June 11, 2019

Planning Ahead This Summer Can Keep Your Finances In Check

It’s summer time and a time when we are often a time for stretching wallets. A few simple steps and a little extra effort can change that without taking away from all that’s enjoyable during these summer months. Below are some helpful money tips.

1. Commit to that Extra Step

 It is amazing how split-decision indulgences can quickly drain our finances. For example, choosing to stop at the local ice cream stand can add up when there is a car full of kids in the back! Instead, stop at a grocery store for ice cream and cones. The small inconvenience creates a significant savings each time. Similarly, take some cold water in a cooler with you when hitting the road, this will cure the temptation to purchase pricey water on the while on the road.

Identify these kinds of last second splurges and take a few extra steps to avoid them.

2. Plan ahead

Summer road trips can be adventurous and fun. However, paying full price for everything isn’t so much fun. Planning ahead, on the other hand, is a great way to allow for deal searching and bargaining. It will also spread out the excitement and lengthen the anticipation!

When planning ahead it allows the ability to secure a hotel or campground at a discount, plan meals ahead of time rather than eat every meal at a restaurant, and seek out activities in advance that are free or discounted. Groupon is a great resource for discounts.

3. Review Subscriptions and Memberships

The summer weather is good time to cancel or freeze those online streaming subscription or gym membership. Most families can find save at least $100/month on such extra expenses. However, be mindful of any early termination contracts.  No doubt these companies will welcome back the business in the fall.

4. Let the Deals Dictate

Taking the the time to look for deals and letting that determine where (and sometimes when) you can go to the movies, out to eat can save big bucks. Groupon and other social media sites are great places to start looking for discounts. Often movie theaters will have a day of the week where admission is discounted.

5. Get Creative

There is so much to do in the summer that is free! Look for free outdoor concerts, movies in the park, free festivals and parades, and much more.

6. Make Bargain Shopping an Activity

Summer allows for great weather for activities like garage sales, farmers markets, and flea markets. They can provide for a fun day out for the family. These provide opportunities to teach kids important lessons like where their food comes from and supporting a local economy (buying local).

This might be a good time to sell your unused goods? Consider hosting a garage sale or sell items online marketplaces. It can be a great family project and provide for some extra summer funds.

7. Set a Budget

Often summer can be a time when we lose our handle on expenses. Especially with the kids home all summer. What a perfect time to review the budget and make a strong plan for how money will be spent. Make a plan and stick to it!

 

Questions, concerns, or comments please feel free to contact our offices. We provide financial planning and investment management for each stage of life.

Blue Ocean Strategic Capital, LLC