Summertime Money Tips and Tricks

by | Jul 12, 2022

If you’re anything like me, summertime is full of a bucket list of activities for the whole family. Between pool days, vacation days, sports days, and everything in between, summer has its own set of expenses and time warps, doesn’t it? It can be easy to let the excitement get the better of you and throw your spending out of whack. Not to mention, if you’re a parent, summer break from school can add a whole slew of temporary costs like camps, childcare, energy costs, and…food! Let’s take a closer look at saving money this summer so that you can fully enjoy the season without capsizing your financial world. Plus, with current inflation and economic worries, everyone is looking for ways to trim a little financial fat.  With some attention to detail and a strategy in place, you’ll be able to enjoy it even more.  

How to save money this summer 

Keeping a few key tips and tricks in mind can help you stretch your money, cut your expenses, and strategically plan when you’re making your big money moves. According to a 2018 LendEDU survey, Americans spend (on average) $2,229 in the summer, making it the second most expensive season. Bankrate’s 2019 Summer Vacation Survey found that a single vacation can cost almost $2,000, and the National Retail Federation reports that back-to-school costs can be upwards of $1,650. To keep costs down in your household, here are a few spending tips to keep in mind.

Make choices about your financial limits and goals today 

If you created a spending plan earlier this year, you probably already have some items factored in for summertime. Now’s the time to really plan out what you need and/or want to do with your time and your money for the rest of the season (in Vegas we only have one month left of summer vacation!). Set your priorities list so that you know what’s a must-do (or must-have) and what can be let go. This creates a spending map tailored to you, your family, and your needs. Instead of swiping the credit cards without limits, decide on a monthly limit and honor that commitment to yourself.  (Remember that quality of experience trumps quantity)

Track Your Spending 

Keep a close eye on your ‘money in/money out’ during the summer months. Sometimes summer has us on vacation mode outside of our normal routines, which can lead to gaps in your money leading up to back-to-school shopping and holiday spending. Stay focused on what you’re doing with your money so that you can adjust in real time and get the most bang for your buck – or stop potential fraud. Track your spending so that you can keep your money secure and your overall costs within your limits.   I can teach you how to do this – join my Money Confidence Webinar to find out how.

Check out the sales! 

Do you have large expenditures (think: appliances, furniture, cars, home renovation) planned this year? It might be smart to buy them during one of the many huge summer sales or a tax-free weekend. Manufacturers and retailers typically drastically lower some inventory this time of year in order to clear the shelves for incoming merchandise. Look around to see what is available and plan accordingly – this can add up to significant savings and reduce your expenses if you plan ahead.  The next big holiday we have after summer is Labor Day.

Saving money around your house 

It sounds so basic, but it really does make a difference: cut your energy costs to offset the huge spike in summer power usage. For example, changing out your home’s air filters will cut down on the strain from your AC. Turn off unneeded lights, and unplug unused appliances. Every bit counts and absolutely shows up as savings in your monthly bill! 

Learning new ways to saving money this summer can help you get the most out of your money so that you don’t undo any progress you’ve made this year. Especially in this economy, we are all looking for ways to save some money without missing out on all of the things (and experiences) that make summer so fun. 

The bottom line on saving money this summer

Set goals for your savings this summer so that you have the funds that you need to do what you want. Having a specific use in mind helps keep you motivated, too, especially when you can see the growth. This mid-year point also gives us to change to prepare for the upcoming holiday season, which is the #1 spending season of the year. Taking steps now to track what you’re spending can keep the holidays from sneaking up on you! And remember to communicate your needs clearly. 

You’re not alone, so no need to go at it alone, either.  If you’re looking for a community of women to support your money goals this year, join mine. If you want help getting your $hit together so you can save money and invest in your financial future, sign up for my next GIT Elevated Money Course today. 

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