Learn to save money this summer, without missing out on the fun. Here’s some tips on how to spend your cash wisely.
When the summer hits and the days get longer and the weather is warmer, you can’t help but start to go out more. Holidays, festivals, nights out, there’s a lot to do.
Sadly, just because it's summer does not mean you get paid more or have a bigger student loan, therefore that’s why we're here to help you enjoy your summer without breaking the bank.
Know your limits
To be able to be smart with your money you need to have an accurate understanding of what your budget is. Therefore, the best way for this is to set a limit on how much money you can spend within a week.
To really make it as efficient as possible we advise setting budgets for different things e.g. one budget for food and one budget for socialising. Smart budgeting like this will allow you to have an efficient way of knowing your limits.
Using cash not credit
Using a credit card or overdraft is the worst thing you can do when trying to spend money wisely.
Obviously, in the short term, the extra cash you will have to spend is a bonus, but over the course of a long period such as the summer, credit debt builds up quickly. Don’t spend your first Autumn loan before it’s even here!
Eliminate wasteful expenses
Paid subscriptions are a killer. People end up subscribing to things not understanding what they have really signed up for and then all of a sudden £9.99 will be leaving their account for something they didn’t know existed.
Going through your bank statement and cancelling any useless direct debits is a great way to free up some cash ahead of the summer.
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Save money on holidays
Just because you’re on a budget doesn't mean you don’t deserve a holiday. You can save on your next trip by taking a vacation during the last week of August. Data from TripAdvisor suggests you'll spend 23% less if you travel after the early summer rush. Additionally, it's smart to look for a hotel room with a kitchen so you can save by eating in instead of dining out at expensive restaurants.
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