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Tips on effectively managing your summer finances

For many people, summer can be a time of fun and excitement. With kids being out of school for summer break, many people aim to make the most of more quality time with trips, outdoor activities, and more. However, summer can also be an expensive time for many people – in fact, research shows it’s right behind the holiday season as being the most expensive time of the year for families. Depending on where you live, energy bills can be more expensive, gas prices go up, and air travel tends to be more taxing on your wallet, too.

Ready to reduce financial stress this summer? Read on for some great tips to help you keep your summer expenses and spending under control.

  1. Assess your monthly budget and spending

    With various responsibilities and activities on your plate, it’s understandable that sitting down to audit your monthly budget would feel daunting. However, a big part of building financial confidence is having a handle on your finances and knowing where every dollar is spent. As seasons change and different needs come up (i.e. childcare, energy bills, etc.), it’s a great practice to reassess your finances and reallocate certain funds to meet your current needs.


    As soon as you can, block off a few hours on your calendar and list out all of your fixed and variable expenses (including upcoming trips and summertime activities). Once you have this mapped out, see where you can move funds around to accommodate other expenses.


  2. Take advantage of free or cost-effective summer events in your area

    Summer fun does not need to be expensive to be memorable! If you are in need of fun activities to enjoy with your friends and family, look up events happening in your area that are low-cost or free. It can be something as simple as taking your kids to enjoy a matinee movie when you have an afternoon off, or attending a trivia night with some of your close friends.


    Albuquerque, Santa Fe, and Las Cruces have a variety of fun events lined up for the summer!


  3. Get creative with childcare costs

    Childcare can be one of the biggest expenses for parents during the summer months. If you have close friends who are in the same boat as you are, consider hiring a nanny to provide childcare for your families during the day – and split the cost! This can be a huge win, as your kids get the social interaction and supervision they need without breaking the bank.


    If that’s not an option, you can also look up local community and recreation centers in your area that offer cost-effective summer camps for your kids to attend while you are working!


  4. Be mindful of energy costs (and consider going solar)!

    For most people, the summer months can cause energy costs to add up quickly, as many need to utilize their air conditioning more frequently. While this can be hard to avoid in many cases, there are small things you can do to lessen the costs.

    • Use your thermostat efficiently. Keep your house warmer than usual when you are out of the house, and avoid setting your thermostat to a colder setting than normal when you first turn it on (setting it to 60 degrees instead of 68 degrees will not cool your house off faster – it can incur unnecessary expense)!
    • Utilize window treatments or dark drapes to keep your house on the cooler side. The more light you let in, the warmer your house will get!
    • Turn off ceiling fans when you leave the room, and unplug anything you are not currently using!
    • Avoid putting lamps or television sets near your air conditioning unit. Your thermostat can sense heat from these appliances, which can cause your cooling system to work harder than it needs to.

      If you are ready to make a bigger investment for your home (and save on energy costs in the long run), installing energy-efficient solutions can reap great benefits! Nusenda offers solar and energy-efficient loans for air conditioning units, air source heat pumps, furnaces, energy-efficient roofing systems, and more. Go here for a list of our merchant partners who can walk you through an easy application and funding process.

  5. Plan ahead of time for vacation spending

    Next time you are planning ahead for a vacation – whether it’s a summer vacation or a different season – consider opening a Holiday or Vacation Club account with Nusenda to help you save money and watch it grow throughout the year. You can contribute as much as $500 a month and earn simple-interest dividends. You can open an account with as little as $5 and set up automatic deposits from your paycheck! Call us at 505-889-7755 (800-347-2838 outside the Albuquerque area) or visit a branch location to learn more. 

    Overall, creating fun and memorable summer memories does not have to become a financial burden. If you get creative and monitor your summer budget closely, you can minimize stress and strengthen your financial well-being!

At Nusenda Credit Union, we’re dedicated to improving our members’ financial well-being and supporting them through affordable products, friendly service, community involvement, and financial education. We'd love to find other ways to help you save money. You can reach us at 505-889-7755 (800-347-2838 outside the Albuquerque area) or make an appointment to meet with us at any of our branch locations.