Smarter Summer Finances

Summer in Northern Ireland may not always bring sunshine, but it does signal the start of longer days and warmer weather. It’s the feel-good season, and with lockdowns easing, there is a real pent-up demand to get out there and enjoy the summer months. These opportunities and trying to entertain the kids, however, carry price tags of their own. Data in the UK* reference shows people tend to spend more in summer than they do in the winter – an extra £154 each month on average. That’s quite the jump, and one that will likely be much more pronounced in 2021 as we emerge from lockdown. But don’t panic: there are ways and means to keep the cost of a great summer firmly under control.

Holiday at home

The summer holidays of 2021 look a little different than years gone by. With international travel still on hold for most, staying local is (usually) staying cheap, and the trip itself can be every bit as fun. This year with higher demand, though a little more research and planning may be required to create the best staycation, and let’s face it: Northern Ireland is not lacking in stunning locations and hidden gems. Keep an eye out for last minute deals and cancellations, as well as places to visit such as galleries, museums, and exhibitions, free sports events and any other nearby activities, to turn your staycation into a true local adventure.

Save on utilities

Stay cool this summer. Open the windows in the evening and close them in the morning. Take cooler showers to save on water heating. It might sound odd to talk about insulation during summer, but it’s every bit as important as it is during the winter – especially for water heaters! When the air is warmer, your water tank or boiler will stay warmer for longer. Plus if it’s got good insulation, then your gas or oil bills might be lower as a result.

Grow your own food

There’s no doubt that the average summer is getting a lot hotter than it used to be. You can use this to your advantage – with some care and attention, you could be able to use your own garden to feed yourself all summer.

Growing vegetables, tomatoes and fruit isn’t as difficult as you might think and great activity to get the kids involved in too. For the more adventurous, higher temperatures are also perfect for growing exotic chilli pepper plants.

Budgeting

Budgeting is arguably the easiest and most effective way to manage your finances and while it may take some effort, the benefits are numerous.

You'll be able to see clearly how much money you have coming in, how much is going out, how quickly you're spending it and if there are any shortfalls. You'll then be able to identify where you can make cutbacks if you need to, or if you need to find an alternate source of income or support. Budgeting can also allow you to put some money aside for those things in life that happen unexpectedly and may also save you money in overdraft charges and other penalties such as late payment fees. As your finances become more controllable, another thing you'll benefit from is peace of mind, which means less stress.

If you are feeling financially stressed, The Money Advice has a free online tool to help you plan your budget throughout the summer and beyond.

Whatever your plans are this summer, we hope it's an enjoyable one for you and the family!