Retail sales saw a modest uptick in April as inflation eased somewhat as consumers look toward the summer season to spend some more. Mario Payne, financial planner for Toams Financial, joined Cheddar News to provide some guidance on how to work up a responsible summer budget plan.

<div class="block">Retail sales saw a modest uptick in April as inflation eased somewhat as consumers look toward the summer season to spend some more. Mario Payne, financial planner for Toams Financial, joined Cheddar News to provide some guidance on how to work up a responsible summer budget plan.</div>

Closing Bell

Stretching Your Dollar: Tips for Creating a Summer Budget

Going to do it for your need to know business headlines this half hour time now for stretching your dollar where we give you tangible tips to help you make the most of your money. Retail sales in the US saw a modest uptick in April as inflation eased a little bit though it remains elevated with the jump coming amid a challenging economic landscape marked by recession, concerns and persistent inflationary pressures. Americans are probably looking for ways to create a well prepared summer budget to maximize their dollar. So joining me now is Mario Payne Financial Planner for to Financial Maria. Thank you for coming on the show. How we doing today? Good about to be better if you can tell us how to stretch our dollar. What do people need to know about creating a responsible summer spending plan? Yes. So retail sales for September um has grown. Uh actually we had the first hike since January and this appears as if inflation is coming down. So if inflation is coming down, that means a fear of recessions going down as well. Uh So if that happens, then we're able to spend a little bit more money as we shop this summer. Uh Well, for people who are looking to put a plan in place Mario, what would you advise them as they try to set guard rails that are appropriate for themselves? Yeah, great question. The first thing you wanna do is set goals. Uh A goal is very important. You set goals, you identify how much you wanna spend, how much you're able to spend. Uh And as you set those goals, you work towards those goals as you make money on a month to month basis, saving for a summer. Uh We have a full screen here tips for creating a summer budget. And I know um one of the bullet points is set a budget using the 50 30 20 model. Mario walk us through that model. Yes, another great question. So very simple. 50% of what you make should go towards your basic needs, mortgage, rent, cell phone groceries, then 30% that should go towards clothing, concert tickets who are not to eat that other 20% that should go towards saving. Rather be a high yield savings account. A raft I A 41 K and that nest egg might also allow you to buy something. If you want something that's a luxury item might be out your budget. You using that savings might allow you to buy that without breaking the bank. And the high yield savings account we know in this day and age are yielding quite well, especially with rates elevated Mario. Also on that full screen, we show that technology is a way that should ease the process of making a summer budget. We talk so much about artificial intelligence. How can people use technology to their benefit when it comes to budgeting? Yeah. And tech is a way for the future and I I tell our clients get ready because it's not going anywhere but it's apps out there like mint dot com, like rocket money that allows you to literally link your bank account and track every single dollar that comes out of your pocket. So you're able to identify why you're spending so much money. How you can save money and those extra dollars and cents that you save allows you to do more spending without breaking the bank. Are there deals to be had Mario and what do people need to know when looking at a deal? Right. Certainly clothes are on sale right now. But it doesn't necessarily mean even though the incentive is there that it might be the right time to buy. Yeah. So a huge shopping hack that people are doing right now is drifting, um, out with the old and with the new and right now old clothes are in. So individuals are going to different sign the stores, different boutiques and finding things from a thrifty standpoint as they thrift, they can keep the clothes that they want then also go to ebay and some of the second hand stores and sell those clothes. So be able to shop to your drop, make some money while you sell some of your clothing as well. Anything to avoid with prices high across the board. And of course, you know, this is the peak season, right? Everyone wants to be out social and enjoying the summer in many parts around the country. Mario. So, what do our consumers need to know? Yeah. Well, you don't wanna spend too much uh as we shop, you look at the item, you really like it and we spend too much for it. So you have to make sure that you balance your budget, you look at how much you can spend and that goes back to setting a goal. If you wanna go shopping, we're gonna spend 506 $100. We wanna spend $100. If we set that goal up front, that allows us not to make those decisions where we end up breaking the bank and uh not having as much in our piggy bank as time goes on. So you really wanna set goals before you go shopping. Any cost saving strategies, obviously goal setting is important. But when it comes to saving Mario, any suggestions there. Yeah, co couponing, believe it or not. A lot of people kind of really against coupon and write it something that our parents did, but it's different websites out that allows you to coupon 10% off 20% off. If you use those types of deals that allow you to save money, we even buy more clothing ideas, deals, deals uh that can mean buy, buy, buy or patient. Patient patient just depends on the goals. That's right. Maria paying financial plan uh plan or excuse me for to financial Maria. Thank you.