As the weather gets warmer, it seems that everyone embraces the idea of change. Out with the old and in with the new, as they say! In terms of your bank account, this might mean new spending habits. Research shows that most consumers actually begin to spend more money when it’s nicer outside. If we think about this, it seems to make sense. Think of all the vacations, weddings, home renovations and other expenses that people typically prefer to make on when it’s nice outside. Some research has even shown that people are in better moods when it’s sunny outside and this correlates to making more purchases. But, if we know that the weather correlates with our spending decisions, we can also start to mitigate this effect taking on a new summer savings regimen, as well! To that end, here are three clever ways you can try to save money this summer:
The $1 or $5 Trick
This tip is actually a very simple one, but many people don’t usually think of it. Here’s how it works: each time you make a purchase this summer, look at your change. Any time you see either a $1 or a $5 bill (you decide which, or even use both!), put it away in a jar. Then, by the end of the summer, you’ll be shocked how much you can save! Plus, this trick will be extra useful for people who don’t typically pay for things in cash – by pushing yourself to use cash, you can avoid the common feeling of swiping your cards and forgetting how much you’ve actually spent. Effectively, this tip will help you to be more conscious of how much you spend and how much you save, at the same time!
Take Advantage of Nice Weather
As we mentioned, the summer is a great time for people to get outside, especially to spend time with friends and family! However, this fact does not mean that you have to pay for every event you go to. Instead, take advantage of the nice weather and the free events that your city offers. Oftentimes, you will be able to find free concerts, movies, and other events nearby if you search for them online! By doing your research, you can end up spending some great quality time outside without spending a dime.
Use A Spending Tracker App
Finally, download an app to track your expenses this summer. As people typically spend more in the warmer months, it’s possible that you could be spending more money than normal without even noticing. Instead of falling victim to this increased spending, you can minimize it by keeping a log of the purchases you make. For some of us, the easiest way to do this is by downloading a spending tracker app. If you use a tracking app for the first month of summer, then, you might be able to notice areas where you’re over-spending and work to avoid this in the coming months. You might even find that this kind of simple log is something you want to keep doing in the future!
Of course, there are many other ways you can try to save money this summer, but these are just a few easy ideas to get you started. With the money you save, you might even find that you can allocate some extra funds to your investments!