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7 Ways to Cool Down Summer Spending

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Summer is here and that means a few different things: battles with kids over sunscreen application, increased outdoor activities and a strained bank account. According to a 2018 study from LendEDU, the average adult American spends $2,229 during the summer, making it the second-most expensive season behind winter.

After being stuck inside your house for most of the colder months, it’s only natural to get excited about the outdoors and going on vacation. Unfortunately, leaving the comfort of your couch increases your expenses. Here are some tips to help you navigate the hotter months of the year without breaking a sweat.

Manage vacation expectations

One of the best ways to be able to afford a summer vacation is to work it into your yearly budget ahead of time. Steve Zakelj, a certified financial planner with Flatirons Wealth Management in Boulder, Colo. explained that a good vacation starts with planning.

“Start saving for it with $100, 500, $1,000 a month in the winter,” he said. “Set up a vacation account that gets an automatic deposit every month of the year. This way, you’re prepared for your summer trip and have a definitive budget you can use without guilt or long-term problems. Keep the monthly contributions going year-round so you’re already saving for next summer’s fun the moment you get back.”

Once you have your budget set, research places that are within your price range. If you love traveling overseas, try staying at budget-friendly, off the beaten path locations, like Sophia, Bulgaria. The average price of a hostel in Bulgaria’s capital is just $6.99 per night.

You can also keep your traveling costs low by thinking ahead. If you’re going to be out on the town a lot, there’s really no need to book an expensive hotel. If you are thinking the more activities the better, pick out ones that are affordable. “At your destination, look for free or cheap shows, events or festivals as opposed to venues that require the purchase of a pricey ticket,” explained Zakelj.

Another way to reduce vacation expenses is to stay put for a staycation. Plan local activities, hit up your favorite restaurant. Cutting out travel and accommodation expenses will allow you to funnel your money to some fun around town.

Get creative with child care

Having your kids home from school can make summer expensive, especially if you need to pay for child care. First, try asking other parents what their plans are — they may be privy to information about affordable camps or summer clubs you didn’t know existed. You may also find someone with a flexible schedule who can share child care duties with you. You take the kids one week, they take them the next and that frees up time for both of you to get stuff done without paying for day care or babysitters.

If you have relatives or your parents live nearby, see if it’s possible for your kids to visit for a week or two during the summer. Your loved ones get the benefit of seeing your kids, and you get the benefit of a free week of child care.

The YMCA is also a great source for affordable summer camps. This organization operates more than 1,850 day camps across the country. Search the YMCA site to find a camp near you.

When you do have the kids around, there are countless low-cost activities to keep them busy. “Enjoy the outdoors on the cheap,” suggested Zakelj. “Take hikes, go fishing, ride bikes, etc.  After an initial expense, most of these activities can have very low ongoing expenses.”

Pause your subscriptions

According to a study by tech consulting firm Waterstone Management Group, the average adult American spends $237.33 per month on subscription services. Summer, with its long days and beautiful weather, presents a great time to cut back on these costs. Are you running outside more? Consider canceling or pausing your gym membership. Find yourself hanging out with friends more often than sitting at home binge-watching TV shows? Cancel your Netflix account until the fall.

Take some time and comb through your bank account statements to find the subscription charges. Then, go through each one to see if you actually use it and if it truly adds value to your life. If you the answer is “no” to any of the services, cut away.

Don’t overdo it on the air conditioning

As the days get hotter and hotter, keep in mind that one big budget buster is your power bill. The Department of Energy says that air conditioners cost American homeowners about $29 billion annually. If you keep the AC cranked day and night, that’s a lot of money down the drain.

Instead of cooling an empty house, invest in a programmable thermostat that you can keep 7 to 10 degrees hotter than the setting you keep it at when you’re home. Doing this will save you about 10% on your power bill annually. If your AC unit is outdated, it might make sense to purchase a new, high-efficiency unit. Before you take that plunge, do some research on smart ways to finance the purchase.

Beyond taking steps to reduce energy costs with your AC unit directly, you can install ceiling fans to help circulate air. Consider planting leafy plants outside of your home (especially near windows), as they’ll shade your home and help keep it cool.

Take advantage of BBQ weather

You can avoid overspending during the summer by cutting back on dining out. The average American household shells out $2,667 on food costs outside of the home. The weather is nice and the days are longer, so why not have friends over to your place instead of going to a restaurant? As Zakelj explained, even reducing smaller expenses will help you keep spending under wraps.

“If you eat out regularly, think about eating your dinner at home and just going out for ice cream afterward,” said Zakelj. “You still get the fun of a trip out but just buying dessert is much cheaper than paying for an entire meal. Or have friends over to the back patio for BBQ and beer instead of hitting restaurants with them.”

Be realistic about wedding season

One big reason for summer overspending is weddings. According to wedding marketplace The Knot, the average amount guests spend on an out-of-town wedding is a whopping $901, including travel, attire, accomodations and gifts.

If you have to attend, save some cash by searching for cheap lodging. Check sites like HotelTonight.com for deals on rooms, or consider splitting the cost of a house through Airbnb or Vrbo. If you’re traveling alone, see if there’s another single friend with whom you can split a room. If you opt for a hotel, try to stay at the one reserved by the bride and groom — it’s common for the couple to request a block of rooms for their guests, often at a rate lower than listed prices.

As for traveling to the wedding, if it’s within driving distance, see if anyone wants to carpool to save on gas costs. Look into Amtrak, as it often has deals when you travel with multiple companions. Some airlines, like Southwest and United Airlines, also offer group rates, but you’ll need at least 10 people to take advantage of them.

While we all like to look spiffy for big events, there’s no need to break the bank on your wedding attire. Need a tux? Rent one from a site like TheBlackTux.com, which lets you try one on for free. Looking for a dress? Try RentTheRunway.com, where you’ll get 20% off your first rental.

Also, keep in mind: You don’t have to attend a wedding simply because you were invited. If the cost is high, ask yourself if you’re really that close to the couple getting hitched. If you’re not, skip it and send a gift instead.

Speaking of gifts: The earlier you buy from the wedding registry, the better. There will be plenty of options available, giving you the chance to purchase something the couple wants that’s well within your budget. If there’s not something affordable on the registry, ask other guests if they want to purchase a larger item together.

Beware of summer sales

There are plenty of sales during the summer — from July 4 weekend to back-to-school — but that doesn’t mean you need to hit every one. Take an inventory of all the items you already have, like notebooks and pens from the previous school year, or kids swim apparel that will still fit next summer. Once you know what you have, you can make a list of what you actually need. Let that list be your guide to summer sales. If it’s on the list, look into the sale. If it’s not, move along. Having a concrete reminder of the things you need will help you avoid spontaneous purchases that can derail your long-term savings goals.

The bottom line

It can be easy to overspend during the summer, but there are plenty of ways to avoid it. You just have to take the time to think through purchases, do some research and plan wisely. Dedicate yourself to streamlining your spending and you’ll see autumn arrive with your budget intact.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Chris O
Chris O'Shea |

Chris O'Shea is a writer at MagnifyMoney. You can email Chris here

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10 Great Free Checking Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

free checking accounts
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The humble checking account may not offer rewards, cash back or many of the other perks offered by ritzy credit cards, but it remains the cornerstone of your financial life. Nobody likes paying monthly maintenance fees, so why not pick a free checking account that does away with them altogether?

Below, we’ve selected nine of the best free checking accounts by scouring our database for products meeting the following criteria:

  • No monthly maintenance fee
  • A low initial deposit amount (between $0-$50) needed to open the account
  • No minimum balance requirement
  • Minimal third-party ATM fees
  • Available nationwide

Account Name

Minimum needed to open

APY

Consumers Credit Union (IL) Free Rewards Checking$05.09% (applies to balances up to $10,000)
TAB Bank Free Kasasa Cash Checking$04.00% (applies to balances up to $50,000)
Orion FCU Premium Checking$25 deposit in Primary Share Account4.00% (applies to balances up to $30,000)
One American Bank Kasasa Cash Account$503.50%(applies to balances up to $10,000)
Evansville Teachers FCU Vertical Checking$30 ($25 if you're already a member of this credit union)3.00% (applies to balances up to $20,000)
Simple Account$02.02%
SoFi Money$01.80%
Empower Checking$01.65%
Discover Cashback Credit$0None, but customers receive 1% cash back each month on certain spending with a limit of $3,000
Ally Bank Interest Checking$00.60%

10 bests free checking accounts of October 2019

Consumers Credit Union (IL) Free Rewards Checking

The Consumers Credit Union provides an online-only Free Rewards Checking account to anyone in the nation who becomes a member. You can qualify for membership with a one-time $5 payment to Consumers Cooperative Association. Perks of the account, which charges no monthly maintenance fees and requires no minimum balance, include unlimited third-party ATM fee refunds.

However you do have to meet some requirements in order to get all of the benefits of the account (including the high APY). The APY for this account is divided into three tiers, with the lowest earning 3.09%, the middle 4.09% and the highest tier 5.09%. The requirements for each of these tiers are:

To earn 3.09%

  • Receive eStatements
  • Make at least 12 debit card purchases a month
  • Post direct deposits or ACH payments of at least $500 each month

To earn 4.09%

  • Meet all the requirements of the previous tier
  • Have a Consumers Credit Union Visa credit card and spend at least $500 a month on it

To earn 5.09%

  • Meet all the requirements of the previous tier
  • Spend at least $1,000 a month on your Consumers Credit Union Visa credit card

Keep in mind these high APYs only apply to balances up to $10,000. The portion of any balance between $10,000.01 and $25,000 earn 0.20% APY, and balances greater than $25,000 earn an APY of 0.10%.

LEARN MORE Secured

on Consumers Credit Union (IL)’s secure website

NCUA Insured

TAB Bank Free Kasasa Cash Checking

Headquartered in Ogden, Utah, TAB Bank offers a great rate on its Free Kasasa Cash Checking account. Developed by the Kasasa Corporation, a Texas-based financial services and marketing organization, Kasasa accounts help smaller banks compete against larger rivals by providing higher rates.

TAB’s account charges no fees for using third-party ATMs, and reimburses up to $15 in third-party ATM fees per month. There are no fees and no minimum balance requirement for this account, but to earn 4.00% APY reward rate, every month you must:

  • Deposit at least one ACH payment or direct deposit, or make one bill pay transaction
  • Make at least 15 signature-based debit card purchases

If you don’t qualify in any given month, your balance earns 0.05% APY, and third-party ATM fees are not refunded. You can earn the reward rate APY on balances up to $50,000, which is well above the other maximum balances on this roundup. Balances greater than $50,000 earn an APY of 0.25%.

LEARN MORE Secured

on TAB Bank’s secure website

Member FDIC

Orion Federal Credit Union Premium Checking

Orion Federal Credit Union has served the community in Memphis, Tenn. since 1957 — and now it offers its outstanding Premium Checking product online to anyone who becomes a member. This involves opening a Primary Share Account savings account with a $25 deposit, and donating $10 to one of five local charities.

This account charges no fees for using third-party ATMs, and reimburses fees charged to you by owners of third-party ATMs, making it free to access your cash from anywhere. To earn the 4.00% APY interest rate, and also get ATM fee reimbursements and waive the $5 monthly fee for the account, you must:

  • Deposit at least $500 a month in the account, either by direct deposit or other mobile electronic deposit
  • Perform at least eight signature-based debit card transactions

Orion lets you earn their high APY on balances up to $30,000. Balances greater than $30,000 earn an APY of 0.05%.

LEARN MORE Secured

on Orion Federal Credit Union’s secure website

NCUA Insured

One American Bank Kasasa Cash Account

This small community bank, based in Sioux Falls, SD, offers a nationally available Kasasa Cash checking account that earns a decent 3.50% APY on balances up to $10,000. You need a minimum of $50 to open the account, but after that all you need to do to earn the very competitive APY of 3.50% is:

  • Make at least 12 debit card purchase transactions a month of at least $5.00 each
  • Receive electronic bank statements, account notices and disclosures
  • Log in to online banking at least one time a month

If you meet these qualifications, One American Bank also refunds up $25 in third-party ATM funds per month.

LEARN MORE Secured

on One American Bank’s secure website

Member FDIC

Evansville Teachers Federal Credit Union Vertical Checking

Don’t let the name of this credit union fool you—anyone can become a member if they open a $5 savings account, which then allows you to open a Vertical Checking account with a minimum balance of $25.

This free checking account doesn’t charge a monthly service fee or require you to maintain a minimum balance, and in return gives you an APY of as high as 3.00% on balances up to $20,000, provided you fulfill the below requirements:

  • Make at least 15 debit purchases each month
  • Make at least one direct deposit into the account each month
  • Login to your mobile or online banking at least once each month
  • Opt in to receive eStatements
  • In addition to the high APY, meeting these requirements entitles you to $15 a month for reimbursing third-party ATM fees.

In addition to the high APY, meeting these requirements entitles you to $15 a month for reimbursing third-party ATM fees.

LEARN MORE Secured

on Evansville Teachers Federal Credit Union’s secure website

NCUA Insured

Simple Account

Another online-only account, Simple is owned and backed by regional bank BBVA Compass and offers customers a checking account that’s intertwined with the app’s Protected Goals savings account, and additional budgeting tools. Simple doesn’t charge any fees, meaning users enjoy:

  • No monthly maintenance fee
  • No minimum balance needed
  • No account closing fee
  • No stop payment fees
  • No debit card replacement fee
  • No ATM fee if using Simple’s network, but users can be charged a fee by other banks if using a non-network ATM

One fee you do have to pay is a foreign transaction fee when using your Simple card internationally, which can be up to 1% of the transaction.

As a cash management product, the Simple Account automatically comes with a savings account feature. While the checking balance in a Simple Account earns a token 0.01% APY, Simple’s Protected Goals savings balances earn an APY of 2.02%.

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on Simple’s secure website

SoFi Money

SoFi may be better known for its personal loan products, but its SoFi Money cash management account offers a great free checking experience. This account earns a decent 1.80% APY with fees and no minimum balance requirements. SoFi charges no ATM fees of its own, and it will reimburse you for any third-party ATM fees you are charged anywhere in the world. If you need physical checks, you can request them from SoFI.

SoFi partners with multiple banks to hold your money in FDIC-insured accounts. This means that SoFi Money accounts are FDIC insured on balances up to $1.5 million in total, well above the standard $250,000 FDIC insurance level available with conventional accounts.

LEARN MORE Secured

on SoFi’s secure website

Empower Checking Account

This online-only checking account is backed by Evolve Bank and Trust, an FDIC-protected bank that ensures the money you place in your Empower account stays safe. Empower requires no minimum deposit or balance, doesn’t charge a monthly maintenance fee, and each month will waive the third-party fees you incur from a single use of an out-of-network ATM.

In addition to the 1.65% APY, Empower gives you cashback rewards of 1% on up to $1,000 of debit purchases each month. However, this account can only be managed through its app so users will have to be comfortable with banking via mobile device.

LEARN MORE Secured

on Empower’s secure website

Member FDIC

Discover Cashback Debit

You might be more likely to think of credit cards when it comes to this brand, but Discover also functions as an FDIC-insured, online only bank that offers a suite of personal banking products including one of the best free checking accounts currently on the market. The Discover Cashback Debit account features a smorgasboard of perks and goodies for customers, including:

  • No monthly maintenance fees, minimum balance to open or minimum daily balance
  • A nationwide network of more than 60,000 ATMs customers can use fee-free
  • Free replacement debit cards
  • Free online bill pay

Living up to its name, the Cashback Debit account grants 1% cash back each month on qualifying spending up to $3,000. What kind of spending counts? Just about everything, with the exception of ATM transactions, the purchase of money orders, loan payments or account funding, and peer-to-peer transactions. In addition, some purchases made over a third-party app or service (such as Venmo) may not qualify.

LEARN MORE Secured

on Discover Bank’s secure website

Member FDIC

Ally Bank Interest Checking Account

The Ally Bank Interest Checking Account may not offer a high APY (unless you can maintain at least a $15,000 balance), but the free online banking, bill pay, and checks — both standard and cashier — along with no monthly maintenance fee, required minimum balance or minimum deposit to open make it a great option for customers looking for a free checking account.

While no minimum balance is required to earn 0.10% APY, customers can earn 0.60% if they maintain a daily balance of at least $15,000. Customers can use any of the 55,000 ATMs in the Allpoint® network for free, and Ally will reimburse up to $10 of non-network ATM fees each billing cycle. Other fees to watch out for include:

  • $15 stop payment fee
  • $25 per-day maximum overdraft fee
  • $20 outgoing domestic wire fee

LEARN MORE Secured

on Ally Bank’s secure website

Member FDIC

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

James Ellis
James Ellis |

James Ellis is a writer at MagnifyMoney. You can email James here

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Cheap Home Remedies That Can Help You Battle Flu Season

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Pumpkin spice lattes, cozy scarves and a long-awaited chance to dust off your favorite pair of boots. No doubt about it, there’s a whole lot to love about fall.

But it’s got its drawbacks, too. Specifically, fall heralds the start of flu season — a nebulous time of year which exact dates vary, but generally begins to pick up in October and its effects can last as late as May.

Although the word is still out on how bad this year’s bout of influenza will be, if recent history has anything to say, we could be in for it. The New York Times reported the 2017-2018 flu season was the worst in nearly a decade, killing almost 80,000 people and hospitalizing thousands more across all age groups.

Of course, even if the flu doesn’t kill you, it can definitely make you feel like crud — and even affect your earnings. You’ll likely miss at least a few days at work, and there’s no telling how your medical bills could pile up if you experience flu-related complications. Pneumonia, for example, cost patients over $400 on average for outpatient treatment per a 2018 study by BMC Health Services Research, and over $10,000 for those who required hospitalization.

When almost a third of American households have less than $1,000 in savings, those prices mean an avoidable illness could become a financial catastrophe.

Prevention, then, seems the best medicine. But how can you go about it as cheaply as possible?

Dirt-cheap ways to ward off illness

Unfortunately, once you have the flu, there’s not much you can do about it except wait. Although prescription antiviral drugs can help shorten your illness, they’re most helpful if you start taking them as soon as possible.

So instead, give yourself an ounce of prevention in the following affordable ways.

Get a flu shot.

It may seem like a pain to get a flu shot each and every year, but it’s one of the most effective ways to prevent illness, said Dr. Adrian Cotton, medical chief at Loma Linda University Health in California.

And even though the flu shot isn’t 100% effective, any efficacy is better than nothing.

“It’s worth doing,” Cotton said, especially since the risk factor is so close to zero.

And these days, the flu vaccine is pretty easy to access, so it’s hard to find an excuse. The vaccine is covered under most insurance plans, and many grocery stores and pharmacies offer them, sometimes even incentivizing the deal with in-store discounts.

Wash your hands — and everything else.

Flu is a communicable disease, which means it spreads from person to person. And while you sometimes can’t avoid exposure (if, for instance, your kids come home sick from school), you can go a long way toward limiting your chances by paying close attention to your hygiene.

Along with frequently washing your hands, be sure to avoid touching your face, Cotton advised, especially if you’ve interacted with sick individuals. And make it a point to clean frequently-touched surfaces in your household like doorknobs with a disinfectant solution, including bleach or peroxide.

Live a healthy lifestyle.

While there’s no particular combination of supplements that will make you invulnerable to the flu, maintaining general good health can go a long way in bulking up your immune system. Eating a diet rich in fruits and vegetables is a good start, and superfoods don’t have to break the bank either.

How to ease symptoms if you’re already sick

Already sick? It’s tempting to run to the drug store and pick up every over-the-counter “cure” you can find.

But when it comes to easing your symptoms, it turns out the most affordable options are also the best ones.

Stay hydrated — and don’t worry, water’s fine.

Maintaining your fluid levels becomes critically important when you’re sick, and especially when you’re running a fever. But fortunately, you don’t need anything special to get the job done, Cotton said; water will keep you hydrated just fine.

The exception to the rule: if you’re feeling so unwell you don’t feel like eating or drinking, a product like Pedialyte or Gatorade could help you replace electrolytes. Otherwise, you’d be able to replenish them through your normal meals. (And hey, not all traditions are useless: classic chicken soup contains vitamin-packed veggies and protein, and that warm liquid will soothe a sore throat.)

Rest.

Lying in bed costs absolutely nothing, and it’s an imperative step toward helping your body fight off the flu. And while a pain reliever like ibuprofen can help take the edge off your symptoms, sleep can also do wonders to help you get better more quickly.

Ditch the miracle cures … unless they work for you.

“There’s never been any trials that show that any over-the-counter, herbal remedy actually works for influenza,” said Cotton, though you can certainly find anecdotal evidence to the contrary.

Thus, shelling out for fancy supplements is probably a waste of money, unless you’re convinced we’re totally wrong in this regard.

That’s because the placebo effect could make you feel better even if there’s no physical, causal effect between the “cure” and your abated symptoms.

So if you’re absolutely certain you feel better when you take echinacea or soak in Epsom salts, go ahead, as long as they’re not dangerous or prohibitively expensive.

The bottom line

At the end of the day, flu season is a bit of a crapshoot. You can take as many precautions as you want, but sometimes, you just get unlucky.

If that reality makes you curmudgeonly, that might actually be a mark in your favor — because aside from the steps listed above, one of the best things you can do to avoid exposure is to stay away from people.

Hey, it could be worse; at least sitting at home and binging your favorite fall TV shows is pretty darn close to free.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Jamie Cattanach
Jamie Cattanach |

Jamie Cattanach is a writer at MagnifyMoney. You can email Jamie here