Start Saving for Summer Spending With These Tips
Summertime – the kids are out of school, vacation is right around the corner, and the grill is primed and ready for Sunday barbeques. For most people, it’s their favorite season, but summer fun can be expensive. From amusement parks to country club memberships, saving early can help you enjoy your summer without worrying about the costs. Check out these tips to learn how to start saving for summer
Open a summer savings account
Whether you’re saving for a week at the beach or a few weekend getaways, contributing to a personal savings account throughout the year will help you be prepared for these expenses. You may even want to open a high-interest savings account, like a money market or certificate of deposit, and transfer funds to it in the spring to boost your return just before you need it. Saving a little at a time puts less of a strain on your wallet without sacrificing the summer activities you love. And with a little careful planning, it’s easy to find affordable deals to stretch your savings even more.
Summer savings for kids’ activities
With school out, it’s important to find other activities to keep the kids busy. But even local day camps can be expensive. Look for affordable activities in your school district and parks; then, set limits like only allowing your child to play one sport at a time. You might even be able to find some free activities or discounts if you enroll more than one child. Spending some time making crafts and playing games at home can also help you save instead of paying for day camp every week. Some other ways to save money this summer include free public pools instead of country clubs, family season passes to amusement parks, zoos, museums and other attractions you frequently visit, and giving your kids a vacation budget on trips. Calculate these expenses and find out how much you need to contribute to your savings account each month to afford them.
Backyard barbeque savings
No one wants the fuss and heat of the oven in the summer, and backyard grilling presents a great opportunity to enjoy the sun and spend time with family and friends. Plus, it’s often more affordable to grill than it is to use the oven (for about $10 you can buy enough fuel to grill for a month). You can save even more money with potluck entertaining and by growing your own vegetables. When you’re calculating your summer savings, be sure to account for summer landscaping, a new grill if you need one, and higher utilities from AC and water usage. You can alleviate some of the cost by implementing a rainwater collection system to water your lawn and wash your cars, and using a preset thermostat to regulate use of central air.
Saving for the big vacations
Not only is it great for summer fun, but focusing on one or two big trips each summer can also help you structure your savings account. Look for ways to save, like a timeshare or going in on a cabin with friends or family, driving instead of flying, camping instead of a hotel, and packing lunches or snacks whenever you can. These little things will allow you to spend more on attractions. Set aside what you need for these vacations in an account separate from your general summer savings fund. That way you won’t need to worry about a day at the zoo impacting your spending money at the beach.
Summer saving for hobbies
Just because you’re on a budget, doesn’t mean you can’t enjoy summer fun! Just look for ways to cut back while doing what you love, like hitting the links at the public golf course, signing up early for discounts on summer races like triathlons and marathons, and scouring social media for coupons at home or your vacation destination. You can also check out your local paper for free festivals and activities. Start saving now for summer spending on the gear you need for your favorite hobbies like camping, boating, golfing, biking and more with the personal savings account and you’ll be ready for summer!Sponsored content was created and provided by RBS Citizens Financial Group.