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Add sizzle to your summer by saving cash

This time of year can prove costly, but there are ways to cut back, says Vicky Shaw

Summer should be a time for relaxation, but with so many events taking place the costs can leave families somewhat stressed
Summer should be a time for relaxation, but with so many events taking place the costs can leave families somewhat stressed

By Vicky Shaw

Summer should be a time for relaxation, but with so many events taking place the costs can leave families somewhat stressed.

Samantha Seaton, chief executive of money management app Moneyhub, has five tips for saving pennies over the summer months.

1. Allocate separate saving pots

While a holiday may be your main expense during summer, you may also want to go to a festival, enjoy days and nights out with friends or go to the beach. Creating separate savings pots will help you prioritise, making sure you have enough money.

2. Save what you can

Some banks let you round up the cost of each payment and will automatically put the difference into a savings pot. While saving the occasional 30p doesn't sound like much, it can quickly accumulate and soon you could be sitting on a good-sized pot of money.

3. Stick to a budget

Make a list of everything you want to do during the summer and how much you'll need, then give yourself a budget for everything else and stick to it. It can be hard to do, especially when there are so many temptations, but this way you won't find yourself nearing the end of summer unable to enjoy some of the essential events on your list.

4. Switch where possible

Summer can be a good time to review your finances and determine where you can make some savings. For example, while you are not using the heating, look at whether you are on the lowest possible rate with your energy provider or if you would be able to switch.

5. Be careful when converting your cash

You've saved up for your holiday abroad and now you need to convert your cash into the right currency. But how you choose to do so could leave you out of pocket. Foreign exchange providers can offer vastly different rates, which means you could be getting much more for your money with one than another. Shop around before you go to make sure you've got the best rate possible.

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