With summer break approaching, the extended vacation mindset is already in full force and can take a toll on our finances. We need to consider some ways to cut down on spending to keep more money in our pockets. Enter the Savvy Swap! The Savvy Swap is a quick, easy, and smart substitution made with the intent of saving money. We can put this idea into action in any area where our spending habits are getting higher such as groceries, vacations, and just hanging out with friends.
GROCERIES
For more than 63% of Americans, groceries are their highest spending category. An easy idea for a Savvy Swap for Groceries is buying the generic brand instead of the name brand.
- You may be able to get the exact same ingredient in different packaging. Some store brands are even manufactured in the same factories as the name brand items, like ‘Trader Joes’, for example.
- If you eat organic, look into organic generic brands like ‘Simple Truth’ at Kroger and ‘Greenwise’ at Publix.
- Flour, spices, and sugar are all items with the same ingredient, yet we pay for the packaging.
Name-brand products are normally the items with coupons attached, so if you aren’t going to buy generic, look for those as well if you need a steal.
VACATIONS
Did you know 80% of Americans say they are changing their summer vacation plans because of inflation? A Savvy Swap you can use to save on your summer plans while still having fun is a Staycation! Staycations have been a major trend in America since the pandemic started. Whether you don’t want to travel because of the costs, or don’t want to deal with the stress of packing and traveling, a staycation can be a great fit! Think of it as becoming a tourist in your home or neighboring cities. You can volunteer, shop, go to a festival, or whatever seems new to you. The best part about it? You can have a good time and create memories, while keeping extra money in your pocket!
HANGING OUT WITH FRIENDS
Maybe your summer is tied up with the internship that you worked hard to get...making time for yourself and to spend time with friends will still make your summer fun. Consider swapping expensive outings for more affordable or free options. Some great ideas to look into are free events in your area! In Charlotte specifically, I’ve seen things this summer ranging from outdoor movies, goat yoga, to a live music festival. If you ever need a place to get started, just Google “events near me” and click the filter for free events.
We all worked hard and of course we deserve a break, so our challenge to you is to try to make at least one savvy swap each week this summer! Let us know what you are swapping to improve your overall financial wellbeing!
From Niner Finances to you, we hope you have a fun summer break and start swapping!