Financial expert explains why summer is the ideal time to save money

As summer approaches, many people start thinking about vacations and taking a break from their usual routine. However, according to financial expert Jill Schlesinger, this is actually the perfect time to focus on saving money. Schlesinger emphasizes the importance of continuing to prioritize financial goals even during the summer months. In a recent segment on CBS News, she shared her insights on why summer is an ideal time to ramp up saving efforts.

One of the reasons Schlesinger believes summer is a great time to save is because people often spend more money during this season. From vacations to outdoor activities to attending events, the costs can quickly add up. By being intentional about saving during the summer, individuals can offset some of these expenses and ensure that they stay on track with their financial goals. Schlesinger suggests creating a budget specifically for the summer months to help manage spending and identify areas where cuts can be made.

In addition to the potential for increased spending during the summer, Schlesinger points out that this season also presents unique opportunities for saving. For example, many retailers offer discounts and promotions on items like outdoor furniture, grills, and summer clothing. By taking advantage of these sales, individuals can save a significant amount of money on purchases they were planning to make anyway. Schlesinger recommends keeping an eye out for special deals and being strategic about when to buy certain items to maximize savings.

Another reason Schlesinger highlights for why summer is a good time to focus on saving is the longer days and warmer weather. With more daylight hours and pleasant temperatures, people have the opportunity to engage in cost-effective activities like outdoor exercise, picnics, and barbecues. These types of activities not only provide entertainment but also help individuals save money compared to more expensive pastimes like dining out or attending events. By embracing the summer season and finding enjoyment in simpler activities, individuals can maintain their lifestyle while still prioritizing saving.

Schlesinger also emphasizes the importance of setting specific saving goals for the summer. Whether it’s saving for a future vacation, building an emergency fund, or paying off debt, having clear objectives can help individuals stay motivated and focused on their financial well-being. By breaking down larger goals into smaller, manageable steps, individuals can track their progress and celebrate achievements along the way. Schlesinger suggests using tools like automatic transfers or savings apps to make the saving process easier and more efficient.

In addition to setting saving goals, Schlesinger encourages individuals to take advantage of the summer season to evaluate their overall financial situation. This could include reviewing spending habits, debt levels, and investment accounts to identify areas for improvement. By conducting a financial check-up during the summer, individuals can make any necessary adjustments and set themselves up for future success. Schlesinger recommends seeking out professional advice if needed, such as meeting with a financial advisor or tax planner to ensure that financial goals are aligned with long-term objectives.

Overall, Schlesinger’s perspective on saving during the summer underscores the importance of maintaining financial discipline and mindfulness throughout the year. While summer may be synonymous with relaxation and leisure, it can also be a prime opportunity to make progress towards financial stability and security. By implementing smart saving strategies, taking advantage of seasonal discounts, and setting clear goals, individuals can enjoy the summer months while also building a strong financial foundation for the future. As Schlesinger reminds us, saving money is a year-round endeavor, and the summer season presents its own unique advantages for making saving a priority.