Summer is here and life is going back to normal… It’s estimated that we’ll spend more this summer and that many people will tap into their savings to book holidays, visit the beach, go shopping or even invest in a new car.
While some have used the downtime during lockdowns to save money, others are simply spending money to fully enjoy the fun activities that they weren’t able to take part in for so long. But spending too much can put a strain on your finances, leaving you to regret it later on. So, what is the best way to save money as things are slowly returning to normal?
How to save money after ‘Freedom Day’
The so-called ‘Freedom Day’ ended the lockdown restrictions in England on July 19th. Here’s how to save money as life is starting to feel the way it used to.
Set a budget and do not go over it.
You can use the 50-30-20 method to know how much you can/should be spending. If you follow this method, you break down your spending in the following way: 50% of our income goes to necessities/bills, 30% to wants, such as shopping trips and eating out, and 20% to savings. Perhaps a prepaid card is a good way to ensure you don’t go over the limit. There are prepaid debit cards available that will allow you to shop in many different places, while still staying within your budget.
If you’re going on holiday, book everything in advance
Hotels are being booked fast and prices are likely to increase since so many people are ready to go on holiday. To save money, try to book as early as possible, this includes travel bookings and any activities you may want to do once you arrive at your destination.
Have you considered a staycation instead?
Since flights, hotels and holidays, in general, can be expensive, why not take advantage of some of the beautiful spots in the UK? During the warmer months, a trip to the beach can be wonderful and there are many opportunities for amazing road trips through breath-taking landscapes, such as those of Scotland and Wales.
Look out for free activities
Check out the local council’s website or simply google free activities in your area. You may even discover new sports or things to do that you hadn’t considered before.
Aside from the things mentioned, you could try to limit commercial activities and plan summery, budget-friendly days out: a day by the river, a picnic at the park, etc. It’s possible to have fun without spending a ton of money, so enjoy yourself!