Supercharge Your Savings: End-of-Summer Saving TipsChelsea Rogers
As summer slowly starts winding down, now is a great time to reflect on your financial goals and implement strategies to boost your savings. Whether you’re saving for a vacation, preparing for upcoming expenses or building a nest egg, implementing smart strategies before summer fades away can set you up for financial success. Let’s take a look at some end-of-summer saving tips to help you supercharge your savings.
Review and adjust your budget
Take a close look at your budget and assess your spending habits. Identify areas where you can cut back or find more affordable alternatives. Consider trimming non-essential expenses, like dining out, unused or unnecessary subscriptions and impulse purchases. Allocate your saved funds toward your savings goals. With the new season approaching, plan your budget accordingly and account for upcoming expenses, such as cold-weather wardrobe essentials, increased heating costs, and school supplies.
Optimize your energy usage
With the weather gradually cooling down, the end of summer is a perfect time to ensure you’re optimizing your energy consumption. Utilize natural light whenever possible. If you haven’t already done so, make the switch to energy-efficient LED bulbs. Keep the shades drawn during the hottest part of the day and set the thermostat at the highest setting that’s still comfortable. Minimize vampire energy usage (devices that use energy and power even when they’re turned off or in standby mode) by unplugging small electronics, such as coffee pots, phone charges and computer cords, when they’re not in use. You may also want to invest in smart power strips that automatically cut power to idle devices. These small changes can lead to substantial savings on your energy bill, leaving you with extra cash to put into savings.
Take advantage of end-of-season sales
The turn of a season is always rife with big sales and items retailing at bargain prices. If you’ve been eyeing a new set of patio furniture all season or drooling over a new grill, this is the time to make your dreams come true without draining your wallet. As summer takes its final bow, look for discounted warm-weather clothing, outdoor furniture and equipment, gardening tools, and more. You can enjoy these steals for the rest of the season and/or put them away for next year. Stocking up on essentials at less cost will free up more of your later cash flow.
Take a financial fast
Mild-weathered summer is the perfect season for free or low-cost entertainment options. Resolve to keep one weekend, or even longer, completely spend-free. Make meals simply by using contents in your fridge, freezer, and pantry. Activities can include visiting local parks, hitting a scenic trail, or organizing a game night with friends. You can also check community calendars for free events, like concerts or outdoor movie screenings. By embracing cost-effective options, you can enjoy the season without compromising on your savings goals.
Automate your savings
Consider automating your savings to make it super-easy. Set up an automatic monthly transfer from your checking account to a specially designated savings account. This way, a portion of your income will automatically be set aside for savings without any actual effort on your part. If your employer offers direct deposit, split your paycheck so a portion goes directly into your savings account. By automating your savings, you’ll be less tempted to spend that money, and it will steadily grow over time.
Open a Holiday Club Account
The end of summer is a fabulous time to start thinking about next year’s summer getaway. Why not open up a Holiday Club Account at Scott Credit Union and begin saving for next year’s trip? You can set your goal and can then make regular deposits through payroll deduction, online transfers, by mail, or stopping by your favorite local branch. Plus, you have the flexibility to withdraw the money whenever you need it. By spreading the cost of a large, seasonal expense, you’ll have an easier time saving the full amount by next summer.
Open a share certificate
If you can spare $1,000, a share certificate is a great way to earn a better guaranteed return on your money. A Scott Credit Union certificate gives you a better rate than you would get in a savings account because that money can’t be withdrawn for a set period of time. Our share certificates have term options from six months to five years. Check out our competitive share certificate interest rates and choose the option that best fits your needs.
Summer may be slowly fading away, but it’s not too late to boost your savings this time of year. Take the first step by opening a savings account, holiday club account, or share certificate online or by visiting your local branch. Your future self will thank you for the smart investment as you save for your financial goals.