Empower Blog

July 28, 2021

Simple Ways to Cut Down on Your Summer Budget

Money Management
Summer is one of my favorite seasons, but it is also one of the most expensive. From vacations, to daily activities keeping the kids busy, these summer charges can add up quickly. If you are finding yourself in the same boat, now might be the perfect time to revamp your budget. The benefit of a great budget is that it can start to work like a well-oiled machine. However, do not forget to go back and revisit every few months to make sure you are not spending unnecessary money. Just because you have something budgeted, and have the money for it, does not make it a necessity. Here are some easy examples of places you could trim your budget:

Take a Look at Your Subscription Services

Subscription services are a huge culprit of disappearing money. There are so many streaming and subscription services out there that you might forget which of them come out of your checking account each month. These charges are typically small, but they add up quickly. Sometimes they end up being for services we rarely use or services that could be bundled for a lower price point.

Start with your streaming services. If you have accumulated four, five, or six different streaming subscriptions over the years, take a minute to determine if you are using them all – and if you are, is there a better option that combines your needs into one lower monthly payment? One great option would be the free trials being offered through cell phone and cable companies simply for being a customer – which brings me to my next point!

Call Your Service Providers

Sometimes adjusting your budget can be as simple as asking. If you call your cell phone or internet service provider and discuss your service charge, you may be surprised what they are able to do for you. Especially if you are a loyal customer with a good history of on-time payments, you may be in luck. You will never know if you do not ask!

Cut Down on the “Fun” Money

An easy way to shift your budget to be more savings oriented is to lower your allowance for entertainment purposes such as eating out, going to the movies, or travel and concerts. You absolutely still need to make time for yourself to kick back and relax but cutting back spending anywhere possible will start to add up over time.

Re-Evaluate Your Income

Is it possible that your income has changed? Maybe you have begun picking up extra shifts, a second job, or received a windfall. All of these would impact your income versus expenses ratio and should be accounted for in your budget.

Track Everything

If you are really trying to change your budget, start being meticulous about tracking your spending. When you account for every single dollar spent, you may be surprised how your habits have changed – or that what you originally allotted for a certain budget category may not be accurate anymore.

Budgets are meant to keep us on a financial track to our goals, but they are also meant to be flexible to our daily lives. As our habits and situations change, our budgets should too. Keep an eye on yours and make sure to evaluate every few months to be certain you are getting the most out of your money.
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About the Author
Kat Hnatyshyn

Indirect Lending Program Director

Kat Hnatyshyn currently serves as the Indirect Lending Program Director at CommunityAmerica Credit Union, overseeing the program and our partnership with approximately 160 auto and Harley Davidson dealerships throughout the Kansas City metro. This partnership gives CommunityAmerica members a smooth auto buying experience by allowing them to finance their vehicle through us, directly from the dealership.