Or maybe not necessarily? How to enjoy the rest of the summer without emptying your wallet, advises Aušrinė Mincienė, head of daily banking at Luminor bank.
Take advantage of free options
If you want to save money, but you’re not ready to give up the summer pleasures yet, take a look at free concerts, plays and other events in your city – there are especially many of them during the summer.
“Many municipalities aim to attract guests to cities in the summer, so they allocate funds for free events, such as city festivals. This is a great way to entertain for free those whose savings are no longer as high as at the beginning of summer,” says A. Mincienė.
On the other hand, when you miss peace, summer is also a great time to relax in nature. This is another mostly free activity for those who like passive entertainment, the expert notes.
Make a summer budget
Another way to save money this summer and not spend more than you can is to create your own personal budget.
“There is more than one way to create a budget plan, the most popular of them is the “50-30-20″ rule. By applying it, 50 percent we set aside 30% of our monthly income for necessary expenses such as food, rent or taxes. – for leisure and entertainment, and the remaining 20 percent we save and invest. Let’s not forget the fact that a great way to save is with cumulative deposits or a savings account – you will get interest for the money you accumulate in this way, so you will also earn money”, A. Mincienė notes.
Think before you buy
Also, before buying something new, think about whether you really need it. According to the expert, often we don’t really need the things we want, and the desire to buy them is caused by external reasons, such as suggestive advertising.
“It is normal that when we come across good offers, we want certain goods or services. But it’s better to first pause and ask yourself if you can afford it. Then you should think about whether you already have something similar, and if you still need a purchase, think about whether you really need it right here and now,” the expert shares her advice.
According to A. Mincienė, these questions usually help to understand what is important and what is only based on short-term emotions and will later harm our planned budget. She adds that sometimes when you see something you want, it’s worth waiting a few days before buying it. If you still want the item after this time, you can consider purchasing it.
Make it at home and choose handmade
Another way to save money during the summer is to choose home-made food instead of restaurants and cafes.
“When eating in restaurants, we spend significantly more not only because we pay for food preparation and serving, but also because we sometimes tend to order too much when we are hungry,” comments the expert.
In addition to cooking at home, you can also save for friends’ birthdays or other celebrations in the summer by choosing gifts that are sustainable.
“Handmade gifts certainly do not imply a lesser value of the items. There are many ways to give a second life to the things you already have. It is important to know what would make the other person happy – it can be anything from existing books to handicrafts or even rare plants,” says the expert.
Get rid of the fear of missing out
Finally, if you’re looking to save money, let go of the fear of missing out on a seemingly meaningful experience.
“Based solely on the fear of missing out on something that everyone is talking about, but which you may not be interested in and need, you will make decisions that will not be based on your needs, but on the rules dictated by society. After a while, your finances and even your emotional health can be affected,” says the expert.
Therefore, it is better to be guided by your values when spending money. This way you will become more independent, you will avoid unnecessary stress, and the things you willingly spend your money on will make you happier, says A. Mincienė.
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2024-08-14 15:36:30
