Summer Money Saving Tips During COVID-19

author icon MPower News calendar icon June 11, 2020
covid-19 closed beach

Summer Money Saving Tips During COVID-19

Summer 2020 is set to be unlike any other summer before. Months that are generally dedicated to playing in the pool and basking in the sun with friends and family will now have to be realigned to fit in social distancing norms or whatever the "new normal" is in your state.

Schools are already closed, there are no fun places to visit, and vacation travel is a farfetched daydream. However, don't write off summer 2020 just yet. Approach it as if you have been redirected to work on other goals. From working on your fitness and work-from-home skills to using this time to save money and improve the state of your bank account, there is still much to do in the upcoming few months.

The warmer months offer great opportunities to cut down on expenses and bolster your savings. Use every seasonal advantage you can get during the pandemic.

To get you started, here are a few summer money-saving tips during COVID-19.

Ask, and you shall receive

These are stressful times but remember that you are not alone. Ask for help whenever you need it. If your finances are causing you stress and you need more than these tips to help you save money during summer 2020, consider seeking professional advice from reliable financial counsellors. Millions of people are feeling the weight of debt on their shoulders, and at MPowering America, our goal is to help you overcome your barriers and ignite your dreams. Contact us to learn more.

Plan economical and thoughtful family fun time

Since theme parks and other activity venues are closed or limited, you have already saved on plenty of money that would otherwise be spent on a day's worth of fun.

On average, theme park entry tickets cost between $50 -100 per person. Add to this the money you would have spent on meals and other miscellaneous items needed for a day out.

This summer think of economical and thoughtful ways to meet your family's fun goals. Maintain necessary precautions and head to a state park or simply jazz up your yard with an inflatable pool reserved for your family.

Put an end to retail therapy....for now

Since schools are closed during summers, most parents end up spending quite a bit to buy new things to keep kids entertained and busy.

Put a pin in any purchasing plans and focus instead on what you can do with what you have. Start with creating an inventory of things you have around the house that could be used to entertain your family. Break out that old board game, plan a scavenger hunt for the little ones, or find a good book that you can read aloud together as a family.

This will help you use up the resources you have, but you will also save money on buying things that might have been useless in a few months' time. If you have to spend, think local and made in the USA.

Set up a family picnic

As the COVID-19 curve goes through its highs and lows, you likely have seen restaurants in your area opening their doors after months of lockdown. Make a list of local restaurants that you can support if your budget allows for it.

You are likely to save money by cooking at home or ordering takeout vs. dining in.

Get everybody on board to give you suggestions of what they would like to do, games to play, and food items to gorge on. You can make a day out of this without spending too much money.

Think local

In times like these, smaller retailers and local businesses need all the help that they can get. As a buyer, you might find much bigger discounts offered by smaller stores than retail conglomerates.

You will also chance upon fewer people when you step outside to go shopping as compared to the milling crowds in bigger supermarkets and stores. Support your local retailers and save money by making use of the deals and discounts that they offer.

Weather control like a pro

Air conditioners see much more use during the summer months. As the days heat up, your utility bills are likely to rise in proportion. Stay comfortable, but also make sure that you take small steps to curb your bills and save money on them this summer.

According to the US Department of Energy, about 76% of the sunlight that gets in through your windows contributes to heating up your living space.

This also means that your air conditioner will have to work that much harder to cool down the room, leading to higher electricity costs. Keep your curtains drawn during the day, or at least try not to let direct sunlight into your home. Ensure that the cool air is not escaping by caulking shut your windows and door frames.

At MPowering America, our experts understand how overwhelming the current financial situation can be. With a sound financial education, you can get one step closer to getting rid of your debts and putting some savings back into your bank account. Let us help you make this summer a good one for your family and financial health.

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