What’s not to love about summer?
You’re being invited to events left, right, and centre. It seems like you’re always outside, enjoying the sunshine on restaurant patios. You’re crowd surfing at concerts and when the evenings hit, you’re visiting night markets. You’re out partying with your friends and of course, you need a summer wardrobe to do each and every one of these things.
Yeah, the hottest season of the year can get pretty expensive. But there’s no need to sweat it if you approach summer spending with the right strategy. There are ways that you can actually save money – the problem is that you don’t know anything about them.
That’s why Daily Hive has teamed up with personal finance expert Barry Choi from Moneywehave.com to talk about the SimplyCash Preferred Card from Amex and find out his tips and tricks for making the most out of summer spending. ‘Cause we want you to save, too!
You want to attend as many events as you can this summer. But a lack of planning often leads to overspending. Write down all of the events that you have coming up and decide which ones you actually want to go to, This will help you plan and save money in the long run. “With the warm weather, friends usually want to meet up which means more spending. It’s no surprise that the summer is the most expensive season for many Canadians,” said Barry Choi.
According to Choi, people spend the most on things like vacations, weddings, and concerts, during summer months. One way to reduce your spending is by prioritizing what you want to do most. Sometimes, this means you have to say no to others. “If you said yes to any invites, you’d go broke in no time,” said Choi.
Invite friends over to have dinner at your place instead of hitting up the local sushi joint. This way, you can create your own delicious menu or do a massive barbecue, saving money at the same time. Ask the guests to bring the wine and you’re all set to have an awesome evening in.
Forgetting to budget is the main mistake that people make during the summer. “Usually, you’ll know about vacation plans and weddings in advance, so you could be saving some extra money for those things well in advance. Alternatively, you could just set aside some extra money every month starting at the beginning of the year so you have the funds available when summer rolls around. There’s nothing wrong with spending extra money during the summer, just try to budget for it,” Choi added.
Check out the abundance of free events taking place in your city on a daily basis. This way you can enjoy new cultural experiences, festivals, and other fun things that won’t cost you a cent.
According to Choi, credit cards are a great way to help you save when you use them responsibly because you can earn rewards like cash-back. “The SimplyCash Preferred card from American Express gives you 2% cash-back on all purchases. You can take the cash-back you’ve earned and then use it towards your summer spending. Remember, using credit cards to earn rewards is only worth it if you’re paying your full balance whenever your statement is due,” Choi concluded.
Now that you know financial expert Choi’s tips and tricks on how to save money, you can apply one or more of them to your lifestyle. It’s so easy.
If you’re unsure as to whether the card would be suitable for you, try the American Express cash back calculator online and take it from there.