Financial tips from us to you
Summertime is here! It’s a time for sunshine, holidays and making memories with your loved ones. There’s lots to look forward to, but for many of us the excitement of the summer holidays is mixed in with some stresses and strains about money.
Family holidays and days out are getting more expensive and we all know that utility bills are on the rise too. It’s easy for costs and spending to quickly get out of control if you’re not careful. Here’s our collection of practical tips and hints to help you have a sunny, stress-free summer.
Set budgets
Before the summer holidays begin, set a bit of time aside to plan a budget for the summer and upcoming holidays. You might want to think about:
- Childcare or activities – with the children off school, you might need more childcare support or group activities for them.
- Family trips out – even just a day trip will need accounting for – the costs add up quickly!
- Bills – with more people in the house, you might be using more water and energy, have a look at past bills to spot spending trends.
You can use a spreadsheet to help plan everything out and make sure nothing’s missed. There are a lot of different budgeting apps that are a great way to help you manage your income and expenditure. You can also access free budgeting tools on our website or speak with one of our advisors if you have any further questions.
Holidays? Plan ahead.
Planning a family holiday is exciting for everyone. Planning the finances for it, however: not as fun. But it can help you alleviate some stress when you know what everything will cost and you can make some savvy savings at the same time.
- Try and book your holiday early if you can. It gives you more time to save and the best deals are often available with the most notice.
- There are lots of discounts you can take advantage of in the form of cashback or loyalty schemes, or family holiday passes.
- It’s perhaps your biggest spend for the summer, so it’s important to know how much it’s going to cost you in full. Remember all details, like travel insurance and airport costs, too.
There are lots of things you can easily do that will make a difference. If you need a bit of help funding your holiday, talk to us about our loans.
Find some freebies
Activities that the whole family can enjoy shouldn’t cost you a fortune. In fact, there are so many things that you can do together cheaply and, in many cases, even free!
- Keep your ear to the ground with what’s going on in your local area. Free events like festivals, outdoor concerts or community fun days are great!
- Parks are free to visit. They’re a great chance to get outdoors with the family. Taking a picnic with you is a great way to avoid spending in expensive restaurants and cafes.
- Take advantage of “children go free” deals that many museums and parks will offer.
Set up savings
If you haven’t already started savings, there’s no time like the present. Summer is a great time to start. If you’re not a natural born saver, there are tools and hints that can help you build good habits.
- Setting up a savings account is an excellent start. You can begin the process and start building a bigger pot for next year’s summer holidays.
- Automated savings from your current account are a brilliant ‘set and forget’ way of building a habit without having to put the effort in yourself.
We offer easy-access saving accounts to help you set money aside for specific goals. And because we’re a credit union, your money stays in the community, helping others too.
Review your progress
Summer arrives right in the middle of the year, the perfect time for a review of your finances. Here’re a few questions to ask yourself as you assess:
- Am I on track to meet my savings goals? What can I do to stay on course?
- What debts or repayments do I need to make sure I’m on top of?
- What spending is on the horizon, and how can I plan for them?
- Do I need to make sure I have money set aside for back to school expenses, for example?
Taking stock of your situation is a great way to make sure you’ve got everything under control – no stress.
Include the children
Share the load with the family – it doesn’t need to all be down to you! Involve the children and get them started on the path to good money habits.
- Set budgets for day trips for the children to manage. It gives them a sense of responsibility around money.
- Start a savings challenge for the children. It will help them learn important lessons about setting realistic goals and having the patience and commitment to meet them.
- Consider opening a savings account for your children. It gives them a sense of ownership of their money. Your child can track their balance and feel proud of their progress.
A GMB Credit Union Young Saver Account is a fantastic way for you to put some money aside for the children. Kick start some good financial habits that will stand them in good stead for the future.
Holiday off-peak…
The summer holidays are well known as a time prices rise in line with demand. More families are holidaying, so the more expensive it becomes. If you can plan your travel for off peak times, the savings are well worth it.
…Or holiday at home
The UK is full of beautiful, budget-friendly destinations for family holidays. Avoid the premium pricing of holidays abroad with a ‘staycation’. Camping holidays offer some of the cheapest family breaks. Take your family on an adventure in the great British countryside!
Look out for debt-traps
Summer can tempt you to overspend. Credit cards and payday loans seem like quick fixes. But these options often come with high interest rates and long-term consequences.
If you need extra funds, speak with us first. We offer fair, flexible loans designed to help our members. Our team is here to support you with plans that work for your budget.
Get our help
We have a variety of tools available that can help you set your budget, meet your financial goals and take the stress out of summer saving.
- Use our free budget planner to get a detailed breakdown of your income and expenditure and see where you’re at.
- Open a dedicated summer savings account and start building towards hitting your target.
- Talk to us about affordable loans or financial advice. We offer fair, flexible lending available to our members.
We think everyone should be able to enjoy stress-free financial wellbeing, giving our members financial freedom and control. Making savings needn’t limit how you and your family can enjoy your summer together. With a bit of planning and support, you can enjoy a summer full of fun, freedom, and peace of mind.
Because we’re owned and operated by our GMBCU members, our main goal is to help you by making and retaining money, so that everyone in our community benefits from it. To get help and support with your summer savings and to become a GMB Credit Union member, contact us today.