distant future, but by planning ahead now you can you can take advantage of the serious discounts retailers will offer on seasonal merchandise. Whether its an old lawnmower that needs to be replaced or a bathing suit that's looking worn, think about what you'll need to start next summer off right and snap it up at a great price at the end of this season. Use a site like Hukkster to track the products you're eying and find out the moment they go on sale. Before long, you'll be putting that lawnmower to good use with some extra cash in your pocket to boot.” – Katie Finnegan, co-founder of retail website, Hukkster.com

Wondering about my best tip for shoring up your finances this summer? Think rewards. Summer is a great time to use the reward points you’ve accumulated from shopping for spring fashions and the holidays to book a vacation, buy the gift cards Shelley Hunter suggested above, or get the must-have essentials for the season, which for me means a bathing suit cover-up. You may not have enough points to cover the entire cost of summer fun, but it can help reduce your out-of-pocket expenses and give you extra cash to put towards your rainy day fund.

For 50+ more summer favorites from Influencers, check out the full Influencer Summer Guide here. Photo: Family outing to Liberty State Park circa 1987.