Heat up your savings this summer with some strategies that will give you a sunny feeling. Summer is usually a time when people spend more. The weather is warm, there’s more to do, people typically pack up for a vacation and have a more carefree approach to spending.
Create a summer fun budget
In addition to your standard monthly budget that covers standard items like bills, groceries, mortgage payments, etc, make sure you set aside some money to have fun over the summer. If the summer is a month where you like to spend more time outside, or go on adventures with loved ones, make sure you plan head and set aside money for fun. By planning and budgeting for fun, you are less likely to feel deprived and then overcompensate by overspending down the line. Plus, it will help you prioritize the things you really want to do, compared to the things you only kind of want to do.
Save money on summer fun
Once you establish your summer budgets, take a look at the areas where you can save money. Below are some areas you can start
Take a staycation
Swap out a weekend away for a thoughtful staycation and be a tourist in your own area. Check out local spots you don’t usually have time to discover.
Get the season pass
Depending on how often you go to the beach, the theme park or the museum, you may save money by buying the season pass up front.
Visit your local library (or check their website)
In addition to offering free books, movies and other entertainment, they also typically have free museum passes to local museums or aquariums.
Seek out free events
Many towns have free events like concerts in the park, outdoor movies or festivals. Visit your town’s website for local details.
Wash your own car
Everyone likes having a clean car, but the cost of bringing it in for a proper detail and car wash can add up fast. Grab a hose and some sponges and wash your car at home on a hot day.
Have a garage sale
Summer is a great time to clear out old items that you don’t want any more. Host a garage sale and you may be able to get some cash in return for your items!
Shop on tax free weekend
Some states host a tax-free weekend where you can save a lot of money on major purchases. If you were already planning to buy a big-ticket item like a couch or tv, tax free weekend might be a good time to spend the money.
Buy cheaper snacks ahead of time
Before you head out on a road trip or to an outdoor movie, plan ahead and grab some snacks at the grocery store. You’ll likely save a lot of money, and you’ll be sure to have the snacks you want.
Close your blinds and curtains during the day to keep your home cooler. Consider taking on some home improvement projects that will make your home more energy efficient, like caulking your windows and doors.
Dry your laundry outside
Avoid using your dryer by hanging your clothes on a line outside to dry. They will dry naturally and have a fresh outdoor scent, and you will save money on your electric bill.
Pause your gym membership
With the warm weather, many people prefer to exercise outside. If you aren’t going to the gym anyways, it might be a good time to pause your membership in order to save money. Many gyms allow you to do so.
Make saving a priority
Once you have your fun planned, and have found additional ways to save money, it’s time to get serious about saving. Decide how much you want to save from each paycheck. If you’re doing a summer savings challenge, consider saving more than you usually do, like 20-30% or more of your paycheck. Set up automatic deposits so your money goes into your savings account before you ever have a chance to spend it.
At Guaranty Bank, we offer several different types of savings accounts to help you meet your goals. We offer money market accounts, savings accounts and certificates of deposit (CDs). If you’re aiming your savings efforts toward your retirement accounts, we also offer Individual Retirement Accounts (IRAs). Contact a member of our team today and we can help you determine which account works best for your goals.