The summer can be a pretty expensive time of the year. Many people focus on Christmas, with its food and gifts, but trying to budget for a summer holiday, steaks for the BBQ, and a splash pool in the garden can get pretty pricey too!
That’s why we’ve made a little list of financial wellness tips for the upcoming summer. If you’re going to be taking time off work, or you’ve got young children to keep entertained for the next six weeks, we don’t believe you should have to dip too far into your savings!
Look Up Free or Low Cost Summer Activity Opportunities
There’s going to be many in and around your area – you just need to look into what’s going on! Follow local guides on social media, look up event listings on Google, and hopefully the algorithm will throw a few more ideas for free or low cost activities your way.
Many events these days also offer a ‘pay what you can’ ticketing model, for those on low incomes or who otherwise have little to no disposable income. If you want to attend a local festival, performance, club night, or party, check to see if this option is available. You might have to get in pretty quickly for tickets like these, however.
Eliminate Debt for a Larger Holiday Budget
If you want to go on holiday this summer, you’re going to need a pretty tidy sum in your bank account. After all, travelling during peak periods is the most expensive way to do it, but sometimes it’s your only option to see the world!
So get that debt off your shoulders. Listen to the advice of Alex Kleyner, a debt relief expert, and try to cut back on credit card spending, especially if you don’t technically need the item in question. The less money you’re funnelling towards your debt, the more money you free up for other things in life, like a nice long stay in a Spanish resort hotel!
Set Up a Standing Savings Order
Now we come onto the saving portion of things. The more you save, the better off you are – that’s a simple financial rule we all can get to grips with. However, now you’re into summer, don’t let your saving habits stop.
Even though you’re going to be spending a good portion of your disposable income, and you’ll be dipping into your savings account, you shouldn’t treat this time as reaping the fruits of your labour.
You should continue saving, and even set up a standing order to make sure money is going into your savings account whether you remember to send it over or not. You can lower the amount you’d usually put away, but make sure the action remains constant.
Financial wellness can bloom during the summer period, much like the sunflowers in your garden. Make sure you’re using the tips above liberally over the next three months, and don’t make yourself accidentally worse off without them!
