Thursday, July 22, 2021

How To Save Money This Summer

 We all deal with money woes from time to time. However, if you want to put your best foot forward, you must know how to manage your money effectively as a parent. After all, when raising a family - your monthly living expenses will rise significantly, and you’ll find there’s always something else you need to buy. 

Photo by Visual Stories || Micheile on Unsplash

With that in mind, here are some top tips you can use to save money this summer.

  1. Put together a budget. The first step towards good money management is putting together a realistic budget. Write down a list of your monthly expenses - from groceries to bills to leisure activities - and figure out exactly where you can cut back on your spending. For example, could you find more affordable ways to shop by purchasing second-hand items? During this stage, you must be realistic. For example, if your weekly grocery budget is $50 - cutting it straight down to $25 is simply unattainable - but you might be able to cut it down by $5-10. 

  1. Keep an eye out for FREE family activities. Summer spending can go rampant when you are looking for ways to keep your kids entertained. As a result, keep an eye out for free activities that the whole family can enjoy - such as fairs, trips to the park, or museum visits. 

  1. Switch to renewable energy. Cutting down on your energy bills is another great way in which you can save money this summer - so why not consider switching to renewable energy? Despite common misconceptions, switching over to renewable energy sources such as solar paneling doesn’t have to be expensive. In fact, thanks to companies and initiatives such as choosesolar.com - you don’t have to install expensive equipment at home - and can connect to their solar energy so long as your home is connected to the electricity grid. Not only is this a great way to save the planet, but you’ll also notice that your energy bills decrease significantly. 

  1. Grow your veggies. If you’re looking to cut down on your grocery bill to stick to your new budget - why not try growing your own fruit and vegetables in your garden or outdoor space? Don’t worry - you don’t have to be an expert gardener to succeed - as there are plenty of easy-to-grow vegetables for you to try your hand at growing. Many of them do not even need much space either, which is great if your garden is on the smaller side. 

  1. Get serious about your savings.  Perhaps the most important aspect of saving money this summer is ensuring that you are actually doing something with the money that you save. For example, instead of leaving it in your regular bank account (where you may be more tempted to spend it), move into a savings account that adds interest. Alternatively, you could put into a scheme that will help you secure your child's financial future or start planning for your retirement. This means that you are being smart about your savings - and it is a great way to hold yourself accountable. 

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