5 ways to make the most of your summer budget

22 Dec 2021

Summer tends to be a time for going out, dining out and splashing out, but that doesn’t have to mean eating into your savings. 

Looking for thrifty ideas to spend a little less while still enjoying the holiday season? Here are five ways to make the most of your summer budget. 

1. SET YOUR SPENDING LIMIT

It’s easy to spend more money than usual over summer. It all adds up when you’re taking trips and attending regular social events, not to mention the Christmas shopping!

It might be almost impossible to reduce your expenses at this time of year, but what you can do is set – and try to stick to – a realistic, reasonable spending limit.

By giving yourself an entertainment budget in advance, you’ll be far more likely to consider the cost of various activities on the go, and far less likely to overspend without realising.

You can monitor your spending through a budget calculator or smartphone savings app such as Pocketbook, Frollo, MoneyBrilliant, or even the Australian Taxation Office’s all-inclusive ATO app, which includes a ‘myDeductions’ feature you can use to keep track of personal expenses and receipts.

2. CUT DOWN ON DINING COSTS

Summer is filled with temptations (and invitations) to eat out at your favourite cafes and restaurants.

No doubt you deserve to treat yourself now and then, but don’t forget there are always alternatives for those keen to cut down on dining costs.

You could start by planning ahead to splash out on a specific number of exciting meals each month. For all the other days, see if you can keep your kitchen stocked with lots of quality ingredients and have easy recipes at the ready.

Plus, it makes sense to buy the best seasonal produce at your local farmers market. Hopefully this will inspire delicious and healthy meals that don’t cost a fortune.

3. GET GREAT DEALS ONLINE 

Instead of going straight to the (often more expensive) source, it’s worth browsing the internet for online specials and coupons to save on various products and interesting group experiences.

There are many third-party websites dedicated to different deals on just about anything you can imagine.

Check out websites like Catch or DealsDirect for fashion, furniture, appliances and more.

Visit Scoopon or RedBalloon for activities including restaurant meals and massages.

And try Wotif, Expedia, or Booking.com for budget-friendly accommodation options wherever you’re planning to travel. You’ve got nothing to lose except a few minutes. 

4. SEARCH FOR SALES BEFORE BOXING DAY 

Traditionally, we’ve knocked over our Christmas shopping well in advance then waited impatiently before racing to take advantage of the Boxing Day sales.

However, in recent times, as retailers try to cash in on the spending spree, those amazing deals have started to creep forward on the calendar.

So whether you’re shopping for clothing, homewares, electronics or anything else this summer, it could be worth keeping an eye out for unexpected bargains in the lead-up to Christmas.

You might save plenty on presents for loved ones, or potentially find a great gift for yourself.

5. TRY YOUR HAND AT DIY GIFT GIVING

Speaking of low-cost Christmas gifts, savvy planners might also consider making their own presents to give friends and family members.

Whether you build it, knit it, paint it or create it, do-it-yourself ideas for personalised presents are usually a much cheaper alternative to heavily marked-up products off the shelves.

What’s more, these gifts from the heart can be extra special for grateful recipients. Is this the year to try your hand at DIY gift giving?