How to budget for summer
Summertime is right around the corner, and along with poolside fun and vacation days comes a surprisingly pricey time of year. After the winter holidays, summer is the second most expensive season for Americans, with the average consumer spending about $2,229 throughout the summer.
Don’t let summer expenses catch you off guard! Here are our top tips for enjoying summer without breaking the bank.
Start a savings goal for summer expenses
If you have plans for this summer, like a vacation, starting a savings goal in advance is a great way to stick to your budget. Say you want to vacation in August and estimate you’ll need about $1,000. If you start a sinking fund in May and put aside $250 a month, you’ll be able to reach your goal without disrupting your monthly budget and have fun over the summer without worrying about overspending.
Need help setting up a budget and planning a savings goal? Try our Esusu Spending Planner.
This worksheet will help you see how you’re using your money and where you can cut down on spending to save for the vacation of your dreams.
Look for ways to save on your energy bill
With the summer sun comes summer air conditioning costs, especially if you live in an area with sky-high temperatures.
If you’re worried about your energy bill rising with the temperature, find ways to avoid cranking up your AC. Drawing your curtains during the hottest parts of the day or investing in a solid oscillating fan can help you cool your home for less.
Many energy companies offer fixed-rate plans based on your energy usage, which can help you avoid summer energy spikes. Talk to your property manager or electric company to see if a fixed-rate plan is right for you.
Need help to pay for your utility bill? Esusu’s here for you. Check out our Renters Marketplace to find resources for utility bill assistance and much more.
Find free kids’ activities in your neighborhood
Every kid looks forward to summer break, but entertainment and childcare can come at a high cost for parents. Luckily, there are plenty of free options for summertime fun.
Check out your local library for free events like story hours, reading competitions, and arts and crafts to entertain your family. Many cities also have free art walks where you can soak in your local culture without spending a dime. And, of course, there are always parks and playgrounds where you can spend some time in nature!
However you spend your summer, Esusu is here to help. Check us out on Instagram for the latest renter news and budgeting tips.
May renters’ Q&A
Q: I know the rent is due on the 1st, but I pay it on the 3rd of every month when I get paid. Is that helping or hurting my credit score?
What is considered a late payment varies from property to property. The best way to determine if your payments are considered late (often called “delinquent”) is to check your lease agreement and talk to your property manager.
Many properties have a grace period of a few days after the official due date before considering a payment delinquent. Check with your building to see if they have a grace period.
Even if your property considers a payment late, it will never be reported by Esusu to the credit bureaus. We operate on a “do no harm” model, and the late payment will not hurt your score. We will unenroll you from Esusu’s rent reporting program after multiple late payments to avoid having an unused new line of credit on your credit report.
Keep in mind, if payment is considered late by your property, it won’t help your credit score either. The best way to work to improve your score is by making on-time payments.
If you’re having trouble paying your rent on time, consider talking to your property manager to work out a new agreement or applying for Rent Relief to help get you back on track.
Q: If I move, can I take Esusu with me?
To continue using Esusu Rent Reporting, you must move to a property that already offers the service. The good news is that 4000+ properties nationwide already use Esusu!
Contact your property manager to see if they have any other properties that use Esusu in the area you’re looking to move. Most property owners and operators we work with have multiple properties using our services.
Regardless of whether you move to an Esusu property, the credit score boost you received with Esusu will stay on your report and help your credit score for years.
Missed last month’s Q&A blog?
Check it out here and learn what renters like you are asking about rent reporting.
Have any other questions?