6 Tips on Saving Money this Summer
Summer is the perfect time to re-evaluate your saving’s plan. Here are a few tips on how to keep more cash in your pockets this summer:
A Budget = Your Best Friend
Creating a budget can really help you stay in control of your money. It allows you keep track of how much you are able to spend on certain items and it’s designed to make sure you avoid overspending. With a budget in place, you’ll stay within your means and pocket more savings. The goal of creating a budget though is to stick to it! Be committed to seeing it through to have success.
Look For Free Fun
Going out to have fun is necessary at times, but try to do it a bit less when you want to save extra cash. If you do want to get out of the house, there are a variety of free activities you can do out and about. There are always free festivals or events going on in the city, you just have to look for them.
Deals Are Golden
During summer time, we all have our adventures planned. But finding deals through the variety of apps and sites available are crucial to having a good time for a low price. You’ll be able to have fun and do it guilt-free when you’ve got a good deal, discount or coupon in tow.
Make Your Own Food
Instead of going and spending $20 dollars a day, you can save more money by meal prepping weekly or making your food at home. You’ll be surprised how much money you can actually pocket if you don’t eat out! As an added bonus, you also become a better chef.
Know Needs From Wants
Try not to impulsive buy; think about whether you really need something or just want it. If you don’t really need it, then save it. The more willpower you have in suppressing each and every want that comes your way, the more in control of your finances you’ll be, and the more money you’ll have in your wallet.
The Big One: Give Your Money A Home!
What better way to save money than to open up a saving account?
At BrightStar Credit Union, we’ve got a variety of options when it comes to saving. See our saving’s options here.
Money comes and goes easily, so be intentional with your cash and what you’re doing with it to become a better saver. The goal for this summer? Have fun, but ball on a budget.
How Can You Reduce Your Home Ownership Cost?
Owning a home is rewarding but it can also be costly at times. You have to be able to keep up with air conditioner repairs, appliances breaking down, and pipes that can sometimes burst. The Bureau of Labor Statistic reported that an average homeowner paid $4,808 in mortgage principal and interest in 2013.
The good news is that home ownership costs aren’t fixed and we have a few tips that might help you.
- Buy a Smart ThermostatIn Florida AC is not a luxury, is a necessity. Sometimes it gets so warm outside it is easy to feel discomfort when all you think of is cooling off. In order to help you reduce your AC cost, try a smart thermostat. It can adjust to your household routines, temperature preferences, external weather conditions, and can even track your location.
Why is this useful? With a thermostat this sophisticated you can divide your days into blocks and set desire temperatures for each. For example, you can adjust your settings to a higher temperature while you’re at work and lower them when you return from work automatically. A smart thermostat can trim cooling cost by 15%.
- Switch to low flow fixturesAlthough water is not as expensive as electricity, saving water can save you money. Low-flow faucets reduce tap water usage by up to 30%. Low-flow toilets can save a family of four around $110 a year depending on home size.
- Insulate Hot Water PipesAccording to the Department of Energy, insulating your hot water pipes can reduce your electricity or gas bill by $12 annually. Insulating your hot water pipes is inexpensive—especially if you have duct tape at home.
- Unplug Idle ElectronicsEvery time you leave your TV, cable boxes, computers and other small electronics plugged you drain power and drive up your electricity bill. There are devices that can help you power off devices without having to unplug them. Such as the Bits Energy Smart Strip, this can cost up to $40 and help you reduce your light bill on a monthly basis.
These tips will not save you thousands of dollars in home ownership cost. However, it can save you a few hundreds and every little bit helps.
How to Create a Simple Budget?
To spend wisely is to live more comfortably. Yes, we get it, you hate the word “budget” it is scary and at the same time overwhelming . The thought of quitting some of your spending can seem unimaginable. But, fear not, budgeting allows you to see where your money goes. Leaving you with the option to treat yourself once in while without feeling overwhelmed by debt.
How should you start?
- Calculate your income and your expenses
The first step is simple. Write down how much you make along with some prioritized spending categories. Include your rent or mortgage, utilities, food, automobile expenses, and insurance.TIP: Make sure you budget for fun. You should not spend $200 every Saturday night, but you can leave $150 aside to have some fun during the week. This way you can continue to enjoy your fancy coffee and your brunch with friends. - Set realistic goals for your budget: If you want to go on a trip to visit family during the holidays, do not wait to start saving. Create a separate Wish Account to prepare you for your vacation. This will allow you to have some self control. It will stop you from spending money on petty items and you might be able to enjoy your vacation without worrying about the bills that await home.
- Track your progress: Creating a budget is only helpful if you can commit to it. Tracking your monthly, weekly, and daily spending will allow you evaluate and reflect on your progress. Remember your spending may fluctuate according to the month and that’s Okay. Just be diligent and discipline the majority of your time.
There is no science behind budgeting, the trick is to spend less than what you make. Come on members! Have discipline, be conscious of your spending, and save money.
Good Luck!