Summer has started! Thoughts of vivid sunsets, theme parks, beach days, and weekend getaways come to mind.
All of these activities can take a toll on your bank account, but remember that you don’t have to break your budget to enjoy the sunshine! To point you in the right direction, here are some financially savvy ways to help you save money throughout the rest of the season.
1. Enjoy the great outdoors: Enjoy nature’s bounty by taking a hike, planning a beach trip, or simply having a picnic at your local park. Sometimes we forget about our surroundings and all that they offer. Most national parks, beaches, and local parks are free to the public for visitation. Take your time to unwind and relax with friends and family as you catch those extended hours of sunlight.
2. Host a potluck: Nothing says summer like a backyard BBQ or family cookout. Hosting your family and inviting them to a potluck is a great way to save while creating memories among great company. Not only will you save on cooking time, but you will also have an assortment of homemade food to enjoy once the party’s started.
3. Ditch the hotel: While hotels are obviously a popular choice for vacations, you may want to expand your horizons for your next family vacation. Whether it’s driving to your local campsite, or using sites like Airbnb, there are many options that can help you find more affordable homes and spaces during your next trip.
4. Take advantage of summer deductions: The Child and Dependent Care Tax Credit can be applied to summer camp expenses; however, keep in mind that it is subject to certain restrictions. For example, to qualify for the deduction the camp must be a day camp only and your child must be under the age of 13 at the end of the tax year.
Don’t worry about knowing these tax rules. TurboTax asks you simple questions about you and gives you the tax deductions and credits you’re eligible for based on your answers. If you have questions, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered. TurboTax Live CPAs or Enrolled Agents are available in English and Spanish and can also review, sign, and file your tax return.
What are your plans for summer? Share with us the ways you’re cutting costs!