With the summer vacation season coming soon, you’re probably already dreaming of pristine beaches, family reunions or mountain hikes. But for many people, those dream vacations stay just that — dreams— due to lack of funds. However, you still have time to start save up for summer vacation with a little advice from a trusted financial professional. By cutting back on some everyday costs, you can end up saving in a big way.
Pass on the fancy coffee: $60-plus
If you’re saving up for summer, just say no— to that caramel mocha frappuccino. Believe it or not, the average daily latte can cost more than $4. Even if you’re hitting every other day, you’re still spending upwards of $60 on a simple cup of joe. By brewing at home or abstaining altogether, you can build a solid foundation for your vacation fund.
Sell stuff you don’t need anymore: $200
If you’re a serial hoarder, it’s time to ‘fess up— and clean up. Finish up your spring cleaning and make some extra mullah by holding a garage or yard sale. Got a treadmill you haven’t used in years? How about clothes that don’t fit anymore? All of that stuff packed away in your closet is money just sitting there gathering dust. It’s time to cash in.
Cancel your gym membership: $50
With the weather getting nicer and the days getting longer, summer is perfect for doing a little outdoor exercise. If you lack motivation, check out free fitness groups in your area. There are plenty of online groups for you to find others online that are interested in outdoor fitness activities. Join a group that runs every Thursday around the local lake, or a group that practices yoga in the park.
Eating at home: $200
If your collection of takeout or fast food menus is your default cookbook, you could be saving a whole lot by burning off the grease in that oven. Did you know the average American household spends $2,678 per year at restaurants— that’s $223 per month. Skipping on the restaurant is one of the easiest ways to save in a big way, and you’ll most likely wind up healthier on top of it.
Leave the car in the garage: $200
Depending on how much you need it, your car could be a big hindrance in the summer savings plan. The average US household spent more than $2,600 fueling up in 2013. If you’re a two-car household, consider carpooling to work, biking, taking public transit or walking, depending on how close you are to the office, of course.
Fattening the piggy bank: $60
Most of us are keeping tabs on those coins. At the end of the day, put all your spare change and $1 bills into a jar. Even if that’s as little as $1 a day, you’ll save at least $30 a month. If there are two of you in your house, you’ll double your savings!
Summer is right around the corner. Using these money-saving tips now can help you save at least $700 in one month’s time— enough for a relaxing summer getaway. Scott A. Kunkel, CPA PC can help you with money saving ideas. Call us today in us today in North Richland Hills at 817-498-1040 to have a chat.