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How to Avoid Depleting Your Savings this Summer

Summer is a time for fun and relaxation, but all those summer activities can wreak havoc on your savings account. To avoid depleting your savings (don’t forget about that new home you’re saving for), the National Foundation for Credit Counseling© (NFCC©) recommends steering clear of these top money wasters:

1. Impulsive Travel 
– Hastily booking a trip at the last minute can be very expensive, mostly because no time is taken to research deals and comparison shop for the lowest prices. Use the tools available on the Web to capture the most savings. Start by comparing package offers and try to be flexible with travel dates. Many travel booking sites offer special value-added deals that include hotels where kids eat at no cost. You may also catch a break from rental car companies offering free upgrades to give you and your family a little extra leg room. When it comes to travel, a little planning helps your money go a long way.

2. No Spending Plan
 – A budget is essential for saving money throughout the year while allowing for necessities like housing and food. The same is true for any summer holiday. Research the destination and compare prices for all of the anticipated activities. Start saving money each month throughout the year to have enough for estimated costs. Less worry about credit card spending leads to a more enjoyable time for everyone.

3. Extra Baggage and Other Airport Blunders – Extra planning saves a whole lot of money at the airport. Savings can start with the number of bags packed, if limited to the size and quantity allowed by the airline being used. Each airline has different guidelines, so it pays to check before traveling. Food and beverage costs are sky high in the terminal and on the plane, so bring some snacks in the carry-on luggage since certain types and quantities of non-liquid food items are allowed through security. An empty water bottle can be filled at any public fountain and helps spare the extra expense of buying bottled water at premium prices inside the terminal or on while in transit.

Source: NFCC

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