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Finding ways to save in May

May is all about graduations, the race and the start of summer vacation season. All of these seem like opportunities to bust your budget however, with a little planning and moderation, you can actually improve your financial situation during the month of May. 
Where can we look for saving opportunities in May?
First, think about monthly expenses that you might not really be using, this would include gym memberships or weight loss programs to name two that if they are not being used by May we probably should cancel them.
What other ways are there to save in May?
If we haven’t tackled the credit card debt, May is a great time to consider consolidating it to a lower interest loan or putting into place a plan to pay it off quickly. By lowering our monthly spend by canceling services we are not using, you can probably find the extra $100 or more to speed up your debt repayment.
What items should we avoid buying in May?
If you want to trim your clothing budget, hold off just a little longer on updating your summer wardrobe until the stores and online retailers start marking down the prices, you might be able to get your whole new wardrobe for less than half of cost if just wait a couple of more months.
Are there any good sales in May?
If you are willing to be patient, home appliances and baby products are two categories that usually have really good discounts in May, especially during or after Memorial Day weekend.  Outdoor home improvement project supplies could also discounted during Memorial Day weekend.
Are there other expenses we can reduce or eliminate?
Plan less expensive entertainment choices now that the weather is becoming nicer. Many of the parks and other outdoor experiences are low or no cost and might be a healthy alternative to less active choices.  Plus, if you cancelled the gym membership this might be a way to achieve your exercise without paying for it.
Summer is typically family vacation time, what are your suggestions for planning the summer trip?
Don’t finance the family vacation with credit card debt. This could end up making the vacation cost much more than it should. Plan ahead and take vacations that can come from savings that you have specifically earmarked for this activity.  And don’t ever take it from your emergency savings.

Posted: 5/6/2016 with 0 comments

Categories: Money Matters, Saving, Spending

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