Saving money can be done anytime of the year, but for many individuals summer seems to ramp up additional spending due to kids being out of school and the warmer weather has many itching to get out of the house. However, summer does not have to be a season where you spend an abundance of your savings to have fun. Here are 5 money saving strategies you can implement this summer.
- Cook Outside – Anytime you use your stove or oven it can generate a lot of excess heat that has nowhere to go. Meal prepping can be one easy way to cut additional spending, but also carving out time to grill outside can help reduce the amount of electricity you are using while keeping the inside cool.
- Start a Garden – Depending on where you live, a garden can be a great way to reduce the amount you spend on groceries. Many individuals will plant their garden with their favorite fruits and vegetables to reduce the amount spent on their grocery list each month.
- Hang Your Laundry – Reducing the amount of electricity you use can help cut the cost on your electric bill each month. Some individuals opt to let the warm summer breeze dry their clothes. However, even if you do not have access to an outdoor clothes hanger, you can try using your dryer on a lower heat setting and allow them to air dry the rest of the way.
- Cost Effective Vacationing – Many families use their summer break to take vacations, which can add up quickly. However, vacations do not always have to be beach vacations. If you are looking at cutting costs this summer, there are many state parks or day trips you can take around your local area that wouldn’t require as much as a trip to the beach.
- Be Air Conditioning Conscious – While no one ever wants to swelter in the comfort of their home, air conditioning units use a lot of power during the heat of summer. There are ways you can reduce the amount of work your air conditioner has to put out by opening your windows during the cooler nights. Additionally, make sure to replace your air filter on a regular basis to improve air flow.
Don’t drain your savings just because it’s summer. There are many things you and your family can do to decrease spending, so you can continue to watch your savings grow. Creating a budget will help you determine what areas you feel you can cut in spending. If you need help creating a budget, visit First Savings Bank’s Digital Banking platform today and check out Personal Finance Manager.