As summer approaches, you’re welcomed with a vast array of options for how to spend your summer days. While the summer season is filled with joy, laughter, and sunshine it can also be a costly time of the year for your family. To help make summer memorable and affordable for you and your family, here are seven tips on how to beat the heat and save your wallet:
- Write a summer budget
For most families, summertime means an increase in their spending. A budget is an effective tool to create awareness around your income and expenses. By writing a summer budget, you create a plan for how to spend your income by giving your dollars a purpose. Doing so can help your family avoid overspending throughout the summer.
- Shop for summer clothes during the off-season
The process of shopping for summer clothes is a yearly routine for families with young children who outgrow their clothes from the previous summer. This yearly routine can quickly add up over time. One way to save money on summer clothes is by shopping during the off-season to take advantage of sales. By being proactive and purchasing summer clothes ahead of time, you can use the sales to stock up on these clothes at a fraction of the cost.
- Plan your meals for the week
Between sports practices, summer camps, and working full-time, summer is a busy time of the year for everyone in the family. At times it can be easy to run through the drive-thru or order-to-go to reduce the burden of your busyness, but that comes with a cost. Instead of deciding on your meals on the fly, you can schedule your meals ahead of time to lower the cost of feeding your family. By planning ahead, you can buy ingredients in bulk, take advantage of sales, and reduce impulse purchases at the restaurant. Planning your meals is also an excellent way to help your family eat a healthy diet during the summer.
- Take advantage of credit card rewards for travel
Credit cards can be valuable tools if used responsibly. They provide fraud protection, credit building, and reward programs. Rewards can vary from points, cash back, and miles depending on the card you choose. If you use your card for everyday expenses that you would normally incur, then the rewards can add up fast and be used towards travel. Different credit cards offer different rewards so it’s key to find a credit card with rewards that align with your travel preferences.
- Carpool when you can
With all the activities during summer, you spend a lot of time on the road, which adds up to a costly gas bill. To reduce gas use, try carpooling with other families. If your kid has sports practice with another kid in your area, you could alternate nights or weeks to take each other’s kids to practice. Not only will you save on gas but so will your neighbor.
- Find free/low-cost summer activities for your family
Bowling Green offers a number of different events, concerts, and activities that are free to attend. Your family can enjoy these activities while not spending a lot of money. There are also activities like tennis, hiking, and picnics that are fun and affordable. By doing low-cost activities your family saves money that can be added back to your summer budget.
- Take a staycation
Taking a staycation during the summer can be an excellent way for your family to create memories without breaking the bank. You can visit local attractions, try out new restaurants, or enjoy some downtime at home. By taking a staycation you’ll save on travel costs and hotel expenses. Ultimately, staycations allow you to enjoy a break from your normal routine, support local businesses and save money all at the same time.
Whether you prefer to spend your summer by the pool, in the library reading a book, or in go-mode 24/7 keeping up with your kids, I hope you can use one of these tips to save your family money over the summer!
-by Jacob Young, AAMS®
Financial Advisor, RJFS
313 East 10th Ave.
Bowling Green, KY 42101
Phone: 270-846-2656
The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of the author, and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice.
Ben Smith Life Compass Financial is not a registered broker/dealer and is independent of Raymond James Financial Services, Inc. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc.
