Summer is the season of vacations and fun – experiencing new things and creating cherished memories. However, summer experiences often come with a price, and can wreak havoc on your budget if you’re not careful. It's certainly important to enjoy the summer, but you don't want to overspend and be set back financially.
With this balance in mind, here are some money-management tips to help you get the most out of summer without blowing your budget:
1. Assess Your Financial Situation. All smart life decisions start with evaluating where you stand—in this case, financially. Existing debt or a large upcoming expense may influence your summer budget and the types of activities you choose this year. Before you book a trip or activity, ensure you have an accurate picture of your current account balances including your checking and savings accounts, as well as your credit cards.
2. Create a Summer Budget. Decide how much you plan to spend on summer fun this year. These costs could include anything from hotel fees and airfare to restaurant bills and admission to amusement parks. Try to estimate your summer expenses so you can be certain you can actually afford them. You don’t want to head into the fall with significant credit card debt or not enough cash to pay your bills.
3. Prioritize Your Plans. Once you have estimated the costs of your desired summer activities, prioritize them based on what you can actually afford. If something won’t realistically fit into your budget, start saving so you can afford to do it next year.
4. Take a "Staycation". Make your summer budget stretch further by choosing some activities that are close to home. If you live in New England, there’s no need to take a flight to a warm destination during summer months. Take advantage of the outdoors while the heat is here. You might be surprised at how much fun you can find in your own backyard.
5. Pay Attention to Prices. Restaurants, vendors, and experience peddlers know that they can often get away with increasing their prices in the summer months. The good news is that there are still discounts and deals out there – you just need to know where to look. Sites like Groupon and LivingSocial can help you score deals on tickets, restaurants, amusement parks, and other attractions, while websites like Kayak and Tripadvisor can help you compare prices on travel and accommodations. You can also try contacting hotels directly for the best price.
6. Visit Free Attractions. Every great experience doesn't have to have an outrageous price tag. Look for free things to do close to home or in the local area if you are on a trip. Especially in summer months, there can be many outdoor attractions for free. A quick Google search often produces a town or state-generated list. These could include interesting parks, museums, beaches, and local festivals.
7. Second Guess Your Purchases. One useful tip to help reduce spending, regardless of the season, is taking a moment to stop and think before you purchase something. Will you really care about that souvenir a couple of months from now? Could you settle for a less expensive restaurant? Do you really need another bathing suit? By stopping to contemplate a purchase before making it, you can help avoid impulse buying and save money in the process. Let’s face it – no one likes having regrets about unnecessary spending after the fact.
With a little financial planning and a commitment to your budget, you can have a fun summer without breaking the bank. Staying committed to your long-term financial goals will pay off in the long run, and you can always start saving now for a future vacation or next year’s big summer experience.
