I’m a Financial Planner: 5 Tips for Saving Money on Your Late-Summer Festivities
Written by
Nicole B. Simpson, CFP
Edited by
Gary Dudak
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Though summer is already almost halfway over, we must not forget the overarching goal of the season: Have a blast but don’t allow your finances to dampen your spirits.
OK, that may not be the only goal, but it’s good to remember that you can enjoy the summer months without breaking the bank. For instance, never discount that surrounding communities may offer fun activities — like festivals, car shows and outdoor concerts — to enjoy for little or no cost. With that in mind, here are five things you can consider as you enjoy the most amazing summer season.
Plan Your Activities in Advance
Summer is in full swing, but you can still plan ahead for what’s left of it. Anytime you plan excursions in advance, you could budget for it more efficiently. In addition, looking for discounts and advance purchases can reduce the overall cost an estimated 10-15%.
If there is a favorite amusement part or local beach, see if they still have seasonal passes. Oftentimes, you can calculate the number of times you need to visit your favorite spot to determine if its economically beneficial to pay the expense up front. Sometimes, it just takes two visits to make it more than worth it.
Share Costs With Family and Friends
Pooling resources together with family and friends can create a wonderful summer adventure for all at a fraction of the cost. Today, Airbnbs rent to travelers according to the space, not based on per person. They have dining areas and other amenities that can reduce the overall costs for bigger groups looking to spend quality time with the people they love and enjoy.
Use a Tourist Discount Card
If you are traveling to another state and you intend to go sightseeing, inquire if the town you are traveling to has an all-access tourist discount card. Many cities identify it as a “Go City” card.
The premise is simple. Pay one fee to have access to various museums, amusement parks, great restaurants and additional attractions. You purchase the card for a set number of days, and you can roam freely. The restaurants offer a discount while the attractions can admit one. The overall savings can rack up quickly.
Set Financial Limits
Regardless of where you are traveling, establish a budget for the month — weekly and daily. This will help you to plan out your activities.
In addition, you can get creative by planning an activity on a day that isn’t a peak time to reduce the costs. For example, if you plan to enjoy a movie, you can go during the week or in the middle of the day. If you are traveling to the beach, you can plan for the evening hours when parking fees are normally waived. If a monthly budget is established, it will provide greater flexibility to incorporate higher expensed excursions along with the days where you need to be entertained on a shoestring budget.
Save in Advance
Saving in advance is always important — even if you are already thinking about next summer. Join forces with the family and create a wish list for then. This will allow you to plan for the festivities in the next year and eagerly look forward to creating new memories.
Having a great time during the summer doesn’t have to break your budget or place you in debt. Making a few adjustments to your summer plans can allow you to enjoy the beautiful weather, experience new things and still maintain your financial objectives.
Editor’s note: Dr. Nicole B. Simpson is a dedicated certified financial planner and the CEO and founder of Harvest Wealth Financial.
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