Can I Afford to Have a Hot Girl Summer?

Save more, spend smarter, and make your money go further

After a year spent indoors, everyone wants to have a hot girl summer in 2021. But when your financial situation is still recovering from the pandemic, can you really afford to?

Whether you’re struggling to get by or just looking to save a few bucks, use these tips to go big this summer – without going over budget.

Cash in rewards points

Millions of Americans stocked up on toilet paper, hand sanitizer, and disinfectants during the pandemic. But many consumers inadvertently hoarded another item: credit card rewards points.

If you’re planning to reunite with high school friends or travel to a bachelorette party, cash in your points and miles to save on the trip. If you had to cancel a vacation due to the pandemic, redeem any remaining travel credit.

If you have more rewards points than you need, you may be able to redeem them for cash or as a statement credit on your card, which you can then use toward your trip.

Don’t have any rewards cards? Now may be a good time to sign up. Chase is currently offering a 100,000-point bonus for new cardholders who apply for the Chase Sapphire Preferred card, or a 60,000-point bonus for the Chase Sapphire Reserve card. Depending on where you’re going, that’s enough for a couple of flights or hotel stays.

Invite friends over for a swap

My new favorite tradition with friends is to host a swap. Everyone brings items they no longer need, and we take turns picking new-to-us items. Last time I got three dresses, a pair of Madewell overalls, a curling iron, and a dog bed.

You’re not limited to clothes at a swap. I encourage my friends to bring anything, including books, kitchenware, makeup and home decor. It’s a free way to get new items, and it encourages you to declutter your house.

Drink like a college student

Back in college, most people would have a couple drinks at home before venturing to the bars. If you’re going out with friends, consider starting with a drink or two at home.

Another money-saving trick is to eat a full meal before you go out, so you’re not tempted to grab pricey appetizers. If you’re getting drinks with your friends, limit yourself to basic cocktails instead of specialty cocktails, or stick to the draft list instead of buying a fancy bottle.

Create rules for yourself

Now that the world is opening up, it’s tempting to throw your budget away and treat yourself to everything you missed during the pandemic. Before doing that, set up some ground rules to keep yourself from going overboard.

For example, make a rule that if you’re getting dinner or brunch with friends, you won’t get take-out that week. These basic rules will help you spend less without having to give up what really matters.

Use a cash budget

Instead of bringing your credit card with you on a night out, only take the amount of cash you want to spend. You can still use your phone to order an Uber or Lyft, but you won’t have the temptation of a credit card. Decide how much you’re comfortable spending and only bring that amount.

Join a sports league

Group sports leagues like softball, soccer, or kickball are one of the most affordable ways to hang out with friends and get some exercise at the same time.

Most group leagues cost between $50 and $75 a person, depending on the sport, and usually last around six weeks. Sometimes you’ll even get a discount at a local bar where you can hang out afterwards.

Plan a budget-friendly trip

For the past few years, my college friends and I have met up every summer at my in-law’s lake house. The house is located near a small town in Indiana, only a few hour’s drive for most of us.

Instead of picking a more exotic locale, we prioritize saving money. It’s free to stay there, and we split the cost of groceries. I usually spend about $100 on gas, food, and drinks for a three-day trip.

If you’re considering a getaway with friends, get creative. Don’t automatically book a trip to Vegas or Miami. Pick a spot that’s close enough to drive, or near a popular airport where flights will be less expensive.

If you’re not lucky enough to have access to a family vacation home, look on Airbnb and VRBO for affordable destinations. Find a house with a stocked kitchen so you can cook most of your meals.

Pro tip: Use Mint’s free travel budget calculator to help you plan your next adventure.

Budget for it

When the world shut down last year, most of us got used to spending less on gas, bars, and new clothes. But as things start to open up, you may find your spending ramping back up.

Use this time to revise your budget and allocate money toward restaurants, rideshare services, and new outfits. As things return to normal, you may have to change your budget a few times before finding a happy balance. Give yourself some grace, as circumstances may change rapidly.

If you find budgeting for one month at a time difficult, give yourself a weekly allowance to use for non-essential purchases. Redirect some of your pandemic habits, like ordering take-out a few times a week, to your rediscovered social habits, like getting dinner with your friends.

Talk to your friends

While some consumers survived the pandemic without getting laid off, millions of Americans lost their jobs and remained unemployed for months. So while your friends may be ready to party, you might be focused on rebuilding your savings.

If you suffered financially during the pandemic, you may not be able to keep up with your friends this summer. Even though it may seem awkward to discuss your money problems openly, it’s better than making excuses.

If you lie about why you can’t hang out, your friends will think you’re avoiding them. But if you’re honest, they may accommodate you by suggesting budget-friendly activities. Give them the chance to understand, even if it means having an uncomfortable conversation. Who knows – one of them might be struggling as well, but too afraid to speak up.

Save more, spend smarter, and make your money go further

Zina Kumok

Zina Kumok is a freelance writer specializing in personal finance. A former reporter, she has covered murder trials, the Final Four and everything in between. She has been featured in Lifehacker, DailyWorth and Time. Read about how she paid off $28,000 worth of student loans in three years at Conscious Coins. More from Zina Kumok

Source: mint.intuit.com

How to Build a Capsule Wardrobe

Save more, spend smarter, and make your money go further

There are so many fashion trends that come and go; but what does that mean for your pockets? You’re left overspending, making impulse decisions, or buying items because others are doing the same thing. Remember, fashion is a personal experience. It’s unique to each one of us as we all express our personal style in different ways. The cost of living along with everyday essentials are on the rise; what are a few ways to remain stylish while making sure it’s budget friendly? Use the following tips to build a classic wardrobe that’s always on trend – no matter the occasion.

What is a capsule wardrobe?

A capsule wardrobe consists of a set of tops, bottoms, outerwear, shoes, and various accessories that are versatile and can be mixed based on occasion to create a multitude of looks. The focal point of a capsule wardrobe is to own more on quality pieces that can transcend through the various seasons.

Ranging from between 25 – 75 pieces (or more; just depends on your preference) the key is to be able to identify all your clothing items easily and severely cut down on the time it takes to decide what you’re going to wear from day-to-day. Your new wardrobe should be able to reflect you personally while also remaining super functional.

Step 1: Take an assessment of your closet

Before we get started with hitting our favorite stores or buying everything online; take note of what’s currently in your closet. Begin to create a few mounds of clothes – keep, purge, and repurpose piles. What are the items that no longer fit? What items don’t necessarily fit your personal style anymore?

Be honest with yourself during this exercise. For example, if the clothes fit but you haven’t worn them within the past six months, chances are you may not be in love with them like you thought during the initial purchase. Also consider gently used clothes that are still in good shape to donate or sell to a consignment shop. The funds made from items already in your closet can go toward new pieces for your capsule wardrobe! Consider your current lifestyle as well – are you self-employed, working a 9-5 or a stay-at-home parent? All of this will impact your personal decisions as it relates to clothing.

To streamline this process even further, take pictures of the items you’re going to keep and have them all in one album on your phone. This way, you’re able to track each piece you have before making any new purchases. We often believe we have nothing to wear when it’s time to get dressed – when we really are just unsure of what we have. Reprogram your mind to utilize what you already have versus spending out of impatience and frustration.

Step 2: Identify your personal style and experiment

Social media exposes us to so many people, their personal styles and fashion inspirations. When you take a step back from everyone else’s thoughts and opinions; who inspires you? Create a mood board with outfits that pique your interest, that are classic in nature and are flattering to your body type. Ask yourself the following questions:

  • Are these pieces something I’m going to love years from now?
  • Will I feel confident no matter the occasion?
  • Does this fit my work and personal lifestyle?
  • Am I committed to investing in quality items?

Answering these truthfully are a great baseline to tailoring your wardrobe for you – regardless of what’s ever changing on social media. Next is the fun part; begin experimenting with what’s in your closet! Make sure all your items are in one area in your closet or buy a fashion rack so you’re able to easily identify your growing capsule wardrobe. Using either of these methods should not only cut down your decision time when getting dressed, it gives you the opportunity to create multiple looks with the same pieces. The main goal is functionality – make sure it’s adaptable to your lifestyle and its’ demands.

Step 3: Spend wisely and fight the urge against fast fashion

Quality over quantity is the mantra to live by when wanting to build a capsule wardrobe. Think about it in this way – how can you remain timeless while also having a distinct personal style?

When you’re looking for items to add to your capsule, focus on durability and quality. There’s no point in buying a lot of clothes that can’t withstand a few cycles in the washing machine (lack of quality) or shopping for one specific event (non-functional pieces). Refer to the pictures that’ve been taken of your current items so they’re handy during any shopping trip. Don’t forget to leverage consignment shops or thrift stores during this process. Bulkier, yet timeless items such as trench coats or vests with neutral colors can often be found. If you find that shopping for each season initially is too difficult, begin offseason shopping. During the summer, fall and winter clothes can be reduced heavily in price; use these opportunities as a cost savings.

Step 4: Take your time and have fun!

Transitioning from your current wardrobe to a fully functional one isn’t easy. Don’t overwhelm yourself with trying to finalize each piece in your closet over a designated amount of time. Not only is that not realistic, but it’s also expensive (which partly defeats the purpose) and stressful. This should be a fun, experimental, yet intentional time.

Take note of the outfits you enjoy the most. What about them makes you confident? You’ll discover you love every item in your closet versus simply dealing with pieces to complete an outfit. Take a note of items that may be currently missing from your wardrobe that can be worn at least three ways.

Taking this into account, you’ll be able to add those items into your rotation easily. Every purchase should be strategic and purposeful. While others are chasing trends that change every season, you’ll be peaceful and empowered with a wardrobe distinctly curated by you and your wants.

Save more, spend smarter, and make your money go further

Marsha Barnes

Marsha Barnes is a finance guru with over 20 years of experience dedicates her efforts to empower women worldwide to become financially thriving. Financial competency and literacy are a passion of Marsha’s, providing practical information for clients increasing their overall confidence in their personal finances. More from Marsha Barnes

Source: mint.intuit.com