Maximize Your Summer 2023 Savings: Make the Most of Your Money

^{By Bromwich+Smith Staff | 1038 words | Reading Time:  5 minutes, 11 seconds | Date: 2023/06/08}

Summer is the perfect time to relax, explore new adventures, and create lasting memories with your kids. It is equally important to understand how to manage your finances wisely to ensure you can make the most of this season without breaking the bank. By implementing a few clever strategies and making conscious decisions, you can enjoy a fulfilling summer while staying financially responsible.  

1. Set a Realistic Budget  
   If you have been following our blogs, you will know by now our first tip is always to look at your budget. One of the most effective ways to make the most of your money this summer is to establish a realistic budget. Determine how much you can afford to spend on various summer activities, such as vacations, outings, and events. Consider your income, existing financial obligations, and savings goals when creating your budget. If you already have a budget- congratulations you are on your way to having a successful summer. If you don’t have a budget, that’s ok theres no time like the present to start. Wither way, make sure to take a look at your expected expenses, and make sure to allow for the extras that will sneak their way in- budgeted or not. This includes extra gas for travel, replacement camping gear, water activities, excursions for the kids and more.  

2. Embrace the Outdoors and get the kids moving
   Summer provides abundant opportunities to enjoy the great outdoors and stay active without adding to your debt. Consider outdoor activities like hiking, biking, camping, and swimming which not only promotes a healthy lifestyle but also allows you to keep the kids entertained, and are often inexpensive options. Instead of paying for a gym memberships, take advantage of the ability to go for a run outdoors. Local community associations often offer free or low-cost fitness classes, yoga sessions, or sports leagues. You can also organize picnics, barbecues, or potluck gatherings with friends and family, where everyone contributes, making it an affordable and enjoyable social activity. Set up your outdoor living space, and you are guaranteed to want to spend your time outside.  

3. Reduce Your Utilities 
   As the temperatures rise, energy bills tend to go up due to increased air conditioning use. However, you can take measures to reduce your energy costs during the summer months. Start by optimizing your home's energy efficiency by sealing any drafts, using curtains or blinds to block out heat, and setting the thermostat at a reasonable temperature. Turn your furnace and ceiling fans to summer mode, and consider using fans instead of air conditioning whenever possible or using programmable thermostats to regulate cooling when you're away. Unplug electronic devices when not in use to avoid unnecessary energy consumption. You may consider hanging your clothes outside to dry instead of using your dryer. These small adjustments can add up and help you save money while still staying comfortable throughout the summer.  

4. Hit Subscribe 
   With the kids home, and constantly looking for something to do you may want to see which programs offer trial periods and hit subscribe. Rec centres may offer a 2 week, or thirty day trial. During the pandemic, many programs that had to shut down started offering online classes and many have continued this as a revenue stream. Consider online yoga classes, art classes, cooking classes and more to keep the kids entertained for low monthly enrollment.   

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Making the most of your money during the summer requires careful planning, prioritization, and smart decision-making. By creating a summer budget, seeking out free or low-cost activities, and planning ahead, you can enjoy a memorable and financially responsible summer. We don’t suggest you depriving yourself of experiences but rather we encourage you to  find creative and cost-effective ways to enjoy the season while staying within your means. Let us know your tips, or what you find as a cost efficient tip and we will share in our next monthly newsletter. 

Remember, we’re here to help you find the solution that best fits your needs. At Bromwich+Smith, we do this by offering an initial free, no obligation, confidential consultation by phone 1.855.884.9243 or video. You can also request a call back at our contact us page. We’re working with you to rebuild your worth. 

FAQs:

1: What is the first step to make the most of your money during the summer? 
 
The first step is to set a realistic budget. Determine how much you can afford to spend on summer activities by considering your income, financial obligations, and savings goals. Account for expected expenses and make sure to allow for unexpected extras that may arise. 
 
2: How can outdoor activities help in managing summer expenses? 
 
Embracing outdoor activities like hiking, biking, camping, and swimming can be both enjoyable and cost-effective. These activities promote a healthy lifestyle, keep the kids entertained, and often come at a lower cost compared to indoor alternatives. Additionally, exploring local community associations for free or low-cost fitness classes, yoga sessions, or sports leagues can provide affordable ways to stay active. 
 
3: How can one reduce utility costs during the summer? 
 
To reduce energy costs during the summer, you can take several measures. Start by optimizing your home's energy efficiency, such as sealing drafts, using curtains or blinds to block out heat, and setting the thermostat at a reasonable temperature. Utilize fans instead of air conditioning whenever possible, unplug electronic devices when not in use, and consider using programmable thermostats to regulate cooling when away. Small adjustments like drying clothes outside instead of using the dryer can also contribute to saving money. 
 
4: How can subscribing to trial programs help with keeping the kids entertained? 
 
Subscribing to trial programs can provide a variety of activities to keep the kids entertained during the summer. Rec centers often offer trial periods for classes or activities. Additionally, many programs have started offering online classes, including yoga, art, and cooking, which can be enrolled in for a low monthly fee. Exploring these options can help keep the kids engaged and entertained without breaking the bank. 
 
5: How can one stay within their means while enjoying the summer? 
 
Creating a summer budget, seeking out free or low-cost activities, and planning ahead are essential. It's important to find creative and cost-effective ways to enjoy the season without depriving yourself of experiences. By implementing these strategies, you can have a memorable and financially responsible summer 

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