Summer Saving Strategies

June 8, 2010— -- Summer is a time to relax, kick back and enjoy your vacation. But summer can also mean an increase in your family's spending, such as filling up your gas tank or paying the electric bill.

Mellody Hobson, "Good Morning America's" financial contributor and president of Ariel Investments, has a few tips to help you make this your cheapest summer yet.

Driving -- Money Saving Tips

Driving to your vacation spot will become even more popular this year due to the increase in airfare, Hobson said.

To help get more mileage for your dollar, Hobson suggested making sure all of the tires on the car are properly inflated and using cruise control. Cruise control will stop you from burning gas on unnecessary accelerations, as well as helping you avoid speeding and getting a ticket, Hobson said.

Hobson also suggested driving the speed limit, because lower speeds save gas.

Gas -- How to Find the Best Price
Although gas prices change from station to station, there are tools to help find the cheapest gas, Hobson said.

AAA has a free iPhone application called "AAA Triptik Mobile" that allows people to compare gas prices along the route, according to Hobson. The application can also give directions, maps and recommended hotel choices.

No iPhone? Use Triptik through AAA's Web site instead.

Air-Conditioning -- How to Save
Air conditioners account for approximately 16 percent of a household's energy bill, Hobson said. In order to cut that portion of your bill, set your air conditioner to 78 degrees when you are home and an even higher temperature when you leave.

Every degree below 78 will add approximately 5 percent to your energy bill, Hobson explained. Additionally, turn off unused lights and try not to let sunshine in, which would heat up your home and cause your air conditioner to work even harder.

Hobson also suggested replacing dirty filters in the air conditioner, even monthly if necessary, since dirt-ridden filters make air conditioners work more.Back-to-school can mean big business. In 2009 the average family with a child in kindergarten to 12th grade was expected to spend approximately $550 on back to school items, equaling a national total of more than $17 billion.

One way to save money in the fall is to look into layaway plans from retailers such as Kmart and Sears, where you can choose the item and then make a periodic interest-free payment towards the item, Hobson said. Once it is paid off in a certain period of time, then you can take the item.

Hobson said this is preferable to credit cards because you won't go into debt. However, she cautioned that some layaway programs have initiation or cancellation fees, so make sure you read the fine print.

Need New Summer Clothes?
Wait a few weeks to buy summer clothes, Hobson suggested. Stores will begin clearing out their current merchandise in favor of the fall line, and you could benefit from a few sales.

Towards the end of June, Hobson said, JC Penny will have one of their biggest sale of the year with 70 percent to 80 percent off summer clothes.