3 Reasons Why Summer Is the Best Time to Save Money

Posted by Paul Estcott Economy Thursday, July 19th, 2012

We can almost hear the rising sound of circumspect voices—“how ever can one expect to save money in summer?! Summertime is all about holidays and other pointless, yet major expenses.” Summer vacations and trips abroad aside, summertime is not that bad a time to save some useful cash for later on. According to several experts in the field, it might even be the best possible time for such a cautious move. And if you’re simply not feeling inspired or motivated enough to start setting some money aside, check out a recent news story published on ABC.net.au, according to which motor industry giant Ford has recently decided to cut an extra 440 jobs in its Victoria branch. Saving money is always a good cause, but with the looming spectrum of a fledgling economy over everyone’s heads, we’re thinking it might actually prove a better cause than ever. So how can you, too save money this summer? Read on to find out.

First off, take a good, hard look at that air conditioning device on your wall, then turn it down. Don’t turn it off completely, but if it’s set to anything under 21 degrees centigrade, then you’re doing it wrong. Not only are you paying extra on your electricity bill, driving it every upward (and we all know electric current isn’t getting any cheaper), but you’re also exposing yourself to health risks, researchers say. Air conditioning units which re-circulate the air in any single enclosed room are also spinning all the germs, dust and bacteria in that room. What is more, they’re increasing your risk of developing chronic sinusitis by over 30%, health professionals say. There is even a medical study conducted on some 1,000 American sinusitis patients. Over 96 percent of them reported an improvement in their symptoms after turning off the A.C.

Secondly, are you pining away after the holiday of your dreams in a remote, exotic location halfway round the Globe? We’re not saying you can’t have it, but perhaps that’s precisely what you should be saving for: the vacation of your dreams, in the Caribbean, the Maldives or the Canaries. We found savings accounts especially designed for holidays on Bankwest.com.au (http://www.bankwest.com.au/personal/savings-term-deposits/savings-term-deposits-overview); however, until next year, go online and research amusement parks and public pools in your area. When is the last time you went camping? Squeamish about fun in the great outdoors? Don’t be. Camping is the most cost-effective vacationing method by a long shot, ideal for families, as well as for couples and groups of friends who are looking for a truly meaningful bonding experience.

Last, but certainly not least, consider all the great organic produce that’s in season during summer. If you’ve recently considered dropping a few pounds (to fit into that brand new bikini, of course), now’s the time for a healthy, all-natural diet. The daily food costs drop by some 22% in summer, statistics say, and that’s just because there’s an abundance of fresh fruit and vegetables in season. Get out your salad recipe book, improvise with fruit smoothies, sorbets and tarts and get ready to witness your expenses budget slimming. And while no one is forcing you to completely alter your eating habits, a 2010 article indicates that, while an omnivorous person spends an estimated $14.65 for all their meals over the course of one day, a vegetarian will only spend $12.45 (and $11.15 for a vegan) eating comparable portions.

Bottom line is, there are many minor adjustments anyone can make in summer, when the workload traditionally decreases and fresh food is more readily available. Not to mention there are cheaper ways to keep cool available than that pesky A/C. Save up and, who knows, next year you might actually take that trip to the Caribbean…