Summer is the time when people often travel with their families, plan vacations, and want to enjoy themselves. But have you ever thought we actually end up disturbing our budgets? One has to be very careful, as enjoyment can result in overspending.
Well, to save our readers from those financial burnouts, we are here with this week’s #It’s Time edition, which will help them save big this summer vacation.
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1. Stop Overspending On Summer Activities
There are several ways to have fun in the summer, but it is recommended to prioritise health and finances. Think before booking for those pool parties and travels.
Instead of taking that summer holiday break, one should think of contributing to their retirement account. Having payments to retirement funds debited automatically from your account eliminates the chances to overspend. SAVE! One can then spend what’s left over after you’ve funded your savings.
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2. Summer Budgeting
This is really really important: Plan your activities ahead of time and set up a fund to cover the charges to avoid overspending during the holiday season. You can open a separate account or just put cash in an envelope and stop spending when the money runs out.
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Bonus Tip: If you do not have a summer budget, do not rely on credit cards.
3. Keep An Eye On Fraud
Be it local attractions this summer or activities outside the country, it is important to always keep a tab on your accounts for unexpected expenses or activities.
Regularly log in to your bank and credit card accounts and set up notifications for when charges are made to your accounts. One should also obtain a free copy of their credit report from Annual Credit Report and check it for any unauthorised activity.
4. Beware Of Scams!
Scammers use a number of methods to get your money. Some are seasonal, but there are a wide range of frauds to be aware of. According to some news reports, one of the most popular scams involves advertising significantly reduced vacation rental homes or vacation packages. Deals that appear to be too good to be true and require a down payment or wire transfer are red flags.
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5. Staycation Over Vacation
A staycation is an excellent way to save money while exploring your neighbourhood. This technique removes two of the most costly expenses: lodging and transportation.
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6. Try To Avoid Debit Cards At Hotels
When renting a room for your summer vacation, avoid using a debit card since some hotels impose charges as a security deposit or for other prospective room expenditures, such as room service. The money is normally refunded as soon as you check out. That money, however, is on hold, which means you may not be able to use it in an emergency.
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7. Yes! There’s Something Called Free Entertainment
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This summer, one may simply avoid spending money by engaging in free events. This summer, local public libraries, free events, and activities can assist you and your children.
Several zoos and botanical gardens provide free admission on specific days of the week. Local parks may also provide fun, free outdoor activities. Check out the websites of local organisation for further information before you go.
With this, we wish you happy saving and happy investing.
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