Even in a good economy it never hurts to involve the right money strategies. As the summer approaches its peak, it is still not too late to employ a few smart moves to make the most of the travel season.
While most people are probably looking forward to downtime and family reunions, smart consumers know that summertime can also be a good time for financial planning.
You could very easily take some time off but while you are relaxing by the pool you might also want to consider taking on a little more responsibility when it comes to your personal earning potential. Thus, here are a BLANK smart summer money strategies:
1. GET A RAISE – According to Farnoosh Torabi, author of Psych Yourself Rich, summer is actually a very good time to make noticeable moves at the office. It is actually easier to stand out as coworkers get more and more distracted with family vacations or theme park visits.
2. GET RID OF ITL – Linda Descano, president and chief executive of Women & Co. (a women’s interest website that is published by Citigroup) says that summer is a great time to get rid of clothing you no longer need or want. She asserts that you can always make a little extra cash by selling your overstock to a secondhand store or through the eBay online merchant platform.
3. GET CREATIVE – Torabi also suggest that you sell other used items that you might not need anymore. Sites like gazelle.com, for example, can be just as effective as a yard sale. Speaking of websites, you might also want to consider renting out your driveway through parkatmyhouse.com if you are fortunate enough to live near an event center, fairgrounds, or other popular tourist site.
4. GET SMART – During some of your summer downtime you might also want to schedule a few hours to learn more about the many user-friendly budgeting tools that are available online or through online software developers. These tools can help you more effectively manage your checking and savings accounts, your 401(k), your mortgages, and more all through one convenient interface.
5. GET MOVING – Literally, the summer months may be a good time to consider finding a new residence. Carmen Wong Ulrich, president of the financial planning firm ALTA Wealth Management shares that houses are major expenses and they can become major financial burdens:
It may be your culprit when it comes to never feeling like you can catch up or get ahead, financially or even professionally.
Because of this, she says, you may want to consider actually downsizing your living arrangements and pocketing the difference in expenses.
6. GET SMART ABOUT BOOKING – when you travel, always be sure to check the amenities at your hotel ahead of time. Best Western’s business travel expert and youmustbetrippin blogger, Chris McGinnis, insists that you always look for these three things when booking your hotel: Wi-Fi, Breakfast, and Parking. When these three things are included in the room rate, a family of four can save at least $50 a day!
Look for sites like room77.com that offer filtering options to help you search by available amenities. Furthermore, booking in August – when children are getting ready to start school again – could also save you money since many hotels have empty rooms.
7. GET EDUCATED – lounging around outside, by the pool, at the campsite, etc. gives you a lot of time to catch up on some reading. Use this time wisely to study some money-management or money strategies, investment books. You could even share this reading time with your appropriately-aged children and double the experience as an opportunity to learn.