Summer has a sneaky way of making us slow down and enjoy a slower pace. For many people, autumn can arrive before they realize they’ve significantly overspent, resulting in many anxious nights refreshing your online banking homepage until your account fills up again.
Instead of blowing your summer budget on upscale cocktails and a massive air conditioning bill, use these helpful tips to cut back this summer. We guarantee you won’t feel deprived, even if you save money.
1. Stock your freezer with cold treats.
How much money you spend on ice cream and other cold treats to stay cool may surprise you.
Stock your fridge with a grocery store or homemade versions of your favourite treats this summer. They’ll still taste great, and you won’t have to pay more than $5 for a single scoop of ice cream. Instead, the same amount of money will get you a pint of ice cream or four ice cream bars.
You can save even more money by purchasing popsicle moulds and making your own with fruit, yoghurt, and juice.
2. Cancel your gym membership.
If you currently pay for a gym membership, discontinue it this summer. You’ll save two to three months’ worth of fees and be forced to exercise outside in the fresh air and sunshine.
You can do pull-ups and steps at your local park before taking a lap around the neighbourhood. This prospect is far more appealing than sweating it out on the elliptical or treadmill inside.
Just ensure you don’t have to pay a hefty re-enrollment fee to return to the gym in the winter.
3. Review your budget
Use the long summer days to sit outside and review your annual budget.
If you like to make a budget in January, the summer is a natural halfway point. You can examine your spending habits to see if you’re on track to meet your savings goals. If you overspend regularly, you may need to reconsider your daily routines or add more money to your budget by taking on a second job.
4. Comparison shop to save money on summer vacations
If you travel frequently during the summer, there are always ways to save money on travel.
Begin by shopping around for absolutely everything. Don’t pay a dime for a car rental, plane ticket, or hotel stay until you’ve found the best price.
Consider considering moving your vacation if prices remain extremely high. Summer is peak travel season, but you can usually find better deals if you travel during the week. If you can’t get the price down, consider moving your trip to September; it’s just past peak season, but the weather is still fantastic.
5. Instead of going to a bar, host drinks at home.
Invite friends to your house instead of going to a restaurant for happy hour and making a batch of cocktails or providing mixers if guests BYOB is much less expensive than paying $7 to $20 per drink per person at a bar. Even without food, that’s a minimum of $20 for sitting outside.
Ask a friend with a patio to host, or bring some discreet drinks to a nearby park (if permitted by your municipality).
6. Compare grocery prices
This summer, take advantage of the opportunity to price shop for groceries and see if you can reduce the cost in any way. You’d be surprised how cheap staples — and even name brands — can be found if you’re willing to shop around for a more affordable grocery store.
Lowering your grocery bill may entail visiting several stores to price match, which is why it’s a great summer practice. When the weather is nice, you’ll be less bothered by multiple stops.
7. Keep an eye on your thermostat.
If you have air conditioning, it’s tempting to leave it on all the time to keep your house cool — even when you’re not home.
Did you know that simply switching the thermostat to 78 degrees Fahrenheit rather than 72 degrees Fahrenheit when you leave the house can save you between 10 and 12 per cent on your monthly AC bill? You can also combine your air conditioner with a rotating fan to help circulate cool air throughout your home.
8. Borrow books from the library.
Rather than purchasing your next beach read at a bookstore or on Amazon, get a library card and take advantage of their vast selection. Most libraries have complex internal borrowing systems that ship books from branch to branch, so you’ll have a large selection even if your local branch is small.
Just make sure to brush out all the sand before returning it!
Conclusion
It’s simple to save money in the summer if you plan and rethink some of your more expensive habits.
Begin the summer by revisiting your budget, then stay on track by choosing less expensive alternatives to your favourite foods and hobbies. You’d be surprised how much money you can save by choosing at-home drinks over patio cocktails or library books over Amazon.
