Summer is just around the corner! It may not seem like it for some parts of the country, but before you know it, the sun will be shining and we’ll be shedding sweatshirts and layers for cut off jeans and tank tops!

For many, summer is a time of outdoor fun, family vacations, and multiple visits to local theme parks and attractions. Unfortunately, most of these activities come with a price tag. Here are some tips for saving on summer time fun – and if you start now, you should have plenty of time to plan out an event-filled summer that won’t break the bank (or put you further in debt!)

Weekly Summer Savings

If you start with this week’s paycheck, you’ll have a good 16 weeks before July starts. At just $25 per week, you could be looking at a healthy $400 in your summer savings fund. While not enough to take a family vacation to Disney, it’s enough to go camping, spend a weekend out of town, go to a few theme parks or visit a handful of other attractions.

As a bonus, if you manage to get into the habit of saving $25 a week leading up to the summer months, why not continue that savings habit and prepare for the 2009 holiday season early, make a big payment on one of your debts to pay it off quicker, or establish your emergency account?

Free Summer Activities

Don’t forget there are always activities you can participate in for free, which helps you have a good time and stick to the budget. Check your local library, community center, and newspaper for event information. Many communities host picnics and pot luck gatherings; open the community pool for evening swimming, or otherwise plan fun events that allow you to socialize and keep your entertainment budget under control.

When the weather is comfortable, go hiking, bike riding, or visit different parks for picnics and a leisurely walk. Gather a group of friends for a game of volleyball or frisbee, and enjoy the great outdoors the way nature intended (free!)

If you like to go camping but don’t have the funds this year, why not pitch a tent in your backyard, or a friend’s backyard? All you need is to be outdoors to really experience camping, and you don’t necessarily need to pay a campground in order to enjoy it if you find a rent-free camping zone!

Do you ever wonder what happens to all of your money? Even if you have a household budget and keep a reasonable eye on where your dollars are going many people reach the end of the month wondering what happened to all the “extra” they thought they should have. It is not enough to have a budget and general idea where your money is going each day. In order to truly reach financial security you must have healthy saving and spending habits as part of your daily routine. Here are few places those missing dollars could go to save you even more money in the future.

• Pay more than the minimum- This advice is commonly found when looking for ways to pay down your high interest debt. While this is definitely true you should also consider paying more than the required amount on your mortgage or home equity loans. Unless you will face a prepayment penalty paying more on your principal can save you thousands of dollars on the life of your loan.
• Continue making payments after your debt is paid off- Not to the lender of course, you should continue making payments to yourself instead. If you do not have a “place” for that extra money to go each month it will likely get absorbed into your day to day living expenses. Instead you can redirect those payments to your savings account without missing the money since you are not used to having it in the first place.
• Review your bills- Automated payments offer the convenience of not having to pay attention to when or to whom your bills are paid, however many people become lax in actually reviewing their bills. It is important to read your bill each month not only to check for inaccuracies but to also “see” how much you are spending. You may be able to implement small changes in your daily habits that can reduce your electric, heating or water bills.
• Automate your savings- Instead of relying on your own memory and will power to get your savings into your account each pay day sign up for direct deposit and have your savings automatically deposited into your account. This will reduce the chances of you “finding” other things to spend the money on by eliminating the need for you to handle the transaction.
• Take advantage of employer offered retirement plans- Similar to automated savings when you have your retirement contribution directly withdrawn from your pay check you not only reap the tax benefits you might also benefit from “free” money if your employer offers to match your contribution.

Although GMAC has been part of recent government bailouts to avoid bankruptcy, the bank continues to offer one of the higher 12 month CD rates
available in the US with it’s 2.95% APY.  This is down from 3% in February.
You can open a GMAC 12 Month CD with a minimum of $500, either by using their website or by calling on the phone.  You have the ability to fund the CD using an ACH fund transfer or by mailing a check.  The rates do not lock in until the money is received and the accounts are opened, so keep that in mind if you plan to mail your check the rate for the 12 month CD could change in the amount of time it takes to be mailed.  Also, if for any reason the bank takes awhile to open the account, you could have your CD opened at a different rate as well.  The interest rate at the time of application is not locked in – the interest rate on the day the account is physically created is the interest rate the CD will receive.

GMAC 12 Month CD’s have a 10 day grace period when they reach maturity.  During this 10 day window, you can close your CD without penalty to access the money, or you could choose to open a new CD.  If you withdraw your money from the CD before it matures, you’ll be hit with an early withdrawal penalty equal to 180 days of interest.

Interest earned on your GMAC 12 month CD can be posted monthly, quarterly, semi-annually or annually.

GMAC Bank offers other savings products, in addition to the Certificate of Deposits.  While they don’t have IRAs, they allow custodial and legally titled accounts, money markets and standard savings accounts.  The rates for both money  market and savings accounts have also dropped recently, although are still quite competitive, with 2.15% APY for the money market account and 2.75% APY for the online savings account.

If you have more than one account with GMAC you can transfer funds using the ACH transfer, and the process typically takes one or two days at most.

If you’re not sure which account would benefit you the most, you can use the GMAC calculator to check on different amounts of money saved in various accounts for varying lengths of time – to determine how much money you’ll earn.

With such an emphasis on savings these days, it is almost impossible to not be exposed to the savings options that are now available thanks to technology. Specifically speaking about online savings accounts, this option for savings can be one of the best you can implement into your financial planning.

Here are 5 reasons why you need to have an online savings account:

Bank Interest Rates Not So Good
Check the interest rates with your banking institution and then check around with other local banks. Chances are good the APY will be really low when compared to online accounts. Do a search for high-yield savings accounts and you can probably find several with2% APY and above. While the interest will not make your filthy rich all on its own, it definitely will earn you more money that you will find at traditional banks.

Automate Your Savings Plan
With an online savings account, you can most likely set up an automatic deposit electronically from any other linked account you have online. If you anticipate your paydays as every other Friday, you can set you savings account to automatically pull over a deposit each time your paycheck is deposited. Once you automate your deposits, you no longer have the chance to spend the money before tucking it away. Plus with the automation, you can essentially set it and forget it. You don’t have to try hard to keep up with our savings account, making you more likely to actually save.

Not Too Accessible
When you have a traditional savings or checking account, you can easily access the ATM on both accounts using your debit card. Not true with an online savings account. Because you can easily pop over to an ATM to get at your money, you may be more inclined to leave it where it is, earning interest.

Set Up Bill Pay
Many online accounts allow you to pay your bills directly from the site. While you can do this also with traditional checking accounts, the money you keep in there for monthly expenses doesn’t earn as much as your online accounts. By setting up online bill pay, you can help avoid missed or overdue payments which rack up late fees and interest charges, costing you more money that necessary.

Establish Multiple Accounts
There are some online savings accounts that allow you to set up several accounts under one account number. You can designate these additional accounts for specific purposes, such as vacation, car purchase, or emergency savings accounts. You can redirect deposits into each account automatically, giving you more incentive to save more often.