Tips For Updating Your Personal Budget For Summer
For many, summer is all about fun and relaxation and it can be easy to overspend on entertainment and adventures. Here are some ways to update your budget for the new season.
For many, summer is the season of fun and relaxation. The days are longer, the kids are out of school and it can, unfortunately, be easy to overspend on entertainment and adventures. At the start of a new season, it's always a good idea to reevaluate your budget to make sure you're spending and saving wisely.
Here are some ways you can update your budget to save this summer:
Cut down on cooling costs
Cooling costs are undoubtedly a large expense during the hot summer months. While you'll likely need to increase your energy costs so you and your family remain comfortable indoors, it's still important to save where you can. The Department of Energy recommends homeowners turn their thermostat up by 7-10 degrees while they are sleeping or out of the house. This small change could help you save as much as 10% a year on cooling costs.
Always keep the temperature in your home at a comfortable temperature - not too hot or cold. Additionally, utilize ceiling fans to keep the cool air circulation and use heavy curtains to block out sunlight and drafts.
Rethink your entertainment spending
From movies and theme parks to beaches and restaurants, it's definitely easy to overspend on entertainment in the summer. At the beginning of the season, take a moment to think about what your family does over the summer. Perhaps you love the beach and find yourself spending more time outdoors - maybe it's best to drop some of the streaming services for summer and invest in a seasonal pass to your favorite waterfront spot.
Before spending money on a new activity, think about what you're currently spending money on and see if you can drop something so your budget isn't too strained while you have fun.
Spending time outdoors is a free and fun activity.
Switch up your shopping habits
Of course, entertainment is just one area of spending that increases in the season. You may also find your other shopping expenses - like food and clothing - rising too. Dave Ramsey gave a few tips on how to cut back on your spending in the summer, including spending more time outside , finding free, local festivals and visiting your local library.
Another practical way to save during the summer is to flex your green thumb. Starting your own vegetable garden, berry patch or orchard is a fun and rewarding way to spend time outside. Get the kids involved in the planting and pruning process so they can watch their harvest grow and then enjoy making meals with your fresh produce. Depending on your haul, you can be saving on your grocery bill while learning about where your food really comes from.
These are just a few easy ways you can change your personal budget up for the summer. For more information on creating a finance plan for the season and managing your savings all year long, contact your local Vectra bank representative today.