Summer is halfway through and the hot weather, barbecues, and vacations have probably already taken a toll on your budget. It’s a perfect time to re-evaluate your money goals by tracking your progress so far. It’s important to stay proactive about overspending by executing smart approaches that will keep you financially fit all summer long.
Review your current summer budget
After a month in the summer season, is your budget stable? It is always wise to review your current expenses in an effort to determine where you can cut back. Clearly, people spend more in the summer, so it’s important to implement those expanded spending areas in your budget. Evaluate your recurring expenses by analyzing your credit and debit card activity. If you are paying for items or services that you never use, get rid of them. This will leave you more for your end-of-summer fun!
Assess your debt
Be honest, was it one of your New Years resolutions to pay off your debt? Like most of us, did that thought quickly fade? If this is you, then it is time for you to do an honest assessment of your debt. Are you feeling a little debt fatigued or are you on track to reach your debt free goal? If you swept the goal of paying your debt under the rug, then maybe it’s time to remember why getting out of debt is important to you personally. What are your visions for the future? What is your life like after debt? If that’s the life you want, start increasing your payments by just $ 5, which can have a great overall effect without hampering your summer plans.
Reduce energy costs
Try to cut energy costs whenever you can during the summer. First, grill outdoors more often. This will reduce the number of dishes used, as well as the number of dishwasher cycles. Turn off indoor lights and rely on natural sunlight. If it’s very hot outside, close the blinds to keep the temperature indoors. Water the plants with a watering can instead of running the hose and try to air dry your clothes on an old clothesline to avoid using the dryer.
Take advantage of the summer sales
There are tons of sales during the summer months that can help you save. Shopping for food can be especially difficult on your budget. Get the most for your money by using store coupons and reviewing your local store circulars. We recommend using Flipp, a free app that can help you collect all the circulars from stores in your local area. This app can help you save 20-70% each week on your grocery bill.
Leverage the strength of discounted and vintage gift cards
When was the last time you cleaned your wallet and found old gift cards? These can help you supplement your summer meals or shopping while on vacation. You may not know this, but you can buy discounted gift cards. Raise.com can help you save money in two different ways:
– You can sell your old or unwanted gift cards for cash, which you can then use for your summer activities.
– You can buy discounted gift cards at over 4000 retailers.
If you don’t have cash, get some extra money
If your summer plans have blown your budget, how about looking for some extra cash? What happens if you rent a room in your house on Airbnb? You can take care of dogs for dogs by advertising on dogvacay.com, or driving for a carpool service. So, stop complaining that you are short on cash. Get creative and use the options that await you.
Use cash
It is very convenient to swipe your card wherever you go. Research shows that using cash as your choice payment ultimately controls the amount you spend between 12% and 18%. Hard money loan expert Elizabeth Jenkins suggests putting your cash budgets in weekly envelopes. “Have an envelope for weekly food, entertainment, gas, rent / mortgage. You will feel guilty if you take money out of the envelopes for unrelated expenses.”
See spending differently
Spending money can become addictive. How about spending “time” on things instead of spending money on things? Focus on activities that will enhance your well-being rather than buying and collecting material items. For example, start an exercise program; Find a hobby or work on improving your home. In other words, put your energy into projects that may cost you some money but will be more beneficial to your home or family.
You can’t be too rigid with your money. It definitely needs to adapt to your life. Summer is halfway through, so start planning for the rest of the summer to avoid overspending and borrowing more.