Summer can be a time where many people's spending gets away from them. Jonathan Brouse, VP Consumer Spending with Mountain America Credit Union, joined us with some tips to save money and stay on track.
He says you may want to consider setting a seasonal spending range for certain categories like vacations, entertainment, going out. Spending on these things isn't always consistent, so your overall budget should account for that.
Saving throughout the year for these increased expenses can make it much easier when they come around because you've got money already set aside for them. Mountain America and other financial institutions will allow you to set up secondary savings accounts that you can use to easily keep track of those goals.
Jonathan says there are certain areas of spending that throw off people's budgeting including all the expenses that come along with traveling.
Things like airport parking, food while you're waiting for a flight, and then transportation to and from airports and attractions can add up if you're flying.
If you're driving, those roadside snack stops, parking at theme parks, souvenirs and things like that are often forgotten expenses in the planning process.
For entertainment closer to home, again if you're going to be at a water park or theme park or something like that all day plan for food and drinks.
If you plan to gather with friends and family this summer, you may have added spending on food and drinks.
If you've accumulated any credit card or checking account rewards points, you may be able to use those to pay for some of your airfare, lodging and entertainment.
Jonathan also suggests looking for promotions, coupons and discounts to save money on admission, food or expenses.
Some places have discounts if you show up on certain days or during certain hours.
You also might have access to a discount by belonging to something like AARP or AAA or a school alumni group.
If you're a Mountain America MyStyle Checking member, there are discounts for entertainment, dining and travel included as part of your account benefits. You can find more about those online at macu.com.
Some credit cards offer additional cash-back options for certain retailers, which you may need to opt into on your account before you make a purchase.
Other cards or accounts may give you more rewards for spending in certain categories, like gasoline or travel.
Jonathan says, "For instance, right now purchases made with a Mountain America Rewards credit card are worth double rewards points. So if you're going to be making a purchase anyway, you can earn twice the rewards per dollar to help save money in the future."
But, don't spend more just to get points!
For more information visit macu.com.
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