How to save money without sacrificing your social summer
As summer fast approaches, it can be a difficult time to balance having a social life alongside trying to maintain saving goals.
New data from MoneyPlus revealed that Generation X (ages 45-60) are facing some of the worst financial strain in particular, with over half even cancelling holidays due to their financial situation, or using buy now, pay later schemes to stay afloat.
But balancing saving and spending isn't unique to just this age range, as it can affect everyone. However finance expert at Moneyfacts, Rachel Springall assures that 'it is possible to both save and have a sociable summer.'
'It is down to consumers to budget and be conscious of any essential bills whilst also juggling their aspiring saving goals,' she says.
Why is it harder to save in summer?
MoneyPlus found that 60% of people surveyed felt a pressure to spend a lot of money on big events and milestones – which may be amplified during summer.
'The cost of the summer can escalate quickly if someone does not make efforts to budget,' Springall says. 'It's unwise to neglect building a saving pot at this time and it is true that consumers could be a bit apathetic this time of year to save.
'However, putting a little bit of cash aside each month could really make a difference in the months ahead.'
Springall and Santander financial advisor Mark Weston share their tips for balancing saving along with enjoying the summer holidays.
Automate saving habits
'During this time, the arrival of app-based savings providers can be useful for those who want to automate their savings habits,' Springall says.
'There are apps available, such as Plum, which can connect to a customer's bank account and work out their weekly savings amount. This is incredibly handy for those with busy lives and may forget to make a manual payment each month into their savings pot.'
Know your income, expenditure and budget
Weston explains that the more you're aware of your spending and the more you plan, then the more likely you are to have flexibility.
'Having a clear idea of your expenses and budget is a great start,' Weston says. 'Using budgeting tools is a good way of getting a handle of what you're actually spending and what you can afford to spend.
'Making sure you understand where your spending has come from and also having a budget plan for the whole year, with summer in particular, can help for planning ahead.'
'Using a budget app like Emma, could be useful on the go,' Springall adds. 'It monitors spending and can help build a pot towards different goals, like holidays, an MOT or even Christmas.'
Ask if all costs are relevant
'When trying to balance saving and still having a social life, it is important to question if all costs you are making are relevant,' Weston says.
'Ask yourself, could you cut back on some things such as coffees every day and spend that on a holiday instead.'
Use regular savings accounts
Springall explains that these types of savings accounts are ideal for slowly building a pot as they instil good habits.
'However, consumers will need to work out if they are the right choice for them as some can be restrictive and might not be suitable for larger deposits,' Springall says. 'Regular savings accounts can also revert to a flexible account after the term ends, which might not pay a good rate, so savers must make a diary note to reinvest if they are still building funds toward their future goal.'
Have savings for a rainy day
'For parents in particular we would advise them to have savings put away in advance for a rainy day,' Weston says.
'If you know that your normal monthly disposable income is a bit tighter due to children being home more rather than being in school, it is good to have savings put away so it is still possible to socialise and do things with them in the summer.'
Shake any apathy
'Consumers need to shake any apathy they may have and take a step back to decide how their money could work harder for them during this time period also,' Springall says.
'Consumers ready to get started would be wise to explore the latest top rate tables and read up on some tips and guides to help them on their savings journeys.'
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