As restrictions roll back this summer, we are all looking forward to getting back out there and enjoying ourselves. But there is still a lot of uncertainty, and it is important that we keep a financial cushion in place in case of emergencies. Here are a few tips to help you stretch your budget this summer without ruining your fun.
Don’t Change Your Saving Plans
Stick to your existing savings goals throughout the summer. The pandemic has shown us that we cannot predict what is coming next. The job loss statistics for 2020 are a reminder to keep working on the provisions you have made.
Plan any big summer activities now and calculate how much they will cost. Include everything from travel and accommodation to meals, drinks and entertainment. Plan home improvement and interior design projects carefully and be clear on the cost. If your budget will not stretch, change your plans now before it’s too late.
Account For Summer Treats With Everyday Cuts
Trim your current budget to allow for one-off summer expenses. If you know that you are going out with friends at the end of the month, stop treating yourself on the way into work during the week.
Reconsider where you are shopping for everything from food to clothing. Look for cheaper brands and shop in bulk to save money. Planning your meals will cut down on impulse purchases, as will using leftovers.
Take Advantage Of Assistance Where You Can
Find out if you could be eligible for home loan support before you apply for a mortgage by working with experts such as The Home Loan Expert. If you have been struggling with your credit score, an FHA (Federal Housing Association) loan could be the answer. With a lower minimum down payment and credit score threshold, these are designed to help people who currently have a lower to medium income level. There are other requirements that need to be met so talk to your provider.
Find Ways To Save And Look For New Money-Making Opportunities
Collect coupons for the stores and brands that you use and download apps to take advantage of any promotional offers. Member reward schemes can save you a lot of money on everything from your weekly shop to vacations.
Add an extra revenue stream to your budget with a freelance gig. Think about which of your skills are marketable to companies in need of extra staff. Plan your days to allow for an hour or two of freelance time.
Look At Your Travel Costs
Calculate how much money you could save by using public transport, walking or carpooling. Many of us will be working from home for the foreseeable future. Your car could be a huge expense that you could cut with minimal difficulty.