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I love summertime: the warm weather, the crazy storms, the people out and about. It all makes me happy.
It’s the season to be carefree, roll down the windows and embrace life as fully as we can.
Sometimes, summer hits our budgets the hardest. It can be tough to save over the summer because there’s so much to do!
Going out for ice cream, drinks, dinners, block parties, waterslides, jumping in cold lakes, road trips, and not to mention the vacations we’ve booked (and the ones we haven’t). The kids are out of school and there’s a little more pressure to keep them occupied.
Little by little, summer expenses add up.
It doesn’t have to be all or nothing. You can enjoy your summer without straining your budget.
Here are a couple of ideas how:
Save for your summer
It’s obviously too late now, but use this summer to think about next year. What do you want to do? How much would you like to spend?
Open a new savings account, label it “Summer Savings” and set up automatic transfers to it with every paycheque. Just $50 a month will give you an extra $450 to play with.
Plan a vacation and start saving for it in the fall. This will reduce any financial pressure to make your vacation one to remember!
Find low-cost and free activities
You don’t have to pay for everything. There is a lot that you can do that won’t cost you too much.
Parks Alive! offers free music entertainment and other arts-based activities during July and August in a lot of Kelowna’s parks. You and the family can also check out the Kelowna Farmer’s and Crafter’s Markets on Wednesdays and Saturdays.
If you’re looking to escape the summer heat, pack a picnic and spend a day at the lake. Cooling off at the mall can also be a good option if you are able to resist the temptation of impulse shopping.
There’s a lot you can do that won’t cost you very much.
Sweat the little stuff
When you find $5 you can cut here and $5 there, but it doesn’t seem like a lot. When you develop a saving mentality, you understand that it all adds up and it really does! If you buy just three $5 drinks a week, over 9 weeks that adds up to $135.
This summer, Valley First is running a Summer Savings Challenge for our members, providing them a weekly tip on how they can make extra room to accumulate some savings over the course of the summer.
We want to provide them with a structure and share some ideas that will help them develop a saving mentality.
Grow your savings in short-term accounts
A great way to save for summer is to put some of that money aside the year prior into a term deposit – this way you are less inclined to utilize those funds and you can earn interest on it with minimal effort.
A lot of financial institutions come out with special rates around this time of year, which makes it a great opportunity for you to save for next summer.
Meet with a Summer Fun-ancial Advisor
Summer is a magical time of the year. Don’t let your finances spoil the party.
By sitting down and doing a little bit of planning, you can balance prioritizing your budget while enjoying the adventurous aspects of the season.
You don’t have to do this alone. Our financial planners have a wealth of experience and expertise to help you make the most of your summer.
Kylaina is an Assistant Branch Manager with Valley First, a division of First West Credit Union. Connect with Kylaina at kafonso@valleyfirst.com
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