Saving money is a goal that most people have year round, but as the seasons change the more likely we are to spend on things like travel, entertainment and recreation. Summertime is no reason to give up on your financial goals! These five financial tips for summer can aid in your pursuit to save money and reach your budgeting goals.
1. Set a Specific Goal
You’re more likely to reach your desired budget by being specific about how much you want to save. Saying to yourself, “I need to stop spending so much this month” is a great start, but doesn’t create a goal that seems attainable. Instead, sit down and decipher a reasonable amount of money you’d like to save up to within a certain period of time. “I would like to have $5,000 more in my savings by September” gives you an actual number and time frame for you to work towards.
2. Host Instead of Head Out
Summer is the perfect time to get together with friends and family, but frequent public gatherings can become pricey. Rather than going out during your next event, host at your home or local park to cut costs. This allows you to have more control over things like food and entertainment along with the added benefit of ending your day without a hefty bill.
3. Schedule Later Vacations
It’s no surprise that early summer is the busiest time of year for sought after travel destinations. This means the prices for things like hotel rooms or airfare can skyrocket during June and July. Scheduling your next big trip in August could lead to cheaper rates. According to Protective Life Corporation, “Data from Tripadvisor suggests you’ll spend 23% less if you travel after the early summer rush.”
4. Support Local Events
Going to local events is a great way to support your community while saving money on travel costs. Here in York, there are multiple events during the summer such as First Fridays held by Downtown Inc. and the York State Fair that are great for the whole family. Look up the city you live in to see if they have any summer events that catch your eye – you might be surprised at what you find!
5. Save on Road Trip Snacking
Road trips are a great way to see new places and spend time with loved ones. They also encourage passengers to overindulge on snacks during a stop at a gas station or rest stop. The next time you hit the road, buy (or make!) the food you want before the trip rather than overspend when you stop.
If you or a loved one need extra help regarding structured plans to improve spending habits, increase savings and better understand your finances, look no further than YEFCU’s Financial Counseling services. Our staff is immensely knowledgeable, readily available and those with their Credit Union Financial Counselor certification can help aid those in need of assistance.
