The summer of 2020 is setting up to be one of the most unique summers. Most of us are still under significant quarantine due to Covid-19. Because of quarantine, we are required to socially distance, resulting in less time with friends, and more time indoors. But, regardless of the circumstances, this summer is actually an ideal time to sock away some extra cash even though there are many of us splurging on things from household items and Ray-ban sunglasses. Here are 5 ways to save money this summer.
1) Do a No-Spend Month
Want to save money rapidly? Try a no-spend month to increase your savings at a rapid pace.
These no-spend challenges, you obviously still spend money on necessities, such as rent and groceries. However, you don’t spend money on any additional money on variable expenses, such as beauty products, social expenses, or eating out.
It’s amazing how much money you can save by completing a no-spend month. And the benefits of completing a no-spend challenge far exceed simply the challenge itself. No-spend challenges force you to closely evaluate your spending habits and consider what you really need. For instance, do you really need that specialty coffee drink, or can you make coffee at home? Or can you commit to just buying the things you actually need while at Target, instead of finding yourself with a cart full of miscellaneous items?
It’s harder than it sounds, but the payoff is huge!
If you’re uncertain about committing to a full month, you can even try a week-long no-send challenge, or even just a single day. Every little bit counts!
2) Save Money on Hobbies
There has never been a better time to consider affordable hobbies. Since most businesses are either closed or operating in limited hours, some of your unavailable hobbies may be unavailable to you. Golf clubs, bars and restaurants, social organizations, and more are likely not going to be an option for summer-time entertainment.
On the plus side, there is still plenty you can do this summer, while still practicing social distancing and staying on budget.
Here are a few ideas for hobbies to get you started:
- Go for a hike
- Try paddleboarding
- Teach yourself DIY home improvement projects
- Start crafting
- Find an at-home workout you love
3) Start a Side Hustle
If you find yourself still stuck at home in quarantine, then this is the ideal time to start the side hustle you’ve been dreaming about.
Whether you want to start blogging, freelance writing, or offer design or consulting services, this time at home can be a huge asset to your business. If you’re able to really focus, you can build a successful side hustle in no time.
Once you start making money, you can save the revenue, or put it towards your debt.
4) Sell Items at Home
Since you’re stuck at home, take this time to clean out and organize! Since many donation sites are still closed, you will either have to hold onto them for a while, or you can use the extra time to sell items locally.
Facebook Marketplace is a great place to post for-sale items within your community. And you’d be surprised at what people are willing to spend money on. Any money you earn can go towards your savings goals. Just be sure to thoroughly clean and disinfect products before you sell them, and practice social distancing measures!
5) Constrain an Area of Spending
Another easy way to save money? Implement constraint.
A constraint is simply limiting your options. You can practice constraint with your money opting to eliminate certain spending categories.
For instance, you can say you will only go to the grocery store once per week. That way, you have to plan out your trips in advance, allowing you to save even more money.
Or, you can take it a step further. You can put a constraint on your spending by choosing not to shop online, not to purchase coffee, or opting not to order take-out. These easy choices make saving money easy.
Rachel Slifka is a freelance writer and human resources professional. She is passionate about helping fellow millennials find success with their finances and careers. Read more by checking out her website at RachelSlifka.com.