In an economic climate that is defined by stagnant wage growth and a relatively disproportionate rate of inflation, the recent rise in consumer spending has been extremely damaging.
In fact, UK households have burnt through their savings at an incredible rate in recent times, leaving disposable income levels at their lowest level since 2005.
This is making it hard for households to save for non-essential items, particularly big ticket purchases such as holidays and general social and leisure time. So, to help make the coming summer months more cost-effective, easier on your finances and above all still enjoyable, in this post we’ll look at a few ways you can save and help to make this time more affordable.
1. Augment your Salary Through Freelancing
Not every career has been created equal, and while some are based on hard work and manual labour, others rely on marketable skills.
In the case of the latter, you’ll have an opportunity to sell your services as a freelancer to potential clients, augmenting your existing salary and boosting your earnings as a result. By creating an additional and manageable source of income, you’ll make the prospect of a more enjoyable summer far more viable.
Just try to avoid the practice of double-dipping, as this could create issues with your main job role and leave you without a primary source of employment.
2. Shopping Around Reducing Travel Costs
When looking to finance your summer social exploits, you may determine that cost-cutting is another excellent way of achieving your goals.
One of the best ways to go about this is to spend more time shopping around for the best deals on everything from holidays to new clothes and even your groceries. This can be particularly helpful for holidays, as if for example, you were to look into private properties and apartments over package deals, you can often find this can be cheaper than booking hotels; so it’s worth researching before you make any concrete decisions.
Similarly, try to consider the best and most cost-effective modes of transportation. Comparing flight prices is just the starting point here, as those visiting Europe may also save cash when travelling by either train or coach.
3. Book Last-Minute
Another way you can make your summer events and holidays cost-effective, and at the same time limit the amount of money you may need to save or look to borrow, is to book last-minute.
Just before your chosen dates, visit any relevant online booking sites or travel agents and often you can find cancellations or cheaper trips that have not yet sold out.
This does of course come with some risk that you won’t necessarily always secure your first choice, however you will often find that you will be in a much healthier financial position from pursuing this method.