00:00 Speaker A
According to KPMG’s summer consumer spending polls, Americans are planning to cut back this season, spending less on travel, dining out, entertainment, and even personal care and apparel. Joining us with some more summer budgeting tips is Ronnie Williams. He’s a co-founder and president of Solo. So, Ronnie, uh, summer can be expensive. What are some of the, uh, categories or things that people tend to overlook this time of year?
00:35 Ronnie Williams
Well, they definitely overlook the, uh, the personal expenses to see Beyoncé.
00:43 Speaker A
Yeah, which I did a little bit.
00:46 Ronnie Williams
We all did a little bit.
00:48 Speaker A
I try to be good.
00:50 Ronnie Williams
Um, but it’s tough, right? Yes. Um, the best thing about summer spending, but it is spending on family, it is spending on the things you really want to do, and maybe going to the beach, and um, but all of these things can can add up and cause big problems if you’re not budgeting correctly and you’re not looking for savings wherever you can.
01:17 Speaker A
And what about air conditioning, too? I mean, that always hits me. I never realize how much I’m actually using until it’s too late and I have to pay the bill.
01:28 Ronnie Williams
You know, that’s why I think spending is going to decrease this summer, because at the end of the day, uh, our our cost of living is increasing during the summer. That means AC, that means travel cost does actually, um, increase, meaning sometimes gas is more expensive. Um, and some of these things you aren’t necessarily budgeting or planning for. So when they happen and they wipe out your savings, or they wipe out, um, something that you wanted to do as a luxury, it can cause a problem.
02:02 Speaker A
And your report found that unplanned expenses cost the average American family about $2,000 a year. What’s one smart move that people can make to try and avoid that trap?
02:17 Ronnie Williams
Your emergency fund. Now, I know everyone doesn’t hear the save to save, and especially during the summer when you want to go out and have fun with your friends and family, but saving is important and that emergency fund is needed. That flat tire can derail you from work. Um, that car breaking down, or even just a a a sick a sick pet, um, going to the the vet could cause an issue.
02:50 Speaker A
How about credit cards? Because I always try and utilize my credit card points to the best of my ability. Are there ways that tips and tricks that you can use to make sure you’re getting the most out of your cards?
03:03 Ronnie Williams
Yeah, it’s a double-edged sword, right? Um, great points, great travel perks, but you should not keep a balance. So if you’re going to spend on your credit card, try to pay it off as soon as possible. You don’t want that, uh, that fun vacation to haunt you during the winter as you come up to Christmas. And that’s the that’s the that’s the the cash strategy.
03:27 Speaker A
No.
Source link
https://findsuperdeals.shop/
