Ideas for Saving Money During What Could be an Expensive Summer
The softening Michigan economy, along with higher prices for things like gas and food, may have you wondering about how much fun you’ll be able to afford this summer. The secret to getting the most for your dollar – in the summer, or during any time of the year – is spending wisely.
Here are some ideas for making it a smarter summer for spending.
First, if you’re planning to travel, bring that summer trip closer to home. Summer airfares were already high, as much as twice "off season" flights for popular destinations. Now the cost of that family road trip has gone through the roof too. That 3,000-mile road safari, in a vehicle getting 20 miles per gallon, now costs $525 just in gas at $3.50/gallon. And don't forget other driving costs – like the motels in transit and the cost of the car itself. Staying closer to home becomes an obvious choice.
You may also want to think about planning a construction project. Travel as you wish, but this might really be the summer to stay at home -- and improve it. The dramatic crash in residential construction has brought great values in lumber and contractor services, down as much as 25 percent from a couple of years ago. You can add value to your home for less money, while helping the economy. Low short-term interest rates can help finance it (if budget and job security permit). And it'll be easier to sell your home later on.
Finally, here’s an idea that should bring a smile to the faces of parents with teens: put your kids to work. Explain to your kids what's happening in the economy (if they don't get it already) and help them start a business of their own. Make it clear that it's not you bringing this about, it's the economy. Bake pies, mow lawns, build Web sites, back up neighborhood computers, build picnic tables or birdhouses – there are endless possibilities. Another win-win, for it builds good habits. And it turns your kids into producers of cash instead of consumers of cash as you head into an expensive summer season.
– By Ed Coury, senior editor and Midwest bureau chief for the Wall Street Journal Radio Network, Dow Jones & Co., and a reporter for WWJ Newsradio 950.
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