There is nothing like the freedom of summer to go out, have an adventure, and maybe spend a little too frivolously in the process. Many events occur in the summer, and it is also an important time for vacationing and enjoying the warmth of the heat. Summer is always all play, no save; there are many ways to have a great summer without banking the bank or overestimating the budget. In today’s blog by Foundation Credit Union, we offer some positive summer spending tips to keep you experience fun in the sun and savings in your wallet.
Create a Savings Goal
The first step to positive summer spending is to create a savings goal. Write down what you want your long or short-term savings goal to be. Do you want to save an additional $12,000 or an extra $500-$700 for the month at the end of the year? Whatever the amount is, write it down so that it is apparent to you every day that you are working to achieve this goal.
Stick to Cash Instead of Cards
Credit cards make it easy to swipe as we go for convenience. Credit card use is one of the most significant contributors to debt for individuals aged 25-50. The average household credit card debt is around $5,000-$6,000. That’s quite a bit of debt if you already have financial obligations like your mortgage loan. Sticking to cash prevents the temptation to swipe your card and limits you to what is available in your wallet.
Planning out a budget sheet leads to high-end savings in the long run. The first place to start in your budgeting plan is to pay yourself. When people get paid, they immediately allocate that money to their bills, and whatever is “leftover” contributes to their savings. Usually, after this method, there isn’t much remaining to supplement their savings properly. The best way to combat this is to pay yourself first. Whenever you receive any form of compensation, immediately take a portion of that and put it away in your savings. It doesn’t exist anymore to you, and that money is no longer available for use. This form of salvation is a great way to build your account quickly.
Additionally, map out where most of your spending goes after the essential bills are paid off. Multiple subscriptions are a significant contributor to unnecessary funds taken out of your pocket. Foundation Credit Union offers budgeting plans and consulting for your future.
Look For Deals
There is nothing better than a great deal. Before you buy that nice shirt or spend on your groceries, look online for any applicable coupons or discounts you can add to your haul. Looking for deals takes a couple of minutes, and if you happen to find one, you can save big in the long term, which means more summer fun.
Achieve Your Savings Goals With Foundation Credit Union
At Foundation Credit Union, we offer savings plans and mortgage loan assistance for homebuyers or people looking to open a savings account. We want to help you reach your savings goal by developing a balanced budget to create financial literacy and freedom. If you want to learn more about creating a friendly budget for life, work, or travel, contact us online or call 417.895.2770 for further details.