The 50/30/20 Guide to Summer Budgeting Like a Pro - CCCU
Friday, August 14 CCCU
The 50/30/20 Guide to Summer Budgeting
Make it even easier to afford all of your necessities, save money and lower your debt while continuing to have fun in the sun by adopting the 50/30/20 summer budget!
When it comes to saving money, the key to success is creating and sticking to a budget. Of course, this is easier said than done, especially when fun summertime activities are calling your name. If you’ve never budgeted before or have tried and failed, our Portland community credit union has your back.
One of the best and most natural ways to budget is by adopting the 50/30/20 rule
. Keep reading for a guide on how to budget your money using the 50/30/20 rule, as well as tips for minimalist summer budgeting.
What is the 50/30/20 rule?
What is the 50/30/20 rule and how does it work? With this super-easy budgeting method, you’ll allocate 50% of your income to essentials
, which may include your rent or mortgage payment, utilities, your phone bill, health insurance, and food. You’ll also allot 20% of your income to paying down debt and saving
money. This could include contributing to your retirement savings, paying off credit cards, making student loan payments, or building an emergency savings account. The last 30% of your income can be used to do things that enrich your life, like fitness classes, new clothes, drinks with friends, travel, and entertainment.
Budgets only work if they’re followed. If you have trouble sticking to a budget, a minimalist strategy might be an effective solution. By adopting a straightforward 50/30/20 summer budget
, you’ll be able to afford all your necessities, save some money, make a dent in your debt, while still having lots of fun!
How to budget like a minimalist this summer using the 50/30/20 rule
When you think about budgeting, your mind might jump to a list of everything you’ll have to give up. The thought of forgoing happy hour, iced coffee, a new swimsuit, or a weekend getaway is often enough to make someone opt out of setting a budget.
But believe it or not, you don’t have to choose between indulging in favorite things and being financially responsible. That said, there are plenty of ways to curb your summer spending
and still have tons of fun in the sun.
Free and almost free summertime activities
There are tons of ways to enjoy the warm season while spending little to no money. If you live in the beautiful Pacific Northwest where our Portland credit union is located, hiking and camping are at the top of our lists. Aside from that, Portland has some of the best parks, which are perfect for picnics, long walks, and just chilling out in the sun. Some parks also have free movie showings throughout the summer. All you’ll need is a blanket and some snacks.
Affordable warm-weather hosting
If you love to host friends and family in the summer, you can still make it work with the 50/30/20 rule. Do you love grilling? Invite your favorite people over for a barbecue potluck. That way, you can entertain, socialize, and enjoy great food without breaking the bank.
Budget-friendly summer snacking
Whether you’re planning to do a lot of hiking, camping, road-tripping, or picnicking this summer, the snacks
you bring can really add up. The best way to save money on snacks is to buy them beforehand instead of on the way to your destination. As you probably know, when you buy snacks at convenience stores, you pay a little extra for convenience. Get snacks and drinks in bulk, and keep them on hand for your summertime outings. Bringing a cooler can help you save money, too. If you don’t already have one, it could be worth the investment.
Summertime traveling on a budget
You can definitely save money on entertainment and short getaways in Portland and the surrounding areas this summer, but what does a minimalist budget for travelers look like? For plane travel
on the cheap, your best bet is to use airline miles or price-watch for airfare deals. Also, if you’re flexible on your dates and destination, you’ll have a lot more budget-friendly options to choose from. As for lodging, you can make your trip more affordable by staying with friends or family for at least part of your stay.
Savings accounts from CCCU
If you’re ready to embrace a 50/30/20 summer budgeting plan, our Portland community credit union is here to help. CCCU offers several personal savings options, including primary savings accounts with competitive dividend rates and automatic payroll deposits. As a member, you can also open a first-time homebuyer savings account, a traditional or Roth IRA retirement account, or a holiday savings account. Additionally, CCCU offers high-yield money market accounts and share certificates, as well as low-interest Visa credit cards
with airline miles and other benefits.
Are you feeling inspired to budget this summer? CCCU has all the tools you need to get started. Join
our Portland credit union today or contact us to learn more. You can do this!