Summer’s winding down, and it’s time to put away the flip-flops and give your finances a checkup. Check out our tips on making sure you’re headed in the right direction!
As summer slowly starts winding down, it’s a great time to reflect on your financial goals and implement strategies to boost your savings. Whether you’re saving for a vacation, preparing for upcoming expenses, or building a nest egg, implementing smart strategies before summer fades away can set you up for financial success. Let’s take a look at some end-of-summer saving tips to help you supercharge your savings.
Review and adjust your budget.
Take a close look at your budget and assess your spending habits. Identify areas where you can cut back or find more affordable alternatives. Consider trimming non-essential expenses, like dining out, unused or unnecessary subscriptions, and impulse purchases. Allocate your saved funds toward your short- and long-term savings goals. With the new season approaching, plan your budget accordingly, accounting for upcoming expenses, like cold-weather wardrobe essentials, increased heating costs, and school supplies, as necessary. To learn more about creating a budget or meeting your savings goals, visit our FREE Personal Finance Program.
Optimize your energy usage.
With the weather gradually cooling down, it’s a perfect time to ensure you’re optimizing your energy consumption. Utilize natural light whenever possible, and if you haven’t already done so, make the switch to energy-efficient LED bulbs. Keep the shades drawn during the hottest part of the day and set the thermostat at the highest setting that’s still comfortable. Unplug electronics when not in use to minimize vampire energy usage and consider investing in smart power strips that automatically cut power to idle devices. These small changes can lead to substantial savings on your energy bill, leaving you with extra cash to put into savings.
Take advantage of end-of-season sales.
The turn of a season is always rife with big sales and items retailing at bargain prices. If you’ve been eyeing a new set of patio furniture all season, or you’ve been drooling over a new grill, this is the time to make your dreams come true without draining your wallet. As summer takes its final bow, look for discounted warm-weather clothing, outdoor furniture and equipment, gardening tools and more. You can enjoy these steals for the rest of the season and/or put them away for next year. Stocking up on essentials at less cost will free up more of your later cashflow.
Take a financial fast.
Mild-weathered summer is the perfect season for free or low-cost entertainment options. Resolve to keep one weekend, or even longer, completely spend-free. Meals are whatever dishes you can throw together using the contents in your fridge, freezer, and pantry. Activities can include visiting local parks, hitting a scenic trail or an organized game night with friends. You can also check community calendars for free events, like concerts or outdoor movie screenings. By embracing cost-effective options, you can enjoy the season without compromising on your savings goals.
Automate your savings.
Consider automating your savings to make it super-easy. Set up an automatic monthly transfer from your checking account to a specially designated savings account or enroll in our Round-Up Savings program to automatically round-up each purchase made using your Everwise Credit Union Debit Mastercard® and watch your savings grow effortlessly. If your employer offers direct deposit, split your paycheck so a portion goes directly into your savings account. By automating your savings, you’ll be less tempted to spend that money, and it will steadily grow over time.
Open a Choice Savings Account.
The end of summer is a fabulous time to start thinking about next year’s summer getaway. Consider opening a Choice Savings account at Everwise. This special savings account enables the account holder to make regular contributions toward a predetermined goal. These accounts are designed to help the account holder save up for vacation expenses. By spreading the cost of a large, seasonal expense throughout the year, you’ll have an easier time saving the full amount by next summer.
Summer may be fading out, but it’s not too late to boost your savings this time of year. Follow the tips outlined here for end-of-season savings.