Image source: Getty Images
If you set a savings goal at the start of 2024, now's a good time to see how far you've come since January. And whether you're happy with your progress or not, being savvy about your spending habits in August could help close out the year in a fantastic spot. Here are some ways you can save money this month.
It's hard to think about summer coming to an end. But now that August has arrived, many parents are starting to embrace the back to school mindset. They're also starting to open up their wallets and bust their budgets when stocking up.
Parents of children in elementary through high school expect to spend an average of $874.68 on clothing, shoes, school supplies, and electronics this season, according to the National Retail Federation. But before you lean into spending that much, be strategic.
First, see what school supplies you can pick up at your local dollar store. And if that doesn't work, check Amazon for bulk deals. Those may be worth it if you need supplies for multiple children.
Next, don't rush to load up on all new clothing -- stuff your kids might outgrow quickly. See if anyone in your neighborhood has hand-me-downs to share. Or check out consignment stores, which sometimes have great deals on children's apparel.
Finally, don't forget to look at Costco if your kids will be needing items like laptops, headphones, or other gadgets. Costco electronics come with free tech support and a second-year warranty, so if your kids are a little rough with their devices, you may be covered.
2. Resist the urge to feed the whole neighborhood
If you're that neighbor who likes to invite tons of people over to barbecue and enjoy the warm weather, your generosity is admirable. But feeding a few dozen people for even a single summer gathering can get expensive. So instead of spending hundreds of dollars on food and beverages to feed a crowd, make your gatherings more of a potluck affair.
The simple act of hosting and welcoming people into your home (or yard) is apt to be appreciated by your guests. But there's no reason the folks you've having over can't sign up to bring appetizers, beverages, and desserts to ease the burden.
3. Book your summer vacation strategically
You may be in the midst of planning a last-minute summer vacation, whether it's to the beach, a theme park, or a cabin in the woods. Booking your plans strategically could result in a world of savings.
First, if your schedule is flexible, aim to fly out during the week, which may be considerably cheaper than a weekend flight. If you're vacationing with family members and driving is an option, you might save even more doing that.
Next, compare the cost of a hotel vs. a private rental (like an Airbnb), but take food into account. A hotel room with a mini fridge isn't conducive to making your own meals. If you can book a hotel room at your destination for $250 a night and an Airbnb costs $260 but comes with a fully functional kitchen, that might be the more economical choice.
Banking a little extra money this August could help you approach the end of the year with confidence that you'll meet your savings goals. It's worth taking these steps to set yourself up for success.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Maurie Backman has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Costco Wholesale. The Motley Fool has a disclosure policy .
Most Popular
Comments / 0