The summer is not always an easy time to save money, and in fact for many of us, it’s the time when we want to spend more money – have drinks on the patio with friends, go to summer concerts and events, and take a fun summer vacation with your family. But if you are dealing with debt, or simply trying to save your money and stay out of debt, it’s more important than ever to learn about how you can save money in the summer instead of spend money.
Stick to a Budget
One of the best things you can do for yourself in trying to save money this summer is create a budget and commit to making it stick! Write down everything you normally spend money on – groceries, rent, utilities, entertainment, shopping, vacation, time out with friends etc. – and write down how much you currently spend on these things. Where you can, pledge to reduce the amount that you are spending by simply $5 to $10 for each item in your list. Use this selection of savings to create a budget for your summer months and use the extra money that you are saving to add onto your current debt payments. Not only will you be spending less and saving more, but with a budget, you can put more towards your debt, paying it off faster and reducing the amount you will spend on interest in the long term.
It is easy to feel like everyone is spending lots of money in the summer and having a great time, while feeling like you can’t be part of any of it because you are trying to save money and keep yourself out of debt. Instead of feeing bad about what you can’t do, offer alternatives for things that you can do! For example, instead of going out, offer to have everyone over to your place for a trivia night or for a friendly competition of backyard lawn games. Ask a friend or neighbor who has a pool if they mind if you invite a few friends over and you all have your own pool party, or simply do free summer activities: go for a hike, head to the beach, or visit the local botanical gardens. While many summer activities and events come at a cost, many also come free – and those are great for helping you be financially responsible this summer!
Ask for Help
Finally, don’t be afraid to ask for professional debt relief help. Despite your efforts to save money, spend less, and stay home, it can be hard to get ahead when you are already drowning in loan repayments and are starting to have creditors and collection agencies call you. If this is the case, there are many suitable debt relief options, which may be a valid solution to your situation, such as a consumer proposal, debt consolidation, or credit counselling. A consumer proposal plan is a legally binding repayment solution, which sees you make a proposal or offer to your creditors, typically allowing you to pay back less than you owe, with little to no interest. A debt consolidation plan offers repayment options over a three to five-year period, putting all of your debts into one, so that you make payments to one institution at pre-determined times. Lastly, credit counselling is also an option, and it allows you to work with a non-profit counsellor to come up with a Debt Management Plan.
Having debt can be hard to handle when it comes to knowing how to deal with it on a day-to-day basis and how to deal with paying it back efficiently. When you are ready to ask for professional debt relief help, contact Chande & Company to find the best solution for you and your financial situation.