It may seem counterintuitive to think about starting a cold-weather savings account in the carefree height of summer, but the nature of the season can offer savings opportunities that are otherwise unavailable during other times of the year. Summer is a great time to establish a savings account you can tap into – or continue to build upon– during the winter months.
- Air-Dry Your Clothes
Surprisingly, both electric and gas dryers eat up a significant amount of electricity. While drying clothes with a clothes dryer is critical during the colder months, stringing a clothesline between two trees to let your clothes dry in the sun can easily be done during the summer. GreenAmerica.org suggests that the typical yearly cost of running a clothes dryer is $100, meaning that you could likely save half that by switching to a clothes line during the summer.
- Grow Your Own Produce
A backyard garden or a few window boxes is an enjoyable and rewarding way to save money on fresh produce. According to the Wall Street Journal, a study published by the National Garden Association suggests that the average American family spends just $70 to start a vegetable garden, and the produce reaped is worth approximately $600! Bank the extra money you would spend on produce from the grocery this summer and enjoy fresh, delicious vegetables from your backyard throughout the late spring, summer, and early fall.
- Ride Your Bike
One of the best ways to save significant cash over the summer months is to reduce or eliminate transportation costs; especially if you live in a city where alternate modes of transportation are more common. If you can ride your bicycle to work or school, you’ll see your wallet fatten, and your waistline shrink in no time. According to CBS News, if your daily commute is 20 miles round trip and you pay $5 for parking, you could save on average $65 per week or $260 per month during the summer by biking when the weather is good. Taking advantage your bike or your sneakers for a quick walk or ride to nearby locations will prove beneficial as those gas savings accumulate from late Spring through the early Fall.
- Watch your Water
Water use is much higher for many households in the summer, and the EPA estimates that homeowners use between 30% and 70% of that water outdoors. To conserve water and reduce the cost of your bill, water your plants or your lawn in the late evening or early morning. Watering during the heat of the day can cause a significant amount of water to evaporate before it does your plants any good.
- Save, Save, Save
With these simple but effective changes to your summer routine, you’ll save on utilities, groceries, and gas. To make money off of your new savings, take the money you save on your utility, food, and transportation cost and add it to a high yield savings account. Utilize online banking and make it easier to keep track of your well-earned summer savings.
As a side note, keep in mind which household appliances need to be upgraded. There are plenty of programs that allow you to upgrade the energy efficiency level of your home or business at little to no cost to you; funded by the state or federal government.
Whether these quick and easy methods help you cover upcoming wintertime expenses, or give your bank account a boost each month, don’t forget to put those new Summer Savings to good use and help move you another step closer to financial freedom – what’s not to love about summertime saving?