5 Refreshing Ways to Take Charge of Your Money This Summer

Summer brings the heat. But one thing you don’t want it to bring is pressure on your finances. With vacations, summer camps, backyard BBQs, and so many other fun things to do, summer spending can add up quickly. But with a little planning, it doesn’t have to.

Here are five ways to stay on top of your money and make the most of the season:

1. Know your ins and outs. Review your budget and spending habits. Are you staying on top of your bills? Are you making progress toward your savings goals? Are there expenses you no longer need, such as multiple subscriptions? Now’s a great time to shed those added expenses.
2. Set a vacation budget. Vacations are so important for creating memories and giving you a break from your routine, but they can also leave a big dent in your finances if you don’t have a budget. Before you book a trip, determine how much you can comfortably afford. Be sure to list all expenses – travel, lodging, meals, activities, and even souvenirs. If leaving home isn’t in the budget this year, consider a staycation where you can explore local parks, sights, and events close to home.
3. Have a no-spend day. Ready for a challenge? Make one day a week a no-spend day. On that day, avoid buying coffee, going to lunch, or making other purchases you don’t need. You may be surprised at how much you save over the course of the summer by making just one small change each week. If you master that, challenge yourself by adding a second day.
4. Give yourself a financial checkup. Summer is a great time for a mid-year money checkup. Look at your emergency savings, your credit score, and your debt to know where you stand. If things aren’t where you’d like them to be, it’s not too late. Make a few adjustments and get back on track. Even small steps can make a big difference by the end of the year.
5. Watch out for soaring energy costs. As temperatures rise, so can your utility bills. Air conditioners, fans, and other cooling systems can put a strain on your budget during the summer months. You can keep costs lower by setting your thermostat a few degrees higher when you're away from home, closing blinds or curtains during the hottest parts of the day, and using ceiling fans to improve air circulation. Having routine maintenance done on your HVAC system can also improve efficiency and lower costs.

Stay financially cool. Summer is a time for fun, not financial stress. By paying attention to your spending, planning ahead, and looking for simple ways to save, you can enjoy the season, stay on track, and keep your goals in reach.

A few small changes today can make a big difference tomorrow.