Summer Savings Tips
Summer is here, and there’s just something about warm weather that makes you want to have fun in the sun. Usually, that means taking vacations, eating out more and celebrating summer holidays. However, those activities aren’t cheap, and even worse, they’re usually not included in your monthly household budget. To add to that, most peoples’ electricity bill goes through the roof thanks to the air conditioner working overtime, which skews their budgets even more.
Research shows that it usually takes Americans about six months to rebuild their finances after a vacation. But there are ways you can avoid becoming part of that statistic! Of course, start by saving to cover any vacation or celebration expenses well in advance, but don’t forget to try the other following money saving ideas to save your summer budgeting.
Make your home into someone else’s vacation home.
The increasing popularity of home rentals over hotel stays means that your home is a money-making machine just waiting to be used. If you’re out of town on work or vacation, make sure your home is working for you by renting it out during that time. This is an even better idea if you live in a popular city or vacation spot. You might even be able to recoup your vacation expenses this way.
Freeze your gym membership.
Check to see if your gym charges a fee for freezing your membership. If they don’t, freeze yours for the summer and save some cash while you enjoy getting exercise in the great outdoors. There are dozens of ways to stay fit in the summer, from yoga in the park and running trails to swimming in the community pool and biking.
Ask for discounts on your vacation expenses.
You don’t get what you don’t ask for, and that’s especially true when it comes to discounts. You’d be surprised how effective it can be to simply request a discount on your hotel room (or bike rental or flight or guided tour — you get the idea). If you can’t get a discount, try for an upgrade. Many hotels will upgrade your room if there’s a better room available.
Invest in entertainment.
While summer can be exciting at first, when you have home on summer break all day, you can run out of activities quickly. This makes it tempting to spend money on trips to the movies, mini-vacations and spontaneous shopping trips. In order to keep boredom at bay, invest in some home entertainment options, like setting up a kiddie swimming pool in your backyard. You’ll make back your money in no time as your kids stay entertained and your bank account stays in the black.
Make a vacation plan.
And we’re not just talking about a trip itinerary. Prepare for the cost of your vacation by budgeting for it well in advance. If you proactively save up for your trip, you’ll find yourself rebounding from the cost a lot faster.
Open up a Resource One Credit Union savings account to get started on your path towards savings success today! All of our savings accounts are federally insured up to $250,000, which means your money is always protected. Plus, when you open an account, you earn dividends based on balances and you can deposit, transfer or withdraw funds at any time. We can also help you customize and structure your savings account to put aside money especially for specific financial goals. Open your savings account today!
