on February 21, 2023
In the upper Midwest, winter is still very much upon us. We have at least a couple more months of cold and snow, which tends to zap our energy and make us want to stay indoors and “hibernate” with a good book or TV show. In fact, a recent study revealed that, “35 percent [of people in the U.S.] are more likely to avoid socializing in the winter months than in the summer,” and “three in 10 only make it to one or two social events in the average winter month.’“
With so much time spent in the comfort of your home, you’ll likely save a bit more money than you would during the summer months, when you might be attending social events, dining out, participating in arts and cultural activities, or any number of other events. But, at the same time, you might be spending more on heating and electricity, takeout food, or online shopping.
Winter offers a unique opportunity to get your financial ducks in a row. While you’re spending time indoors, you might go the extra mile to add a few more dollars to your bottom line.
Here are 5 ways you can spend wisely during the winter:
1. Pay Attention to Energy Usage
In Minnesota, we know it can cost a bundle to heat a house during the winter. To alleviate some of the cost, consider upgrading your appliances and/or HVAC equipment. It may also be worth it to invest in better windows or insulation.
If you want to make an easy upgrade, install a programmable thermostat. These smart thermostats are one of the best ways to save money on energy costs during winter. Using a programmable thermostat allows you to schedule when the furnace will turn on and off, so you don’t have to remember to change the settings manually. You can also set the temperature differently for specific times of the day, like setting it lower overnight, when you’re sleeping.
2. Cook at Home
Cooking at home is a great way to save money during the winter. Not only is it less expensive than dining out or ordering in, but it is often a healthier option. Find tried and true recipes online, or keep it simple and just create your own meals with whatever ingredients you have on hand.
According to a Money Under 30 article, “the average commercially-prepared meal costs around $13,” while the average homecooked meal costs around $4 to prepare. As the article puts it, “a $13 restaurant meal is about 325% more expensive than a $4 meal you prepare yourself.”
3. Revisit Your Budget
Creating a budget is one of the best ways to make sure your money is going towards the things that matter most to you. If, like many people, you have a little extra time during the winter, consider revisiting your budget and modifying it accordingly.
When looking at your budget, identify areas where you can save money and put the extra towards your financial goals. Look for ways to reduce expenses, like canceling memberships or services you’re no longer using, cutting back on entertainment expenses, or buying in bulk. If you need help with budgeting, consider working with a financial advisor. (And don’t forget to read my past blog post on budgeting and tracking your spending!)
4. Engage in Winter DIY Projects
Sure, it’s nice to snuggle up under a pile of blankets during the winter months, but you might also spend some of your spare time on small DIY or home improvement projects. For example, you might try repainting a room, reorganizing a closet or storage space, or repairing a loose floorboard. Not only do these projects help save money by avoiding the cost of hiring someone, but they can also be highly satisfying! Plus, if you’re considering selling your house, small projects can help increase its value.
5. Enjoy Free Winter Activities
Winter months can be an excellent time to take advantage of free or low-cost activities. From attending free community events and festivals, to exploring local parks and hiking trails, to visiting free museums, there’s usually something enjoyable to do that won’t put a dent in your wallet.
Family-friendly activities like sledding, snowshoeing or ice skating can be done for a minimal cost, as well. And don’t forget about movie nights at home, along with some popcorn!
If you’re hoping to engage in more meaningful winter activities, consider volunteering at a local organization. Or you might enroll in an online course to learn a new skill or pick up a hobby. Sites like Udemy or Skill Share offer courses ranging from cooking Thai food, to knitting, to learning a new language.
Winter can be a great time to save money and refocus your financial goals. With a little time and effort, you can make the most of your winter months by taking advantage of free activities, revisiting your budget, cooking at home, engaging in DIY projects, and paying attention to energy usage. Not only can you save money and reach your financial goals, but you can also reap the rewards of winter activities with friends and family.