Elaine King, an international expert in family finance, author of 6 published books and Founder of Family and Money Matters(TM) Institute recently shared potentially life-changing tips on how to save money over the summer on Univision’s radio program Buenos Dias America.
The summer offers a change of routine that you can use to spur you on towards greater financial health. During the interview, Elaine, Certified Financial Planner offered four tips for saving money that can give your finances a boost:
With the kids out of school, special activities and vacations are on most people’s summer schedules. To help control spending, set a budget for these extra activities. Elaine, who is also a mediator of the Florida Supreme Court, suggests making the budget clear to all family members. This helps keep expectations about summer activities clear.
Why not organize a savings contest? Whether you compete with your partner, family members, or friends, you can boost your savings with a friendly competition. Some examples of possible competitions are: who achieves the most savings when grocery shopping or who serves the healthiest BBQ for the lowest cost. Then, offer a small prize to the winner.
There are lots of ways to save over the summer! Try eliminating your cable service to save money. This way, you'll also force the family to find other, more intellectually stimulating forms of entertainment. Seek out free activities in your area such as at the library or local parks. You can also clean out the house and host a yard sale to earn extra cash.
For those who struggle to stay on a tight budget, Elaine recommends switching to cash. She cited a study saying that those who were given $50 cash underspend the limit while those who were given $50 on a credit card overspent. So, although you may have to visit the bank to get out cash, it’s worth the visit to stick to your budget.
Finally, Elaine recommended that listeners pick up a copy of her book, Los Colores de Tu Dinero, for an overview of how to get your personal finances in order and achieve your goals.
To hear the complete interview where you'll learn even more smart tricks for saving money this summer, tune in here.