5 Steps to a Summer of Savings

By Madeline Daniels, America Saves Communications Director

It's the first day of summer! Between the backyard barbeques, days at the beach, and summer vacations -- the average vacation expense per person in the United States is $1,145 -- it's also the perfect opportunity to give your finances a fresh start and set your seasonal savings goal. 

Make a plan to save money, reduce debt, and build wealth. So when it’s time to pay for that day trip to the amusement park, you’re not taking on more debt, or squeezing another budget category.

It all starts when you set a goal and make a plan to reach that goal, because those with a plan are twice as likely to save successfully. So let’s get started.

Step 1: Set a goal

What are you saving for this summer? Here are some ideas to get you started:

Step 2: Make a pledge to yourself to save

Deciding what to save for is the easy part. Not it’s time to really commit so that you are able to meet your summer savings goals. That’s where we can help you.

Our Military Saves pledge is designed to help you save money and reduce debt by thinking through your goals, and how much you want to save. Whether you are saving for a family camping trip, a 4th of July barbeque, or a day at the beach with your best friends, our pledge can help you save.

But it doesn’t stop there. After you pledge to save, we keep you motivated with information, advice, tips, and savings reminders to help you reach your goal. Think of us as your own personal support system.

Ready to get started? Click here to make a commitment to yourself today by taking the pledge.

Step 3: Create a budget

One of the first things you need to do to save more efficiently is to keep track of what you spend with a budget. There are many different ways to do this, so you’ll want to try a few out and choose the system that works best for you. The key to saving more successfully is to find a system that works for you and to stick with it through the entire summer.

We can help with that too. Click here to learn how to create a budget and to download our budget worksheet for first time budgeters.

Step 4: Save automatically

The easiest and most effective way to save is automatically. This is how millions of employees save for retirement through 401(k)s and other programs at work. It is also how millions of Americans save at their bank or credit union. Not only does it ensure you will be saving every month, but it also puts your cash out of sight and out of mind so you feel less of an urge to spend it. It also helps if you keep your savings in a separate bank from your checking account, or at least an account you don’t have easy access to.

Learn how to set up automatic savings.

Step 5: Find more money to save

Learn how to cut back on summer spending so you can save some cash and put it in your savings account instead. When you take the Military Saves pledge, we’ll send savings tips and advice straight to you. 

In the meantime, check out these steps for saving for a summer getaway.

Pledge to Save This Summer


Summer is here! 5 easy steps to get a fresh financial start this season >> http://bit.ly/2tjQZJf v/ @MilitarySaves

  Tweet this now

Tip of the Day

  • Written by Tammy G. Bruzon | February 3, 2018

    We're proud to participate in Military Saves Week 2018. See who else is participating and learn more: http://bit.ly/2Ag5AWY #MSW18

Saver Stories View all »

Making Savings a Part of Marriage

Written by Super User | November 26, 2010

Capt. Rob Eckhardt is the first to admit that he hasn’t always been responsible with money. But less than 10 years after a rocky start to saving, Eckhardt reports that he and his wife are free from credit card debt, have a down payment on a home, and are saving regularly for retirement. And, as the Military Saves representative for his Air Force squadron, he’s helping others make similar progress.

Read more...

Meet Wacinque BeMende

Written by Super User | November 26, 2010

Meet Wacinque BeMende. He’s so passionate about encouraging savings and promoting financial literacy, he’s established his own Kid’s Savings Program. Wacinque donated $15,000 to the Community Action of Laramie County in Cheyenne Wyoming to begin the Wacinque “ Rhino” Fund Endowment to help kids open savings accounts.

Read more...

Regular Savings is the Key to Success

Written by Super User | November 26, 2010

My name is Chris Strong. I joined the Air Force on 25 March, 1985. On that day, my financial life changed forever. I was introduced to saving bonds in Basic Training. Savings bonds were the big thing back then just like the Thrift Savings Plan is today. A Colonel gave us a briefing. I cannot remember his name but I can remember the 100 savings bonds he had posted to a piece of card board. He gave us a speech on the importance of saving money and how it can change your life. He inspired me to save.

Read more...