Lifestyle

This is how you can quickly earn back your spent summer money

By Sophie Rietmulder | #!31Sun, 01 Oct 2023 15:15:51 +0200+02:005131#31Sun, 01 Oct 2023 15:15:51 +0200+02:00-3Europe/Amsterdam3131Europe/Amsterdam202331 01pm31pm-31Sun, 01 Oct 2023 15:15:51 +0200+02:003Europe/Amsterdam3131Europe/Amsterdam2023312023Sun, 01 Oct 2023 15:15:51 +02001531510pmSunday=9#!31Sun, 01 Oct 2023 15:15:51 +0200+02:00Europe/Amsterdam10#10-01-2023#!31Sun, 01 Oct 2023 15:15:51 +0200+02:005131#/31Sun, 01 Oct 2023 15:15:51 +0200+02:00-3Europe/Amsterdam3131Europe/Amsterdam202331#!31Sun, 01 Oct 2023 15:15:51 +0200+02:00Europe/Amsterdam10#

‘I deserve this, you should treat yourself every now and then,’ I say to myself as I order my umpteenth Aperol Spritz of the summer and I have literally never denied myself anything. I don’t know why, but something about summer always gives me the impression that I have the budget of a professional fake baby. Just to be clear: I do not have that. In fact, I am still financially recovering from the hysterical spending spree that the past few months have brought, and I haven’t even been on vacation yet. To make it a little easier on myself and because autumn also brings its own financial challenges (am I the only one who always wants a completely new wardrobe then?), I started looking for tips to earn back my spent summer money as quickly as possible. Do you also live on bread and bonus wine and want to do something about it? Then read on.

1. Try a month without spending
A rigorous but effective approach is to not spend any money on non-essential items for a month. Set strict rules for yourself, such as only spending on groceries, fuel, and fixed monthly bills. This can provide a mental reset and help you reconsider where you really want to spend your money. And no, a pumpkin spice latte from Starbucks is NOT an essential expense, even if you really deserve it.

2. Create a budget
This is especially great for people with fluctuating incomes and has really been a lifesaver for me. Use a budget where you allocate all your income to different categories. Create boxes for rent, groceries, fuel, fixed expenses, and savings. This way, every euro has a specific destination, allowing you to manage your money more efficiently, better establish your priorities, and see exactly how much you have left for fun things. I mean, it should still be a bit enjoyable, right?

3. Participate in a savings challenge
Saving money can become more fun with challenges like the Penny Saving Challenge, the 20K Savings Challenge, or the Dime Saving Challenge. Just look around, the internet is full of them. These challenges encourage you to achieve specific savings goals within a set time, making saving less boring and even a bit exciting.

4. Use a debt reduction strategy
Are you drowning in student and credit card debt or do you have dozens of payment requests open from those lovely, long evenings on the terrace? Then use a debt reduction strategy. Start by paying off the smallest amount and work your way up. This way, you are still working on paying off your debts without being 3-0 down right away.

5. Automate your savings
Build your buffer by automatically transferring a portion of your salary to your savings account. This helps you resist temptations because your savings are separate from your daily expenses.

6. Plan for next summer
Prepare for next summer by reviewing your budget in the spring. This allows you to set aside money for vacations, events, and changes in your fixed expenses. Planning ahead helps reduce financial pressure in the summer, so you can promise yourself all the fun things that summer brings without feeling guilty.

Image: Netflix