Summer Savings
Summer is here, and it’s time to dust off those swimsuits and pool noodles once more.
There are many opportunities to loosen your purse strings in the warmer weather – summer vacations, summer sales, weekend getaways, bottomless margaritas, and so on. And don’t think that the many consumer industries out there won’t capitalize on your summer spending.
For example, the American summer camping industry, which brings in about $18 billion, and statistics show that about 80% of Americans plan some kind of summer getaway.
Despite the many ways we can let loose on spending habits this summer, there are actually some ways to save. There are some money-conserving strategies that may or may not have occurred to you already — and a variety of ways to be more frugal that will really add up.
Utilities
As you can imagine, home utility costs go up and down depending on the season. Electricity costs run higher in the middle of summer and the middle of winter in an effort to keep your home comfortable. If you use gas for heating, that can be a hefty winter expense as well. If you’re in the habit of doing laundry daily with a few small loads, your water bill is going to get pretty costly. Like bubble baths? You’ll pay for them when your bi-monthly water bill arrives.
Instead, try watering your yard every other day or so. Take short cool showers, and don’t crank the A/C up all day and night. Let your laundry dry outside instead of running the dryer for 90 minutes every load, and while you’re outside a lot more, try making more use of that BBQ. Cooking inside all the time not only adds to your gas/electric bill, but the heat the stove/over generates has nowhere to go, and stays inside the house.
Be thrifty
A new summer wardrobe might be an attractive idea, but the price tag on designer clothing from big labels and stores can add up very quickly. Consider visiting your local thrift store and getting great deals on good quality items.
Take advantage of the deals
While everyone else is spending money on outdoor activities and items, there are often amazing deals to be found on things like gym memberships and home goods. If you’re in the market for either of those, then take advantage of the savings available to you in their off-season.
Online comparison tools
If you’re planning a getaway, make sure you use online comparison tools to get the best deal possible on your travel and hotel costs.
Local produce
Summer harvest means that locally grown fruit and vegetables are abundant, and you can buy in bulk, saving some money and supporting local farmers at the same time.
Summer cleaning
If you didn’t do an annual spring cleaning, now would be a good time to empty out the garage and unclutter your closets. You can have a garage sale or even find some half-forgotten summer items hidden away that you could put to use again this summer.
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David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC