How to Save Serious Money This Summer

How to Save Serious Money This Summer

May 27, 2024

As summer arrives, so do new opportunities for fun like barbecues, campouts, vacations, and shopping sprees.

And if you have children who are on a much-needed summer vacation, you might also be scrambling to find entertaining activities that will fill their time.

As enjoyable as these sunny days may be, however, they can also take over your spending and disrupt your financial goals in the process. Thankfully, you don’t have to pop open an umbrella and block out the summer fun to be thrifty. Just follow these smart savings tips to make the most of the season without draining your wallet.

Set a budget

Whether you have a lot of activities on your summer to-do list or are anticipating a long-term financial goal like purchasing a home or funding higher education, a budget is your best friend. After all, it’s difficult to determine how much money you can reasonably spend on summer activities when you don’t have specific financial figures outlined.

There are many budgeting strategies out there that may suit your fiscal goal. You may elect to write up a budget that details which accounts you should allocate funds to, like savings or money market accounts, or you can choose a more straightforward cash flow approach that simply enumerates your income and expenses. For best results, select a budgeting strategy that breaks down your spending into categories like dining, entertainment, travel, shopping, and self-care. That way, you’ll be more equipped to tackle all kinds of summer expenses and make cuts where necessary.

Cut unnecessary costs

On that note, it’s time to trim some fat from your budget. When tracking your spending, cutting back on nonessentials can help you reach a loftier goal, such as taking an international trip, far more quickly. Think hard about which expenses are less important to you this season. For example, if you’re wild about fresh summer produce, by all means select the best local fruits and veggies, but find other ways to save at the grocery store. You could opt to buy less meat or select store-brand toiletries. These everyday saving strategies can pay back dividends in reduced costs.

Next, review your subscriptions. In this digital age, paid memberships can range from food delivery services—which alone can rack up tremendous costs—to media apps like streaming and gaming services. Say goodbye to subscriptions you can do without (or have even forgotten about altogether), then allocate those extra dollars toward a vacation, hosting a summer party, or your long-term savings.

Everywhere you shop this summer, including clothing and home goods stores, look for discounts or coupons, compare prices, and take advantage of advertised sales. For a rolling list of savings wherever you go, utilize apps and browser extensions that will track down attractive deals for you. When it comes to savings, every little bit counts.

Be a thrifty traveler

It may feel stylish and indulgent to spare no expense on vacation—traveling as the celebrities and lifestyle influencers you see online do. But if you practice some savings strategies, you can enjoy a much-needed holiday without draining your accounts dry or suffering from buyer’s remorse. For one, consider lower-cost destinations that are within a short road trip or train ride from you. Research small towns or nearby cities that you’ve never really explored, and look up seasonal events like free festivals and concerts going on in these locales. You may be surprised by what kinds of hidden gems are within reach. If you really want to travel cheap, plan a staycation—revisit touristy landmarks, explore local attractions like hiking trails, and try a local restaurant that’s been on your list for a while.

When traveling out of town, consider locations currently in their off-season. Summer may seem like peak travel months virtually everywhere, but destinations like mountain resorts could cut costs to attract summer travelers. Meanwhile, international destinations in the Southern Hemisphere (where it is currently winter) and Southeast Asia (due to their rainy season) may be discounted during our summer months.

Next, look for alternatives to traditional accommodations. Rent a vacation home or visit a campground rather than booking a hotel. Avoid all-inclusive resorts, which can cost more than they claim to save you.

If you are flying, be sure to utilize travel websites to spot potential ticket discounts, and remain flexible with your travel dates or departure times. For instance, Tuesdays tend to be the cheapest day to fly domestically. Always pack light to save on luggage fees.

Finally, skip the souvenirs. Save memories via your camera, postcards, and goods from local markets and artisans, who may charge less than tourist trap shops. Also, shop light to avoid paying extra on your return flight.

There are many ways to save without compromising your dream summer plans. With this advice, you can plan a memorable season for yourself and your loved ones while staying on track with your finances.

 



This article was prepared by ReminderMedia.

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