Summer Savings
Spring is traditionally a time for dusting off the cobwebs, cleaning out the garage, and infusing new life into your home. A lot of folks use that opportunity to take stock of their “financial home” and make some smart springtime moves that could save money.
And now that summer is officially here, you can continue on the savings train. The weather is warming up, and the temptations to spend are all around us; beach trips, pricey hotels, expensive treats, and let’s not even talk about the new wardrobe!
But your summer doesn’t have to be a money pit.
It’s all in the details. You can start small, and scale up from there. According to a recent poll, only one-in-three Americans prepare a detailed household budget. This opens the door to letting bills slip through the cracks, and as a result, you could end up with late fees and penalties. It also leaves things a little up in the air as to how much money is coming in, how much is needed to cover bills, and how much is available for savings and investments.
The small monthly obligations can really add up. Take a look over your bank statements, and see which bills you can dispense with.
There are endless amounts of ways to waste money. USA Today listed 20 of the top ways recently. Chief among them were: wasted energy bills, daily coffee purchases, premium cable packages, traffic tickets, lottery ticket purchases, unused gym memberships, tobacco, alcohol, gambling, ATM fees, expensive (unneeded) warranties, credit card interest, and so on down the list.
How about the kids’ extracurricular activities or recurring memberships that they aren’t interested in anymore?
And speaking of kids, do you really know how much they spend on in-app purchases for their games on the iPad? There are horror stories of children running up charges of thousands of dollars without their parents’ knowledge.
In the same way that you would prune your bushes and trim the hedges in your yard, it would be a smart thing to trim your expenses and use that extra money to stash away in savings and effective investments that increase your financial well-being
IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
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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.