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5 Ways to Curb Your Summer Spending

posted 6/26/2015 in General

Even though it seems like spring just got here, summer is well on the way. While it may not officially have started until June 21, the end of the school year kicks off the summer for many families in our communities.

While summer is supposed to be fun and relaxing, it can also be a financial challenge.

How summer works against your wallet

  • The kids are out of school which may mean additional daycare costs

  • Kids have more time for summer activities, often costing money

  • Days last longer, encouraging more evening activities

  • The nice weather makes it a good time for home projects and repairs

  • You may be taking a vacation this summer

Your plan of action

The best way to get ahead of the spending curve is to focus on saving money and reducing spending. Try these tips to put yourself and your family in the best position for a fiscally sound summer:

  1. Get in the right mindset- Anna Newell Jones, author of the "And Then We Saved" blog, paid off $23,600 in debt in 15 months. How? One of her largest motivators was finding fulfillment without spending money. She wrote down three things she was thankful for every day as a way to teach herself to be content and to stop searching for “more” and “better.”  Take a page out of Anna’s book and try to focus on the great things you already have.

  2. Clear out your mind and your home- kick off your savings quest with a spring cleaning session, recommends financial writer Kali Hawlk. This will help you find things you may have forgotten you had, retuning your wants list. Plus you may find things you no longer need that you can turn around and sell for some additional cash.

  3. Try out “no-spends”- build up your savings account by trying out days, weeks, or, if you can, months of no spending. While you may not hit your goal of spending nothing, focusing on spending less will help.

  4. Look for budget-friendly activities- church camps and activities put on by community organizations are often low in cost, so be on the watch for those. There are also plenty of festivals, outdoor parties and other events during the summer that may cost little to nothing for an evening of family fun.

  5. Do more of your own cooking- it’s so easy to “grab a quick bite to eat” somewhere or to take the kids out for ice cream on a long summer evening. Instead, prepare more meals at home. They are generally healthier and more satisfying than spending $40 at a restaurant.

By saving more money, you can be better prepared for the expenses that summer often brings. Try these savings tips to ensure your summer is fun AND financially responsible. If you need any help saving money or managing your money, Lincoln Savings Bank is here to help. Simply call or come by any of our locations today!

Lincoln Savings Bank, Member FDIC

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