As temperatures rise and poolside activity increases, extra time can leave one sinking in financial stress. That’s why here at Invstr we want to help you have the best summer possible! Whether you are planning a staycation or traveling internationally, it doesn’t hurt to have a little extra cash on hand. Here’s a list of simple suggestions to jumpstart your summer savings and keep you afloat!
- Construct a Budget:
The word “budget” can evoke a myriad of different reactions from different people, but building one is really not as hard as you might think. Whether it is printing out an online template or employing a website to help compartmentalize living expenses, controlling how much money flows in and out of your account could save you thousands of dollars in the long run. That’s a lot of extra moola in your account! 🤑
Simply put, budgeting is a spending plan where money is allocated each month. It can help take the pressure off running out of your allowance, and may even prevent the accumulation of debt. Each month can consist of different costs and incomes , so it can be hard to know exactly how much money to set aside for each category, but one thing is for sure… there will always be work to do, and chores to be done. Budgeting allows you to tell your money where it ought to go, rather than it controlling you.
- Start a Side Hustle:
If you’ve got some extra time this summer, it may be worth it to create an extra source of income for yourself. Upcycling furniture, selling items online, or clearing closet space are all viable options to earn a few dollars on the side . And with this flexibility, you can contribute how much or how little effort as you want… you are your own boss!
Hone in on your own individual skill sets. If you are inclined toward being active, you can work as a food delivery driver or host a yard sale to pare down some unwanted items. If you have a propensity toward a more intellectual approach, you may tutor someone virtually or use LinkedIn to offer resume-writing services. Whatever you may choose, a dedicated spirit can carry you far in life.
- Pro Tip: Invest this extra cash in your Invstr account!
- Set a Savings Goal:
Believe it or not, setting a goal in place for how much you want to set aside can greatly help your future. In addition to a budget, a savings goal can give you a tangible way to build up a cushion for unexpected circumstances; a good rule of thumb is to keep 3-6 months worth of average living expenses in reserve. Whether it is $5, $20, or $100 a month, the benefits of a delegated amount of cash are endless. Consider cutting down on a few streaming services you might not need that bad, or cooking your own food to decrease the amount of times you eat out. You might assess and reference your monthly budget, but staying consistent is the biggest takeaway to retain. For example, saving just $20 a week equals $1,040 a year! Starting to save as early as you can is the best thing you can do for your future self.
- Diversify Your Money Pool:
It may seem obvious, but separate checking, savings, and investing accounts can make all the difference when exercising healthy money habits. Keeping too much money in a checking account may give a false sense of having more money to spend than one actually has. Of course this all depends on your natural saving/spending habits, but using discretionary money to invest can help you save now so you can spend later!
Storing too much money strictly in savings actually causes you to lose money over time. Against the current inflation rates, the amount of savings interest accumulated is minuscule in comparison. Invstr makes it easy to open and fund an account whether you’re a beginner or a Wall Street pro. Plus, when you transfer at least $100, you’ll receive $30 in cryptocurrency. It’s a no brainer! 🤯
- Enjoy Yourself and Have Fun!:
Though saving money is important for a financially healthy life, enjoying oneself is just as significant. Celebrate a birthday for a friend, or treat yourself to a much needed spa day; the occasional splurge is okay, but everything must come in moderation. Be smart, but know that stinginess can be equally detrimental as being flippant with your finances. Money is temporary, but memories last forever. Have a great summer and happy investing!
- Pro Tip: Play Fantasy Finance in the Invstr app for a risk-free chance to win monthly prizes!
This summer, take a few minutes to think about how you can use your time and investments to maximize your enjoyment and savings. Investing can be rewarding, but it takes time to learn, just as any good life skill does. To help, use Invstr Academy to take your investing to the next level; earn badges and level up as you complete modules to reach Guru status. Remember, practice makes perfect! Refer a friend, and receive $5 in Bitcoin when they fund their account!
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.