Here Are the Top Money Tips for Summer 2023
In addition to sun-kissed days, refreshing iced teas, and backyard BBQs, summer can also come with unique money-making opportunities and innovative saving strategies. With a dash of planning and a pinch of diligence, the season can transition from a wallet drainer to a potential money saver!
It’s easy to let our spending habits run a little wild under the glowing sun.
But don’t sweat; we’re here to guide you through the right path that’ll leave your wallet feeling cool and content! Here are some great tips on how to best manage money in summer 2023.
Understanding Your Summer Expenses
Summer brings unique challenges to personal finance.
Now, it might seem cool to run your air conditioning non-stop or treat yourself to a summer vacation, but remember, it all adds up!
Here are some common ways people spend money in the summer..
- Air conditioning
- Outdoor activities and events
- Seasonal wardrobe update
- Landscaping and gardening projects
- Summer grocery shopping
To keep summer costs from scorching your checking account and vaporizing your monthly income, start by listing your potential expenses. Then, assess your budget and allocate funds accordingly.
This creates a clear money map that prevents financial surprises.
Saving Money: Strategies for Summer
As temperatures rise, so do the opportunities to save money. Did you know that the average US household spends nearly $2,200 on energy bills, with about half going towards heating and cooling the home?
Now that’s a scorching amount ready to be saved!
With that in mind, let’s emphasize some awesome money-saving tips for summer.
- Take advantage of seasonal sales – A sale is an excellent time to snag that item you’ve been eyeing for ages! In fact, on average, consumers save about 30-50% off items during seasonal sales.
- Reduce energy bills – Close those curtains, use fans, and unplug devices when not in use! You can save up to 10% on your electric bill by making small adjustments to your cooling habits. Often, all it takes is a little behavior change. Also, consider using more energy efficient appliances.
- Opt for cost-effective activities – Remember, a picnic in the park can be just as fun as pricey theme parks. Plus, exploring free local events can save a typical family four hundred dollars compared to ticketed attractions. It’s also wise to temporarily cancel unnecessary subscriptions that you may not need during the summer.
Want more? Here are additional ways to save during the summer.
- Carpool with friends or co-workers – According to the American Public Transportation Association, the average household can save up to $10,000 annually by using public transportation or carpooling.
- Enjoy free local events – Cities and towns often host free concerts, movie nights, and festivals during the summer months! Check your local event calendars and social media for more information.
- Swap in homemade treats for store-bought ice cream – Making your own ice cream or frozen sweets allows you to control the ingredients and create personalized flavors while also saving money.
Remember, just setting clear savings goals and having a little creativity go a long way in your summer-saving journey.
Smart Spending During the Summer
Let’s face it: temptations abound during the summer, and shopping is no exception. The trick to save more money is to make wise financial decisions. Consider these tips.
Tip 1: Be a Savvy Shopper, Compare Prices
Undoubtedly, everyone enjoys a good deal. It pays to take some time and check prices before making a purchase when it comes to summer expenditures.
Are you planning a last-minute getaway? Hop online and compare travel rates on different platforms.
The same goes for any summer essentials – swimsuits, sunglasses, or even pool floats!
Trust me, putting in a bit of extra research can save you more than a few bucks.
But wait, there’s more to it! Keep an eye out for special summer promotions, coupons, and other discounts. They’re everywhere during the season, so use them to your advantage, and watch your savings grow!
Tip 2: Go for Quality Items That Stand the Test of Time
Those budget-friendly flip-flops and pool toys might seem appealing, but you may end up replacing them sooner than you hoped.
When it comes to summer spending, sometimes it’s better to splurge a little now to save big later!
Investing in quality items with a good reputation ensures they’ll last not just this summer but for many summers to come. So don’t be afraid to choose a slight improvement, whether it’s a trustworthy cooler for your picnics, a strong set of sunglasses, or even a solid beach umbrella.
Remember, quality does pay off in the long run!
Tip 3: Get Creative with Summer Fun
Let’s be honest; we love summer for its endless array of exciting activities!
However, did you realize that having fun on a limited budget is still possible?
Find more affordable methods to keep the good times going rather than splashing out on pricey theme parks or expensive pool parties.
Here are some wallet-friendly ideas for endless summer entertainment.
- Picnics in the park
- Visiting local museums on free admission days
- Enjoying free concerts or outdoor movie nights in your community
- Exploring nearby nature trails
If you do this, you can keep both your wallet and your calendar full!
Tip 4: Set Up a Summer Budget
No one likes to be short on funds when the sun is shining.
So how about setting up a summer budget? Planning a reasonable budget ensures that you allocate your money responsibly and provides a clear perspective on how you can maintain your sunny vibes without being haunted by credit card bills.
Break down your expenses by category (e.g. groceries, rent, credit card debt interest) and prioritize your summer essentials.
Assign a specific amount to each, and don’t forget to allow yourself a little wiggle room for impromptu summer adventures! Rest assured, and your wallet will be grateful.
Making Extra Money in the Summer
Have you ever heard, “When the sun shines, make hay”?
Well, summer not only beams sunny vibes but also welcomes a variety of money-making opportunities. Here’s how you can fill your pockets.
Why Not Try a Seasonal Job?
When the summer sun peeks out behind those winter clouds, it tags along endless new job opportunities with it. How about lifeguarding at your local pool?
Not into swimming? Think retail or hospitality. Many businesses want an extra helping hand during summer.
Or why not join a temp agency? They can help you find quick and flexible work.
You see, summer jobs aren’t just for teens. Anyone can snag one, so go on and get your hustle on!
Sell Unused Items
We all have those items gathering dust in the corner.
Guess what? Someone might want them! Clean up that clutter, and turn it into cash!
Garage sales are your friend here. Or go online!
Websites like eBay and Craigslist are perfect for attracting a larger crowd. It’s all about finding that potential treasure in your trash.
Trust me, the feeling of a cleaner house and a heavier wallet? Totally worth it!
A Pro Tip!
Here’s something important to remember.
Wallet-fattening opportunities are everywhere; you just need to recognize them! Do a quick inventory check of your skills.
Got a knack for gardening? Offer your services to the neighbors!
Good at baking? Set up a roadside lemonade and cookie stand.
Study your market value, too. Rates for babysitters and dog walkers soar during summer, you know. Price it right and reel in that extra profit!
Preparing for Post-Summer Expenses
As summer fades, it’s time to think about the expenses lurking around the corner. Case in point, back-to-school costs can impact family finances significantly.
In fact, the National Retail Federation reported a record $82.8 billion was spent on back-to-school shopping in 2023.
What is the best way to prepare? Save and budget for these expected expenses during the summer itself!
Your finances and money management habits could benefit greatly from making a few small adjustments to your summer spending patterns. Have fun, bask in the sun, and let the grill run this summer!
As long as you are prepping like a pro, it will keep your finances glowing as brightly as a summer day.