Savvy Summer Spending

Summer is a fun time of year, but it can also be expensive. While you may have put money away for a vacation, it is not the only expense you have to plan for. Once you add in childcare, camps, tutoring, home improvements, higher utilities, restaurants, shopping, … it’s easy to feel overwhelmed!

But you can avoid some of that stress by incorporating some simple spending strategies. If you take our advice, you can enjoy all the fun summer has to offer while staying within your budget. 

Plan Ahead to Avoid Budget Bloat

Before you start planning summer activities, take some time to think about what’s most important to you. Do you want to take a family vacation or spend time exploring your local area? Perhaps you want to learn a new skill or take up a new hobby. Whatever your priorities may be, it’s important to determine them before you start allocating your budget.

A budget can help you reach your summer goals. Without a budget, it’s easy to overspend and end up with a mountain of debt. Budgets help you make the most of your money and avoid financial stress. They can also be as detailed as you want. Unexpected expenses pop up, or rare opportunities can be hard to pass on. But the more focused you are, the easier it will be to reach your goals. Monitor and update your budget as needed so you can plan accordingly. Town & Country has a great budget worksheet that can help you plan.

Creating a budget is a great way to scrutinize your current spending habits. Look at where your money goes to spot expenses you can cut or pause for the summer. Since you will be able to get outside more in the summertime, dropping gym memberships, cable or streaming services may be easy to give up and can bring big savings.

Summer Savings Right Under Your Nose

Food can be one of the summer’s biggest expenses, and one of the easiest ways to save money on food is to cook at home. Meal planning is a great way to control your food budget. Besides planning regular weekly meals, you will want to plan any food-related events like BBQs and picnics. Your social calendar can often be the culprit of overspending in the summertime, so make it a potluck BBQ. Or invite friends and family to low-cost festivities, like a backyard movie night or a campfire with smores.

Take advantage of free summertime events such as concerts, festivals, and outdoor movies. These events are a great way to get out and enjoy the community without spending money. Check your local events calendar to see what’s happening in your area. Also, consider activities such as hiking, biking, or playing outdoor sports. These activities are usually free or low-cost and are great ways to enjoy summer in Maine.

You can save some money buying second-hand items. Enjoy a summer morning out and hit local garage sales, flea markets or thrift stores. Summer is also a great time to get deals on big purchases like appliances, personal electronics, outdoor furniture, and mattresses. Keep your eye out for discounts and stock up on essentials during July 4th, Labor Day, and back-to-school sales.

Some simple habits can help cut your energy bill during the summer months. Shut shades and blinds and close curtains during the hottest time of the day to block the sun. Cooking can heat up the house, too. Instead of using the oven, consider firing up the grill or preparing summer meals in a slow cooker or Instapot. You can also cut electricity costs by turning up the thermostat on your air conditioning. Consider installing a programable thermostat to atomically adjust the temperature of the AC when you are not home.

Spend and Splurge Wisely

Summer is a great time to tackle a new home project. And doing the work yourself can add up to big savings. Maybe you have always wanted to create a home gym, add a patio to the backyard with a firepit and even a movie theater, or paint the bathroom. These improvements can not only add value to your home but add to your summer fun for family and friends. A home equity loan from Town & Country may be able to help you get this project off the ground.

Maine is a great place to be in the summer. You don’t have to travel far to have a great summer adventure. Explore parts of the state you have never seen or attractions you have never experienced. Plan a day trip to a nearby beach, state park, or museum. Compared to a destination vacation, a stay-cation saves money on lodging and transportation costs. Make it even easier on your wallet by packing a picnic lunch and bring along some games or activities to keep everyone entertained.

Beach weekends, concerts and outdoor happy hours can put a squeeze on the budget. Try to be selective about what you buy tickets for, and splurge on an event that really matters to you. You can find added savings when you use your Town & Country Rewards Credit Card or Rewards Checking Account Debit Card for your big summer purchases.

These are just a few ways you can create a fun and memorable summer without breaking your budget. Town & Country is here to help with any of your personal finance questions. Reach out to a credit union representative by emailing us at info@tcfcu.com, calling 800-649-3495 or book a consultation here.