Spring is almost here, and that means itโs time to start preparing for the next best season: summer. A summer of fun may entail some spring splurges, from vacation planning and childcare to landscaping and purchasing patio furniture. Excessive spending and low savings can add up to one big headache (or, is it just spring allergies?).
Financial habits can change with the seasons. Nevertheless, spring and Daylight Savings Time can be a natural moment to resent your financial goals that may need some updating since the New Year.
- Tackle DIY Projects to Save on Home Repairs & Upgrades
Spring calls for a lot of cleaning and upgrades: the garden, the lawn, the house, the garage, the pool, you name it. Before you call a service and open your wallet, consider doing the work yourself. Ask a friend for help or teach yourself to learn this new skill. On average, you can save 20% to 50% by doing a home improvement project yourself.
- Use Your Tax Return Wisely
Whether your tax return is a few hundred or a few thousand, use it wisely. Consider this as your opportunity to catch up on missed payments, create an emergency fund, use for vacation, invest, or simply save. Most Americans donโt have enough savings for an emergency. Any chance you have to avoid incurring credit card debt is ideal, so using your tax return in a smart manner can help.
- Prioritize Your Debt
If Spring cleaning doesnโt feel very rewarding, โdebt cleaningโ likely will. The sooner you can pay off any debt you have, the better. Whether you can pay it off now or pay it in installments, the most important thing is to make a plan and stick to it. Consider using your tax return to kick-start your debt spring cleaning. If you have more than one source of debt, itโs important to prioritize whatever has the highest interest rates.
- Declutter & Sell New or Like-New Items
After you take inventory of your budget and debt, itโs time to tackle the house. Clean out the garage, shed, basement, attic, or anywhere else thatโs accumulating clutter. Turn that clutter into cash by determining what you can sell; new or like-new items are generally the best. You can make an event of it by organizing a yard sale or instead choose to leverage the internet. Online sales platforms like Facebook Marketplace or eBay are a great option, as are specialized apps such as Poshmark. Cross a task off your to-do list and raise extra funds? Itโs a win-win.
- Cut Grocery Costs by Meal Planning & Reducing Waste
The average American family wastes about $1,500 a year on food that goes uneaten. This spring, try to get into the habit of eating at home and making healthy choices for you and your wallet. Spring is a great time to enjoy lots of fresh, seasonal produce. You can also eliminate waste and overspending by creating a weekly meal plan and purchasing only what you need. When you cut down on takeout and restaurant bills, you can save a lot of money.
Contact us today to start your saving journey! For more saving and budgeting tips, visit www.PennCommunityBank.com and follow us on social media.
