How to save for summer (without feeling like you’re missing out)

At The Know, we know firsthand just how hard it can be to save money in the summertime. From holidays abroad and day trips around the UK to festivals and BBQs, the temptations that summer socialising throws our way are endless - and so are the potential costs!

That’s why we spoke to finance expert Jessie Leong, founder of the personal finance website How I Fund This, to get her top tips on saving for summer without feeling like you’re missing out.

Jessie is the founder of How I Fund This, a community of over 48,000 financially-curious people looking to transform their relationship with money and feel more confident making financial decisions.

1. Cherry-pick the events you go to

You’ve probably already RSVP’d yes to some pretty pricey events this summer (we’re thinking about weddings in particular here) - and we’re definitely not suggesting that you cancel on any brides-to-be!

But when it comes to making last-minute or more casual plans, Jessie recommends being honest with yourself about what you can actually afford. “If you say no to plans and feel like you’re missing out, bulk out your calendar with low-cost or free activities instead,” she advises.

This could look like going for a stroll in a scenic park, hosting a BBQ where everyone brings a plate to share, or checking out a free (air-conditioned!) exhibition.

“My friends and I hold a monthly ‘dessert and natter’, taking it in turns to host,” says Jessie. “We’re still doing the most important thing - socialising and catching up - without breaking the bank.”

2. Prioritise how you want to spend your money

This one’s all about deciding on your non-negotiables when going on holiday - and figuring out where you’re okay with making savings.

“Staying at a hotel with a convenient, central location may be a priority for you - but that comes at a premium,” Jessie explains. “That’s totally fine, but it may mean figuring out which other areas you don’t mind cutting back on.”

You could make savings by borrowing clothes from a friend rather than buying new holiday outfits, or by challenging yourself to take part in as many free activities as possible on your trip.

3. Look at other areas in your life where you can cut down

Summer hopefully means sunny days and more time spent outdoors, which may mean you’re using your Netflix or Now TV subscription less. Similarly, you might want to forego your weekly takeaway and put that money towards having a picnic in the park with friends instead.

“By putting these monthly expenses on a temporary pause, you’ll be freeing up cash to spend elsewhere over the summer months,” says Jessie.

4. Borrow things from family and friends

This is particularly relevant if you’re planning a camping trip or going to a festival. It’s unlikely that your friends or relatives will be using their tent or sleeping bag at the same time as when you need it (provided they’re not going with you, of course!) so it’s definitely worth checking whether you can borrow any high-cost items before splashing out. Return the favour or pay it forward if you can at a later date!

And if your mates haven’t got the item you’re after? “Try going halves with a friend,” Jessie suggests. “It’s a great opportunity for you to both save money.” We can’t argue with that!

5. Be savvy when you shop

We’re talking cashback, vouchers and discount codes. “There are so many apps out there which you can link to your card to get automatic savings,” says Jessie. One such money-saving hack recommended by Jessie is Airtime Rewards, which gives you money off your phone bill each month if you spend at certain retailers.

Jessie also recommends enabling “round ups” on your spending - if your banking app allows it. “It’s a way to save without noticing you’re even doing it,” she explains. “It doesn’t seem to impact your budget but it all adds up - freeing up cash to spend elsewhere!”

“We often think that doing something special means spending lots of money, but that’s not actually the case,” says Jessie. “When you think about your favourite memories - those deep belly laughs with your friends - it’s never about where you are, but who you’re with. Spending time with the people you love doesn’t have to be expensive to be special.” Amen!

Loved these top tips? You can find more of Jessie’s straightforward and easily actionable advice over on her website or on Instagram.