by HRRC Financial Counselor Keesha Allen. School is out, and vacation time is here. Now is a good time to take a look at your finances and ensure you are financially prepared to travel, spend more time at home and enjoy the summer weather here in Northeast Ohio. This is also a good time to plan ahead so you will have some extra cash saved for back-to-school expenses. Here are some different ways to do that – without having to sacrifice your summer fun.
Whether you are planning a cross-country trip to your favorite theme park or just traveling to see relatives, finding deals is a great way to cut costs. The best way to do that is to plan ahead. There are several online sights (including Kayak.com and Expedia.com) where you can search months in advance to find the lowest prices on flights and hotel rooms. The earlier you plan, the more you save – and the better chance you’ll have to find times and dates that will fit into your vacation plans. Even if you don’t plan months in advance, the online deals offered by these sites may be less expensive than trying to book a reservation when you arrive.
You don’t want any surprises prior to your departure. Make sure you are armed with information, and prepared to handle unexpected costs. If you will be flying, be aware of costly baggage and other fees that may be tacked on to the price of your ticket (usually, with payment required during check-in). If you will be driving to your destination, plan your excursion before you leave your driveway. Check your route in advance for gas prices and tolls. Research areas that usually have cheaper gas prices so you can plan your stop – but try not to veer too far from your route for a “bargain.” Remember that speeding may get your to your destination sooner, but it will cost you more at the pump; the U.S. Department of Energy estimates that every 5 mph you drive over the speed limit adds another $0.21-$0.71 a gallon to your fuel costs. Patience and planning should ensure that you and your family have a safe and successful trip.
Saving money is great, but making money is even better. Summer is a great time to put on or to join block or yard sales, or even to try selling items online. If you will be cleaning out storage spaces and other areas of your house, why not make money from items that you no longer need? Older electronics, baby clothes and exercise equipment can yield big money at your sale this summer. Ensure you’re maximizing your profits while still giving a good deal by researching what you put up for sale – and be willing to negotiate the price. When selling items online, use a trusted site and ensure that your profits and personal information will be protected by using a secure platform. During the summer months you can also attend local flea markets and swap meets to find bargains on items you need throughout the year. You can add your savings on things you find there to the money you make from selling unneeded items you already have at home.
Energy efficiency should be a priority every season, but with increasingly hot temperatures it’s easy to forget your usual practices. There are a few ways to combat the increasing prices of utility bills while staying cool and energy-efficient. Sprinklers use a lot of water; by not watering your grass every day, and by implementing landscapes that don’t require a lot of water, you’ll help keep your water bills low. Also, remember to check out the temperature setting on your hot water tank. If you increased the temperature during the winter months to combat the cold northeast Ohio weather, turn the temperature back down to 120°. It’s an easy way to see the savings add up.