Summer Financial Tips to Help You Make the Most of the Season

Client Centered

June 2023 | Cornerstone Private Asset Trust Company

Summer time is finally here. After spending most of our time indoors, it is time for us to venture outside and enjoy the beautiful weather, however, it can be a costly time of year. Nobody wants to miss out on the fun, and you don't have to. Here are a few summer financial tips to help you make the most of the season. 

1. Create a budget: Start by setting a budget for your summer expenses. This will help you prioritize your spending and avoid overspending on non-essential items.

2. Save on energy costs: Take advantage of the longer days and warmer weather by reducing your energy usage. Use natural light instead of artificial lighting, unplug electrtonics when not in use, and adjust your thermostat to save on cooling costs.

3. Plan affordable vacations: If you're planning a vacation, look for ways to make it more affordable. Consider traveling during off-peak times, usung travel reward programs, or opting for budget accomodations like camping or vacation rentals.

4. Take advantage of free activities: Summer offers plenty of free or low-cost activities. Take advantage of outdoor concerts, community events, local parks, and hiking trails. These activities can provide entertainment without breaking the bank. 

5. Use your local resources: Explore what your community has to offer. Visit local farmers markets for fresh produce, take advantage of free community classes or workshops, or enjoy free or discounted admission to museums and attractions.

6. Review your insurance coverage: Take some time to review your insurance policies, including home, auto, and health insurance. Make sure you have adequate coverage and consider shopping around for better rates to potentially save moeny.

7. Control dining expenses: Summer often means dining out more frequently. To control your dining expenses, consider cooking meals at home, having picnics in the park, or hosting potluck dinners with friends and family. These options can be bost cost-effective and enjoyable. 

8. Save on summer clothing: Look for sales and discounts when shopping for summer clothing. Consider buying off-season items at the end of the summer for the following year, as they are often heavily discounted.

9. Evaluate subscription services: Review your subscriptions services, such as streaming platforms, gym memberships, or magazine subscriptions. Cancel any services you no longer use to save money.

10. Set financial goals: Use the summer as an opportunity to set financial goals for the rest of the year. Whether it's saving for a specific purchase, paying off debt, or increasing your emergency fund, having clear goals can help you stay motivated and make smarter financial decisions. 

Remember, financial responsibility in a year-round practice, but these tips can help you enjoy your summer while also being mindful of your finances. 

This article was partially curated by AI Technology and verified by Cornerstone Private Asset Trust Company, LLC.