How to Save Now for Your Summer Plans
If you live in a cold climate, you may frequently dream about summer fun. Is a wedding coming up? Or are you spending your work lunch hour registering for a Scuba Diving Class?
No matter your circumstances, summertime often puts a burden on our wallets. Summer vacations, family reunions, 4th of July celebrations, weddings, and other outdoor activities come with a hefty price tag. Compounding these costs, many of us are feeling the effects of the recession and economic inflation.
The worst thing you can do is – you guessed it – nothing at all. Those who create wise financial plans will always be a few steps ahead of those who wing it.
At Portage Bank, we’re here with some great tips to help you save for summertime, whether you are a perennial planner or fly by the seat of your pants.
Take an honest look at your finances.
Have you saved any money at all? Be honest with yourself. We won’t judge. Saving money is difficult for even the most disciplined folks and has been especially challenging in recent years.
You may feel afraid to face your finances. How much credit card debt have you racked up? What unpaid bills are lurking in your inbox? Even if it’s bad news, the relief of simply knowing where you’re at often offsets your fears and provides genuine motivation to get back on track.
Find ways to save.
Once you know the truth, you can look for money-saving opportunities you might not have realized existed. If saving money is difficult for you, it might be worth sitting down with someone who can help you eliminate unnecessary expenses.
Can you go for rice and beans one night a week? Can you cancel one or two streaming services? Can you eliminate those extra coffee runs? Set measurable and doable saving goals and make it fun.
Find a side hustle.
There are many employment apps that almost anyone can take on for a Saturday afternoon or weeknight evening, such as grocery or food delivery. Direct this extra cash toward a dedicated summer fund.
Don’t have extra time? You might consider renting out part of your house. This is easier than ever today with apps that help you vet renters, handle financial transactions, and provide an additional layer of security.
Eliminate debt.
Consider prioritizing debt payment over spendy summer vacations. Enjoying a vacation in Hawaii or the Caribbean will not feel as carefree if you carry the additional burden of massive unpaid bills. Each credit card charge will add stress instead of fostering relaxation.
Instead, consider a “staycation.” Find some fun, unique local places to visit so that you can attack your debt and enjoy financial freedom.
Invest your money wisely.
Invest your summertime savings into a lucrative high-yield investment so that you build even more capital. Open a Money Market Account with us, and we will do the work for you!
For help with financial planning, investing, or online banking, we’ve got you covered. Contact Portage today to learn more.