BMI Federal Credit Union
Tips to Cover Your Extra Summer Expenses
Summer is right around the corner. You may be traveling, hosting parties, attending weddings and other celebrations, not to mention driving your kids around to keep them busy. With the longer days and warmer weather, we tend to spend more time together with friends and family…we also tend to spend more money. Here are some quick tips on what you can do now to free up money for the summer:
- You probably have subscription services that you don’t really use. This is a great time to press pause on those services or cancel them all together.
- Reduce utility costs before the heat of summer. Adjust your thermostat during the day and close your window curtains to keep the heat of the sun out when no one is home. Hang out your laundry instead of running the dryer. Finally, reduce the temperature on your water heater now that it isn’t so cold outside.
- Get a new rate on your home and car insurance. Do some comparison shopping and make sure you are getting the best rate. Consider bundling your insurance and check to see if they offer discounts that you aren’t taking advantage of; you may be able to get a low mileage discount or a safe driver discount on your car insurance. You might even consider increasing your insurance deductible (if you can afford it) to decrease the premium you are paying.
- Initiate “no spend days.” Select days during the month when you make no purchases. Instead pack your lunch, eat at home, and participate in free activities.
- Control overspending at the grocery store. Start with what’s on sale, then plan out your meals accordingly. Create a list of what you need and stick to it! Don’t shop when you are hungry. Use a cash envelope and only put in the amount of money you budgeted for groceries. Once you run out of cash, you can’t spend anymore.
Planning ahead can help you get the summer you deserve. With a little trimming now, the extra money you find can go toward your summer spending. Having a little cushion in your budget can help you enjoy the lazy, hazy days of summer!
Like what you see? Sign up to receive the free Financial Wellness newsletter.
(May 2024)