3 Spending Habits You Can Change This Summer to Save More Money

Heading into the summer as the world reopens for business marks an exciting moment. It also promises to be an expensive time, as you finally get to see, experience, and taste things that were unavailable last year.

3 Spending Habits You Can Change This Summer to Save More Money
[image: pexels by andre furtado]

You’ve been through a lot, but so has your budget! While you might be ready to do just about anything and everything this season, your wallet might not be prepared to finance an uninhibited summer of fun.

Does this mean you have to stay at home? No! With the help of these budgeting tips, you can save more money for summertime fun!

Make More Than the Minimum Payments on Lines of Credit and Credit Cards

Making the minimum payment on these revolving credit accounts might save you money in the short term, but it could end up costing you in the long run. That’s because the minimum represents a fraction of your outstanding balance. When you pay it, you’ll carry a balance over to the next billing cycle, where it may accrue more interest and finance charges.

The line of credit experts at MoneyKey encourages borrowers to make additional payments above the minimum. According to their website, sticking to this payment strategy comes with three perks:

• You may pay down your outstanding principal balance.

• You may open up more of your available credit.

• You may lower the amount of total interest charges you end up paying.

If you can wipe out your line of credit payments in one go, you could sock away the money you save in interest — lending credence to the saying you have to spend money to make money!

Spend Less on Your Cell Phone

Now that you can meet friends and family on patios this summer, the need for a comprehensive cell phone plan may not be as essential as it once was during the pandemic.

Review your usage and see what you can get away with in terms of reducing your talk and data limits. You want to choose an affordable plan without going so low that you’ll gain overage penalties every month.

You’ll also want to opt-out of unnecessary charges when possible. Cancelling the following services could save some money each month:

• Enhanced voicemail

• Insurance

• Paper billing

• Roadside assistance

Spend Less on Food

If you’re salivating at the thought of meeting up with friends and family over good food and drinks, there’s a good chance a lot of your summer money will go towards patio brunches and dinners hosted by your favorite restaurant.

Eating out can be a costly habit, so it’s crucial you try to spend less at the grocery store. Cutting costs here can balance out extra spending on restaurants.

Following a meal plan is one of the best money-saving tips for groceries. You can fill your week with inexpensive yet nutritious meals, building your plan around store sales, coupons, and in-season produce. Your plan will also force you to follow a list when you’re shopping, which is a great way to keep costly snacks and unnecessary food out of your cart.

Another surprisingly simple tip that saves money? Never shop when you’re hungry. People spend 64% more on groceries when their bellies are rumbling.

If your plans to enjoy the summer come with a big price tag, prepare your budget for your activities. Making these subtle changes to your habits can help you make the most of the season without dooming your finances.