How To Maximize Summer Savings

Posted by SavvyMoney on July 5, 2019

Financial Education

How to stay on budget and keep costs low during the summer

Summer is here and that means increased expenses. As a study from LendEDU pointed out, Americans spend an average of $2,229 in the summer, making it the second-most expensive season (winter is in the lead, with a $2,314 average spend). Looking to cut back on summer costs? Or do you just need some help staying within your budget? Here are a few suggestions to get you started.

 

  • Sell It. Now that the weather is nice, it’s time to root through your stuff and sell some things. Host a garage/yard/stoop sale for all the items you clearly don’t use or need anymore. Take the cash that you earned and use it to pad your emergency savings account.

  • Hit the Books. Looking for a place to beat the heat? Try visiting your local library. Libraries not only have books, audio books and more available to borrow, they often host low-cost or free activities for kids.

  • Grilling Time. Longer days mean more time to spend cooking on the grill. Instead of shelling out cash for an expensive dinner out, invite your friends over for a cookout. Have everyone bring a side dish and their favorite beverage to help keep costs low.

  • Pedal Pusher. Whenever possible, opt to ride your bike instead of using your car. As US News reports, not only will this cut down on gas costs, you’ll get a workout, too.

  • Keep it Simple. If you plan on enjoying plenty of activities while on vacation, there’s really no need to book a fancy hotel room. Keep your room simple and save some cash.

  • August Arrival. Many families don’t want to take a vacation toward the end of August, making it a great time to find deals. If you can, book your vacation at the end of the summer and you’ll find cheaper rates on things like flights and hotel rooms.