Starting this post with some of the most relatable money/financial content I have seen on twitter this summer. Because, let’s be honest, it is a lot easier to save and do better with our money goals in the winter than it is in the summer. In addition to that, COVID restrictions had us indoors over the last two years and let’s just say, this summer feels like the opportunity to make up for lost time.
We have a few more weeks till the end of summer and you probably are trying to fit in all the plans you made this summer before the weather changes and the cold sets in. Or maybe you put your financial goals on pause to enjoy the summer and now you realize you need to do better when it comes to your financial wellness. 🙋🏽♀️🙋🏽♂️ Whatever the case may be, you are not alone and you have an opportunity to do better.
Here are seven tips to help you have a memorable summer without jeopardizing your financial health.
- Think before you spend: Don’t spend and then think after, that’s called buyer’s remorse. Yes, it might be marked down by 60% but do you really need it and how much is it really costing you? Think of it this way, a 60% discount means nothing if you still have to spend $300 or whatever amount you didn’t plan to spend or don’t have in your budget. You are not saving that money, lol.
- Explore indoor friendly activities in your house or at friend’s: Wine night, movie night, girls night, taco night, games night. I hear the best times are usually the spontaneous ones but, I also think the best activities are those that don’t financially stress you out. We outside but we inside also.
- Wear your wardrobe: You don’t need a new outfit for every event. And yes, I am writing this one to myself. Your outfits were not bought to be worn once, wear it again.
- Have a summer list and budget but, be flexible too: Having a list of things you want to do helps you plan properly and save for it too. Having a budget helps you stay aligned with your financial goals and avoids overspending. Remember to make your budget as flexible as possible so you could cater to things that may come up last minute.
- Figure out what you like to do and do more of that: Early on, I realized I’m not a museum or art gallery babe. I haven’t gotten the bug yet but, I’ll keep trying if I see an exhibit I am interested in (thoroughly enjoyed Van Gogh). I think at this time, I enjoy activities that don’t require me walking around a lot. I’m also BIG on experiences – I’ll take a trip over a new pair of shoes. So, I remind myself that there’s an experience that is more valuable to me than the discounted clothes or shoes.
- Learn to say NO.
- Avoid negative spending triggers: In the past, I went to the mall a lot, which encouraged me to buy clothes and things I don’t need. I’m not sure if I’m taking the ‘I don’t need it/don’t have money for this’ to seriously or the things I am seeing in the mall aren’t cute enough because I’ve been able to walk away a lot easier from things than 21 year old me would have. I realized going to the mall incentivizes me to shop or buy something so I limit my trips there as much as possible. What are your negative spending triggers, could it be the marketing emails companies send telling you about cheap flights or discounted gadgets? Or maybe it is going to the mall or going out past a certain time and not wanting the night to end- whatever it is, find your triggers and eliminate them.
- Finally and most importantly, automate your savings and investment contributions!
That’s it for this post. I am limiting my summer activities to staying home and doing the things that really matter to me – hanging out with my friends and also trying out new experiences. If it’s free and affordable and works with my schedule, I’ll also check it out.
That’s it for me. Do you have any tips you want to share?