How to save money this summer

Oh Summer, where to even begin?! Summer is easily my favourite time of the year. Here are four tips to keep financial stress out of your summer memories:

  1. Local events - You don’t have to leave the city for summer entertainment. Take advantage of low-cost or better yet, FREE, events in your neighbourhood. Visit your local events calendar or tourism websites to see what’s good in the ‘hood.

  2. Cancel your gym membership - Outdoor workouts are my favourite! Go for a bike ride, round up the crew for beach volleyball or outdoor basketball, hike up some mountains and go for an outdoor pool swim. The possibilities are endless!

  3. Redeem your miles - Use travel miles, rewards or cash-back to book your summer getaway. To save even more money, let’s not forget about those credit card perks - free nights, free upgrades, insurance coverage, etc. 

Keep utility bills low - Turn off the A/C when you’re not home. At night, open your windows and use a fan to circulate cooler nighttime air. Electronics and other equipment generate heat too, so turn them off when not in use.

What to do with your tax refund

We did it! We survived personal tax season. The most exciting part about tax season is getting that tax refund - am I right? While receiving a refund may feel like a bonus that we want to splurge, is it really a bonus if it was your own hard-earned money all along? Here are five financially smart ways to use that refund:

  1. Pay down debt - start with highest interest or your most stressful debt (what keeps you up at night)

  2. Invest - don’t underestimate the power of compounding, start now!

  3. Create a rainy day fund - work towards having three to six months worth of your typical living expenses 

  4. Pay it forward - give to your favourite charity or share with someone in need

  5. Have fun with it - save towards a much needed vacation

Can’t decide where to put your money? Don’t stress! With proper planning, you can do all 5! Always remember that money takes time, so don’t wait until you’ve paid off all your debt to start saving for your retirement or rainy day fund. The key to building wealth is to start today!