Parents: How to Save Money for Summer

Military family enjoying a budget-friendly summer, thanks to creating a vacation savings account.

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Summer brings excitement, long days, and cherished family moments—but for parents, especially military families, it can also come with stress. What camps should your kids attend? Can you swing that family vacation? What about extra activities and supplies? If you are wondering how to plan a summer that's both fun and cost-effective, you are not alone! Keep reading for simple ways to save money for summer.

Why You Should Start Saving for Summer Now

Summer can get expensive fast, which is why planning ahead is very important. Popular summer camps often require sign-ups months in advance, and they’re far from cheap. On top of registration fees, you need to budget for transportation, lunches, gear, and supplies. Even if camps aren’t part of your plans, summer vacations can sneakily strain your budget. Flights, gas, and hotels will turn a simple weekend getaway into a costly endeavor.

And it’s not just camps or vacations—everyday summer activities can drain your wallet too! Think of day trips, pool passes, and even frequent snack runs. The good news? A little planning now can help you avoid those financial surprises later.

How to Save Money for Summer

Looking for the best ways to save money for summer? It’s easier than you think!

1. Allocate Part of Your Paycheck

Automatically save whenever you get paid! With direct deposit, you can split your paycheck into multiple accounts by setting the percentages yourself. Try sending a portion directly into a dedicated savings account just for your summer plans. Once it’s there, it’s out of sight and out of mind!

Armed Forces Bank makes savings simple with options like money markets and standard savings accounts. With these accounts, your summer savings will stay secure and earn interest, ready for you when it’s time to use them!

2. Round Up Debit Card Purchases

Saving Cents from Armed Forces Bank is a debit card round up program that makes it easy to save money. Every time you use your debit card, the transaction rounds up to the nearest $1 to $5 (you get to choose how much), and the extra change is transferred directly into your savings account.

Imagine making progress toward your summer vacation every time you shop for groceries or gas up your car. Saving Cents is a hands-off way to grow automatic savings without changing your routine.

3. Cut Back on Small Daily Expenses

Simple changes in everyday habits can lead to major savings over time. A great way to visualize the difference is by using a Lunch Savings Calculator. If you skip eating out or buying coffee just a few times a week and bring your own lunch instead, those “small” savings can make a big impact.

For example, instead of getting takeout meals for $12 three times each week, you could instead bring lunch from home. This adds up to over $1,500 in savings at the end of the year.

4. Evaluate Your Monthly Home Budget

Are there areas in your monthly budget where you can cut back? A Home Budget Calculator can help you identify exactly where your money is going. Simply input your income and expenses to determine how much you are spending each month and where adjustments can be made. Whether it’s trimming subscription services, reducing dining out, or tackling high utility bills, you will find plenty of ways to save.

Armed Forces Bank is Your Savings Ally

Summer memories are priceless, but they require a little planning and budgeting in advance. At Armed Forces Bank, we are dedicated to helping you and your family achieve your financial goals—not just for summer but all year long.

Compare Savings Accounts — Whether your family needs standard savings accounts¹ or money market accounts,² our military bank offers high-yield savings options to fit your needs.
Saving Cents³ — This Armed Forces Bank round up savings program lets you create automatic savings with your spare change. It is a great alternative to Acorns and other round-up savings apps, which typically hit you with surprise fees.
Financial Calculators — If you are looking to calculate your lunch savings, plan your summer budget, or set a specific savings goal, our suite of financial calculators is here to help.

Start saving today and enjoy your summer!

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¹ Minimum $25 deposit required. No monthly service charge with a $100 average daily balance each statement cycle. Otherwise, a $5 monthly service charge applies. $5 paper statement fee applies. Closing new accounts within 90 days of opening will result in a $25 early closure fee.

² Minimum $25 deposit to open the Premier Money Market Account. A monthly service charge of $10 will be imposed every month or statement period if the balance in the account falls below $1,000 on any day of the month or statement period. Six (6) transactions per statement allowed. Excessive withdrawal fee of $10 per item over 6 withdrawals per statement cycle. Free eStatements or $5 paper statement monthly fee. Closing your account within 90 days of opening will result in a $25 early closure fee.

³Choose from $1 to $5 increment to round up on your debit card purchases from your checking account. Each night all the extra change will automatically transfer from your checking to your savings.