This summer is shaping up to be slightly different due to the global pandemic and civil unrest throughout the nation. However, plenty of Americans are still getting ready to enjoy summer in whatever ways they can. Unfortunately, this often means excessive spending. With economic uncertainty on everyone’s radar, it might be wise for folks to cut back on summer spending this year. Here are some tips to help you manage summer spending responsibly while still having fun.
Include Vacations and Summer Activities in Your Budget
Some folks throw their budgets to the wind once summer hits, allowing spending to spiral out of control. Stick to your budget during the summer months. Remember to take things like vacations, festivals, pool or club memberships, and other warm-weather activities into account. While many places are restricting camps and other typical summer mainstays due to COVID-19, you should remember to include summer camp and childcare in your budget in the future. You should also factor in digital entertainment and streaming memberships.
Remember That Spending Isn’t Necessary for Summer Fun
For many people, summer brings with it a certain sense of carelessness and spontaneity. While it is tempting to go all-out for your summer plans, try to temper your instincts and consider more cost-effective alternatives for recreation. Rather than taking a trip to your nearest beach town (and paying for hotels, food, and more), consider camping or visiting a nearby lake. Plan activities that require minimal travel, lodging, entry fees, and other expenses. The company you keep will help you create treasured summer memories no matter what you do, so do not feel pressured to spend your way to a memorable summer.
Avoid Splurging on Dream Vacations and Spending Big on Summer Fashion
Travel restrictions, amusement park closures, and other mitigation measures enacted to limit the spread of COVID-19 have likely put most of your travel plans on hold, and that might not be such a bad thing. People sometimes splurge on luxurious cruises, international travel, and other big vacations that can lead to a massive amount of debt. While planning these trips, folks are often tempted to purchase an entirely new wardrobe for the occasion. Avoid making the latest swimsuits, sunglasses, and shoes your top priority. Remember that you do not have to have a unique outfit for every social function, and last year’s swimsuit probably looks just fine.
Take Control of Your Finances with EveryIncome
EveryIncome is dedicated to providing our clients with career and finance management tools to help them create a stable financial future. Regardless of where you are in life, our system of tools and guided learning is tailored to fit your specific needs. Take control of your financial health today. Contact the team at EveryIncome online or give us a call at (571)370-5400. For more tips and tricks to foster financial wellness, follow EveryIncome on Facebook, Twitter, and LinkedIn.