8 Hidden Summer Costs Draining Your Bank Account
The weather gets nice and warm in the summer, but if you aren’t careful, you can end up with many costs that silently drain your checking account. Concerts, summer travel and expenses hiding in the background are some of the forces that can trim your savings.
While you should expect to spend a little extra in the summer, plugging any holes where you're spending unintentionally will give you more financial flexibility. Then, you can build toward long-term savings goals while enjoying summer.
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These are 10 of the hidden summer costs that add up if you aren’t careful. You can get rid of some of these costs right away, while others require strategic planning.
1. Autorenewals
Many companies automatically renew your membership even if you had intended to cancel. For instance, a free trial can turn into a paid membership that drains your checking account. Getting rid of subscriptions right before they autorenew can save money.
2. Forgotten Memberships
Forgotten memberships are similar to autorenewals. While some people want to get rid of autorenewals right away, other people use a membership for several months and then forget about it. A gym membership is a common example. People often get these memberships during the new year and then want to go outside in the summer. Review your statements for any forgotten memberships and cancel the ones that you no longer use.
3. Seasonal Services
Pest control and pool maintenance are some of the seasonal services that show up in the summer. While you need some of these seasonal services, you can take preventive measures for each option. Running the pool pump during off-peak hours can lower your pool maintenance bill and sealing cracks and crevices in your exterior walls can go a long way in preventing pests from getting into your home. Each optimization you can make for seasonal services adds up.
4. Foreign Transaction Fees
Some credit cards have 1%-3% foreign transaction fees for international purchases. That fee can add up quickly for international travelers and it’s a silent expense that is harder to track. You can find it in your credit card statement, but by then, the damage has already been done. Opening a new credit card that has no foreign transaction fees is your best option. Use that card for international purchases to avoid this fee entirely.
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5. Air Conditioning
Not using air conditioning at all isn’t feasible for most families in the summer. However, there are ways to reduce this cost. The U.S. Department of Energy recommends window coverings, fans, vacuuming air intake vents regularly to remove dust buildup and sealing cracks to prevent warm air from leaking into your home.
These strategies also work well when you need heat in the winter, but you would close window coverings at night to retain heat and opt for a low-speed ceiling fan to push warm air down.
6. Summer Wardrobe
Summer is the time to bring out shorts and t-shirts, and some people may upgrade their wardrobes for the warmer weather. Using the clothing you already have will give you a lot of mileage and if your children outgrow their clothing, you can save the older child’s clothing so you can give that wardrobe to your younger child when the clothing fits them.
Going to thrift stores and staying away from well-known brands can save money when you have to buy summer clothing.
7. Concession Markups
Concert tickets and sporting events get more people during the summer and while high ticket prices won’t come as a surprise, the markups catch some people off guard. Food and beverages are expensive in stadiums and event venues and you will get hungry or thirsty at some point during the event. The best way to counter concession markups is to bring your own food. That way, you get a tasty meal at the event without having to pay a high premium for it.
8. Food Delivery
Food comes up again on this list thanks to food delivery apps. It’s more convenient to have someone deliver your own food, but it is also a lot more expensive. Driving to the grocery store and picking your own meals saves money, and you can do large grocery orders to reduce how often you have to visit your local store.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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