Yahoo Finance 8 Expenses the Wealthy Skip During the Summer To Stay Frugal
The wealthy approach their finances strategically — and that involves preparing ahead for each season. They know, for example, that during different times of the year, they can cut back on certain expenses to save money.
Check Out: 5 Frugal Habits of Mark Cuban
Read More: 4 Genius Things All Wealthy People Do With Their Money
“Wealthy people are especially good at recognizing the sorts of services they can interrupt during the summer with free or cheaper options,” said Kevin Huffman, personal financial specialist and owner of Kriminil Trading.
“If they go swimming, biking or hiking instead of going to the gym, for instance, they can put that membership on hold.
“According to a report by the International Health, Racquet & Sportsclub Association, in the U.S., summer is traditionally one of the lowest periods of usage for fitness facilities.”
Huffman noted that wealthy people often save money on gym memberships during these months and enjoy relatively cheaper activities such as swimming, biking or hiking.
Read below for other expenses the wealthy skip during the summer to stay frugal.
They Put Housekeeping on Hold
“The summer season coincides with a period of increased outdoor use or traveling,” Huffman said. “Those who can afford to might reduce or cancel housekeeping services for the season.”
However, he added that cleanliness and order are still important, with the wealthy undertaking some tasks themselves or chores being delegated to family members, perhaps leading to saving some summer budget for travel or experience activities.
Explore More: 6 Things Frugal Boomers Never Buy
Family Entertainment
“Summer abounds with free or affordable entertainment,” Huffman said. “The prosperous might give up expensive movie nights for free concerts in the park or picnics.
“Local festivals, art walks and other free community events offer entertaining options.”
He added that children’s museums, libraries or art institutes often host summer events.
“Studies show that families often spend more on entertainment during summer. The wealthy make use of free entertainment during summer to save on entertainment purchases.”
They Save on Clothing Choices
Summer wardrobes naturally contain fewer layers, Huffman noted.
“The wealthy re-evaluate their clothing needs and avoid shopping impulsively for trendy summer outfits. Many opt for versatile pieces to mix and match, thereby maximizing their inventory, as opposed to ‘keeping up with the season’s style’ fads.”
Vacation Value Hunting
“Although the wealthiest clients may travel more, they often become more savvy about planning them,” Huffman said. “They can book summer destinations during shoulder seasons (spring and fall) which are less expensive due to not being prime season.
“They can also consider less touristy places to get off the path of the crowds and get unique experiences without paying hefty price tags.”
He added that they are also likely to use their membership statuses and travel reward points to get huge discounts on vacations.
Mindful Meal Planning
“More casual evenings spent with friends and family are often part of the joys of summer,” Huffman said. “The well-to-do are aware of these temptations and therefore plan their meals in advance.
“It typically pays to stock up on in-season fruits and vegetables that are considerably cheaper when in season.”
He said they might also host more potlucks or barbecues at home and maintain control over portion sizes instead of indulging in outrageously priced restaurant meals.
Private Tutoring and Extracurricular Activities
“During the school year, wealthy families often invest heavily in private tutoring and extracurricular activities for their children,” said Dennis Shirshikov, finance expert and head of growth at GoSummer.
“These services can cost upwards of $100 per hour for private tutors and $200 per month for activities such as music lessons or sports coaching.”
However, he noted that in the summer months, many of these families reduce or eliminate these expenses, instead opting for more flexible and often less costly alternatives like summer camps, online courses or family-led educational trips.
Professional Landscaping Services
According to Shirshikov, wealthy homeowners often maintain pristine lawns and gardens through the services of professional landscapers, which can cost between $100 and $400 per month depending on the size and complexity of the property.
“In the summer, these families might choose to reduce the frequency of these services or handle some of the maintenance themselves. The longer daylight hours and pleasant weather make it more feasible to engage in gardening as a leisure activity.”
Premium Streaming Services
“While it’s common for wealthy individuals to subscribe to multiple premium streaming services for entertainment, the summer months bring a natural reduction in screen time due to travel, outdoor activities, and social events,” Shirshikov said. “Cutting back on these subscriptions during the summer can save a considerable amount, especially when you consider that many households pay for several services at once, which can total over $100 per month.”
More From GOBankingRates
I'm a Shopping Expert: 6 Things Retirees Should Never Put In Their Grocery Cart
6 Things to Try This Week if You're Behind on Your Savings Goals
4 Reasons Retired Women Need More Money Than Men -- And What To Do About it
This article originally appeared on GOBankingRates.com: 8 Expenses the Wealthy Skip During the Summer To Stay Frugal
