The Wisconsin Family Summer Bucket List: Financial Edition

Between packing for the lake and balancing a busy schedule of county fairs and backyard cookouts, it's easy to let your financial goals slide until September. But summer is one of the best windows to revisit progress on those New Year's goals, prepare for back-to-school costs and set up a strong finish to the year. This summer financial bucket list will help you stay on track:

Young Families

For those juggling camp sign-ups and playdates for your little ones, this season is about spending where it counts and saving where it doesn't.

1. Map out every summer activity cost at the start of the season 

Sports registrations, swim lessons, day camp fees and art classes can add up faster than a weekend in the Wisconsin Dells. List every planned activity and its associated cost within MyFinance Manager now so there are no surprises when summer kicks into full gear.

Pro Tip: Families can set aside pre-tax dollars through a Dependent Care Flexible Spending Account (FSA) to cover qualifying summer day camps for children under the age of 13.

2. Find free summer fun right in your backyard 

Lake Michigan’s lakefront, Wisconsin State Parks (which offer free admission days), library summer reading programs and neighborhood block parties deliver a full season of memories without a dent in your checking account.

3. Get a head start on back-to-school savings

August always arrives faster than expected. Set up a small automatic transfer each week within MyJFG starting now so by the time school shopping season hits, you’ll have a dedicated fund ready to go rather than a scramble.

4. Open or maximize a Health Savings Account 

With little ones running, swimming and playing outside, summer can bring an uptick in medical expenses. A Health Savings Account (HSA) is one of the best tools for young families — contributions are tax-deductible, the account grows tax-free and withdrawals for qualified medical expenses are tax-free. Maximize contributions now so there's a funded account ready for any urgent care visits, prescriptions and specialist co-pays for this summer (and beyond).

Pro Tip: If there's a Flexible Spending Account (FSA) through your employer, mid-summer is the time to check the balance. FSA funds are use-it-or-lose-it by year-end and eligible expenses — glasses, dental work, orthodontia and over-the-counter items — can be stacked up before the balance disappears.

5. Tackle the emergency fund before fall expenses arrive 

Between winter jacket shopping and holiday spending, fall can drain your savings quickly. Use summer's slightly lower expense pace to build or top off a three-to-six-month emergency fund.

Growing Families

With the cabin open, the kids' schedules in full swing and the financial halfway point of the year upon us, summer is the ideal moment to correct course, protect your assets and keep the momentum going.

1. Review homeowner’s and property insurance before storm season peaks 

Wisconsin summers bring severe weather so a proactive insurance audit now ensures your home, cabin and cars are covered before the first major storm of the season. 

2. Start estimating college costs if high school is on the horizon 

If college is within a few years, use summer to sit down with an advisor and review your college savings, model tuition scenarios and understand the financial aid timeline. Getting ahead of this before their junior year is a gamechanger for avoiding both stress and debt.

3. Pay down debts with additional income 

Summer bonuses, garage sale earnings, side project income or any extra cash hitting your account can help pay down any debts. Knocking down the balance on a home equity line or auto loan mid-year can give you some extra breathing room before the holiday season.

4. Conduct a mid-year investment review with your advisor

We're at the halfway point, which means now is exactly the right time to assess whether portfolios are on track, rebalance allocations if needed and adjust contributions before year-end. Don't let the summer pace slow down your planning.

5. Set a vacation budget and commit to it 

The memories of spending a week in the Northwoods, Door County or the Wisconsin Dells is priceless but doesn’t mean you should go beyond your means to take the trip. Assign a total dollar amount, break it into categories and track every expense within MyFinance Manager from gas to pontoon rentals.

Empty Nesters

With the summer totally yours to shape, this season is about protecting the wealth you've built, maximizing every tool and designing the next chapter of your life on your own terms.

1. Confirm you’re on track to hit catch-up contribution annual limits 

If retirement is within range, now is the ideal checkpoint to verify you’re pacing well for catch-up contributions. Those eligible at 50 or older can contribute extra amounts annually so there's still plenty of time to increase contributions before the December 31 deadline if adjustments are needed.

2. Estimate your Social Security claiming strategy with your advisor

Whether retirement is two years away or ten, the timing of claiming Social Security can have an impact on your benefits. Summer's slower pace gives you the time to run the scenarios, evaluate spousal benefit options and lock in a strategy before the decision window arrives.

3. Explore renting your lake home or vacation property during peak season

Wisconsin's Northwoods and lake communities are in high demand from Memorial Day through Labor Day. Renting your property for even just a few weekends can offset a significant portion of your annual property taxes, insurance and maintenance costs and an advisor can help structure it in the most tax-efficient way possible. Before listing, we always recommend reviewing local short-term rental ordinances and confirming that existing homeowners or vacation property insurance covers rental activity — both can vary significantly by municipality and policy.

4. Revisit your long-term care coverage 

With healthcare costs continuing to climb, summer is a practical time to review long-term care insurance or start the conversation if it's been sitting on the back burner. This is one of those moves that gets harder, and more expensive, the longer it waits as premiums are typically lower when you’re younger.

5. Evaluate a Roth conversion strategy before the year-end window closes

For empty nesters whose income has shifted — whether from reduced work hours, a career transition or simply the natural ebb of the late-career years — the stretch between now and December 31 may offer a great opportunity to convert a portion of traditional IRA assets to a Roth at a favorable tax rate. A mid-year review with an advisor can identify whether your current income create a conversion window that won't be available once Social Security benefits or Required Minimum Distributions (RMDs) kick in.

Summer doesn't slow down and neither should the financial momentum you’ve built throughout the year. Whether it's locking in a strong second half, protecting what matters most or finally carving out space for a long-overdue financial conversation, make this summer count.

Need personalized guidance? Connect with your advisor or get matched with one today.