As summer winds down, many of us are facing the financial reality of overspending during the warmer months. Whether you splurged on vacation expenses or watched your utility bills soar due to excessive air conditioning use, it's time to regain control of your budget.
The good news? There are proven strategies to curb overspending and start building your savings. This guide covers four essential tips: cooking more meals at home, managing your thermostat wisely, choosing budget-friendly activities, and planning ahead for next summer's expenses.
Whether you’ve been traveling across the country or running errands to prepare for back-to-school, it’s easy to choose to eat out instead of at home. The convenience of eating out is far more tempting than going to the store to buy ingredients and cook a meal yourself, but the price of takeout can be costly if you go out multiple times a week. Cooking at home allows you to meal prep and have leftovers.
Eating at home isn’t just good for your financial health—it can be far healthier for your body, too!
You have more control over your portion control, ingredients, and calories when you fix meals on your own. Also, cooking at home can be a therapeutic experience that can be a fun activity for your family and help improve mental health.
It’s hard to escape the summer heat if you live in the South. As the temperatures rise, so does your utility bill. Your AC can struggle to keep up with the constant heat waves that occur regularly during the summertime.
Typically 50% of your electric bill is from your air conditioning, so it’s essential that you take precautionary steps to ensure you’re saving as much energy as possible to keep your cost down.
Here’s how to keep your utility bill lower in the summer months:
Pro Tip: According to the U.S. Department of Energy, you can save up to 10% on cooling if you set your thermostat higher when you're away from home during the summer. For example, if it’s 80 degrees outside, set your thermostat to 78 degrees. That way your AC won’t need to work as hard, saving you more money.
Depending on what stage of life you’re in, your summer activities may vary. You might be a mom with three children or a young couple living in an apartment. Whatever your family looks like, you might participate in fun activities during the summer months from June to September.
Free and Low-Cost Summer Activities:
Pro Tip: If you have children, research free summer programs at libraries, community centers, and parks departments. Many offer activities like story time, craft sessions, and educational programs at no cost.
It never hurts to be proactive. Summer can be an exciting season for family vacations, summer camps, sporting events, and other fun activities…not to mention you begin purchasing needed items for the new school year. While these things are exciting, they can get expensive fast.
Create Your Summer Savings Plan:
1. Estimate next summer’s costs
One of the best ways to be financially prepared for your summer is to budget early. This will help alleviate any unnecessary financial stress when you begin enjoying next summer.
For example, you might be planning a trip to Colorado next August, and you know it will cost around $3,000 for flights, hotel, and food. Instead of waiting until then to pay it all at once or putting in on a credit card, you can begin to save now by setting aside money every month.
2. Automate Your Savings
To prevent you from spending too much money, automate your savings that you’ll need each month into your specified savings account. This can help you stay on track towards your goal and protect you from getting strayed off course
3. Track Your Progress
You can use a savings app or Excel sheet to track your progress to make sure you’re staying on target. If you’re unsure how to much to set aside each month, use a savings goal calculator to break it down for you.
Pro Tip: Earn while you save by opening a high-yield savings account. This can help you reach your goal faster and have peace of mind in knowing your money is set aside and won’t accidentally be used for something else.
Q: How can I save money on food during the summer?
A: Choosing to eat at home is not only a way to keep more money in your wallet, but it can be better for your physical and mental health as well. Cooking together as a family serves as a bonding experience, and it can help you have better portion control for each meal and also have leftovers.
Q: How can I save money on utilities this summer?
A: Try setting your thermostat 7–10 degrees higher when you're not home. This helps your air conditioner work less and can save you up to 10% on your energy bill.
Also, keep blinds or curtains closed during the hottest parts of the day—this can block out up to 33% of unwanted heat and keep your home cooler naturally.
Q: What are some cheap or free summer activities for families?
A: Look for local options like parks, community pools, or hiking trails. Many cities also offer free summer events like outdoor concerts, movie nights, and art festivals. These can be fun, memorable experiences that don’t stretch your budget.
There’s nothing wrong with spending money—it’s how you spend your money that matters. Making sure your priorities are in line and you are making intentional decisions is vital for your financial well-being for you and your family.
To learn more about how to save well, try our Cut the Cost Challenge: 7-Day Guide to Summer Savings.
If you enjoyed reading this blog, check out “8 Tips for Planning a Vacation on a Budget.”
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