As we approach the summer months, chances are that our consumption patterns will change. Whether it be buying a weekly milkshake or going on a vacation, it is always wise to prepare in advance on how to save now to spend money in the upcoming months. To do so, here are five practical tips to follow immediately in order for you to enjoy your summer while not hurting your bank account.
1. Set Your Budget
In order to wisely save for your summer plans, you have to set a budget. Even though you may not have solid plans as of yet, start knowing what things cost and keep track of prices. If you plan to meet up with friends on a weekly basis at a coffee shop, note how much you spend. The amount should be recorded in a Microsoft Excel spreadsheet. Once you know how much you might be spending, you can start saving for the expenditure.
2. Start Saving A Coin At A Time
Believe it or not, saving a dime or a quarter at a time can really help you in preparing to spend in the future. Dimes and quarters do add up to dollars that you may take for granted because the dollar amount is not in your wallet or bank account. To begin saving your small change, create a make-shift piggy bank to put the coins in. Be sure that it is a container that will allow you to put the change in but make it difficult to get the money out. (You can use an empty apply juice can.)
3. Make A Few Sacrifices
With a fixed income, saving is not an easy job and requires you to make some sacrifices. In order to reach your savings objectives for the summer, it may mean making some tough financial decisions such as:
- Not going out with friends to movies or clubs as much as you want to
- Avoiding buying new clothing or shoes even if there are great sales to take advantage of
- Delaying the purchase of electronic products until the Fall months
- Making your own lunch or eating at home instead of at a restaurant with friends
The cash that you would have spent should be placed in your piggy bank to make it look like as if you have deposited in a special bank account that is not accessible until the summer.
4. Stay Informed On Deals
It is always a good idea to try to get the price on items when you are attempting to save for the future, be it, in the short or long term. From food to clothing, it is wise to stay informed on available deals that will result in spending less money before summer. In order to do so, consider:
- Going through grocers’ flyers to spot weekly sales
- Shopping at other retail stores that offers the basics and not necessarily the hot brand names that boutiques sell
- Asking friends if they know of any specials on things you need to buy. You can even post questions as a Facebook status or a tweet to see if you obtain any helpful advice or leads on good deals.
Summertime is all about having fun, however; if not you prepared correctly, it may be costly. To handle any costs that will come along with the fun, start saving now with some of the tips mentioned in this article.
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