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Best Summer Money-Saving Tips for Millennials

Millennial Magazine- money-saving tips

Summer activities often involve spending a lot of money on activities such as traveling, buying clothes, eating out, and general entertainment. In fact, summer is the second most expensive season of the year. However, it is possible to have an awesome summer without breaking the bank. Today, we’ll discuss the various money-saving tips that the average millennial can try with their families and friends.

Below are 14 tips millennials can leverage to save money during summer.

Cancel Your Gym Membership

Most people spend around $400 per year on a gym membership. However, the warm weather allows you to work out from home and outside during the summer. For example, you can try jogging outdoors, rope skipping, pushups, bench workouts, bear crawls, pull-ups, etc. These are simple workouts for which you don’t need a trainer. You can check for tutorials on YouTube and fitness platforms for free. Take advantage of the warm months of April-October and save hundreds of dollars on fitness.

Water Activities

With the summer heat in full swing, the kids are rearing to get into the water. Whether it be at a local splash pad, a pool, or the beach, water activities are the number one summer activity during summer vacation. Unfortunately, there’s an uptick in drownings and pool-related injuries every year. Just be sure to keep a close eye on your young ones while they enjoy the summer festivities in the water.

Wash With Cold Water and Dry Laundry Outside

The weather is warm enough to wash your clothes with cold water during the summer. Save money by avoiding heating water to wash your clothes. This goes hand in hand with drying the laundry outside in the sun. This avoids using electricity to power the dryer and the washing machine, thus saving on energy costs.

Keep the Windows /Blinds/Curtains Closed and Use Fans

When it is too hot outside to keep the windows open, close them to keep the cool air in and hot air out. This will keep you from using the air conditioner constantly. You can also substitute the air conditioner with the fan. Fans use less power and still achieve cooler air in the house.

Borrow/Rent Heavy-Duty Equipment and Tools

A lot of people make home improvements during summer. Renting heavy equipment and tools instead of buying them will save you a lot of money. The equipment you can rent includes paint sprayers, chain saws, drills, power washers, and air compressors. Conversely, you can earn extra cash by performing jobs or renting your current tools to others.

Trim Your Entertainment Budget

Entertainment is quite expensive. For example, four movie tickets can cost between 50 and 70 dollars. That doesn’t even include drinks and snacks!

If you borrow free DVDs from the public library instead of buying your own, you can save a lot on entertainment for you and your kids. You can also sign up for a streaming service instead of paying for tickets at the movie theater. Bonus points if you “share” logins and costs with friends and family members.

Visit a Natural Park Instead of A Theme Park

Did you know you could save more than $400 by visiting a natural park instead of a theme park? A one-day ticket in a theme park costs between $ 50 and $100; the amount spent varies depending on the size of the family. For instance, if you are a family of three, you could spend more than $300 on tickets. On the other hand, natural parks only require a minimum entry fee, and some are free.

In addition, you can plan a multi-day camping trip and still save on costs while filling your summer days with camp and nature activities. Saving $400 or more could help you build toward your purchase goals.

Hold a Garage Sale to Earn Extra Money

You probably have a lot of old stuff that you don’t use anymore, including clothing, shoes, books, toys, kitchen appliances, home décor, furniture, and more. A garage sale can help you earn up to $100 or more while and making space in your home and closets.

Skip the Car Wash

During summer, you and your kids can clean your car at home and use this as an opportunity to do something fun together as you teach them a few basics about washing a car and caring for your possessions. Skipping the car wash and doing it yourself can save you a couple hundred dollars over the summer, easily.

Take Advantage of Tax-Free Weekend

Many states have a tax-free weekend when the summer is almost over. Hop on this opportunity to buy clothes, computers, school supplies, and many more. Hold off on the big purchases and wait for tax-free weekend to maximize your savings.

Hop-On As Many Summer Discounts As You Can

Summer is a season of discounts on almost everything. From travel and rental car discounts, to grocery store deals, theme park incentives, there is a wealth of offerings you can capitalize on.

Choose Cheap Summer Dates

The summer season is favorable for dates. However, people do not often look at the option of cheap summer dates. Some ideas for affordable summer dates include: a picnic with homemade snacks, a hike, beach day, kiteboarding, fishing, and stargazing. These are just a few of the cheap summer dates that you can do with your partner.

Party At Home

Friends love to party during summer. Instead of going to clubs and bars, you can take turns hosting the parties and save money on gas and bar tabs. It is also an effective method of reducing the risks of drinking and driving, which could lead to more costs if an accident occurs.

Shop at Garage and Yard Sales

This is one of the best money-saving tips that everyone should try. Look for garage and yard sales and see what they have to offer. Things are often cheaper in garage and yard sales and could help you save a lot instead of buying a new product. For example, you could get furniture and a multitude of odds and ends at a portion of the cost of new items.

Conclusion

Summer involves a lot of money-spending activities, especially when you have a family to feed and clothe. However, you can save hundreds or thousands of dollars to put toward other expenses. Start saving this summer and see how far you could take your personal finance goals.

What do you think?

Written by Marni E. Goldberg

Marni E. Goldberg is a journalist covering the financial market and graduate of Wharton School of Business. She loves cooking, travelling in her spare time, and spending quality time with her family.

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