Summer is expensive. It’s time for planning vacations, catching up with summer movies, exchanging visits with family and friends and summer camps — if you have children.
For many families, money seems to flow out much faster than it pours in during the summer, and leaning on credit cards is easy and accessible. And that is where trouble may ensue.
Your goal should be — as always — to avoid racking credit card debt or stretching your budget too thin. And because the summer offers many fun opportunities that could pressure even the most money-conscious folks, planning ahead could help you keep a healthy budget.
Here are a few points to keep in mind.
Best times to save
It takes minutes of planning to avoid spending a bunch of extra money unnecessarily. Whether you’re enjoying local attractions or travelling, have a road map for what you will be doing, where you will be staying and which dining options are most affordable.
Planning ahead saves you the stress and extra costs of having to come up with a solution on the spot. In addition, you may find that with better you can land deals on activities, lodging or even dining. Many locations offer discounted prices for off-peak days and times of the day. These are easy savings to make, if you plan your vacation ahead.
Free — or almost free — is the best price
Find free activities that you could enjoy with your family and friends. Pack your snacks, games, drinks and head to the beach. Plan a potluck or get together with people to do an activity that doesn’t necessarily revolve around dining out, movies, shopping, etc.
For example, are you all into jogging? Do you like to start a fitness challenge? How about starting your own book club? How about exchanging DYI projects? If all of these activities seem like too much work, think of your alternatives that focus on the shared time and activities rather than on buying an experience — the latter category includes hotel stays, travel, theme parks, dining out, etc.
Set a calendar of events
Having a calendar is similar to having a budget. Get your planned vacation and big-ticket activities scheduled and spread throughout the summer. By doing so, you will be able to reduce the need and expenses. In addition, you will be able to space out big credit card payments on more than one paycheck.
Starting early is the way to go to plan your summer, of course. What do you like to do in summer 2018? But if you’re trying to salvage the remaining months of this summer, you better take a good look at what you already have scheduled and what you want to explore this summer.
Review your expenses so far this summer, and find out whether you have the resources to include additional activities. Remember, not all activities have to be paid and costly. Think creatively with friends and family of local attractions that could be explored on a budget, or get-togethers can revolve around shared interests and quality time.
What’s next
Families with children know that before they even finish paying the summer’s credit card statements, back-to-school expenses begin to roll in. Even if you’re not a parent, don’t let a particular period of the eat cannibalise your budget.
Take the long view in your financial planning and look at how you will manage your money through the rest of the year. Although the summer may be the time for a lot of fun activities, running low on money for the rest of the year could quickly dim the joy of those few months. Look for fun, affordable activities that you can enjoy year-round without breaking the bank.
The writer, a former Gulf News Business Features Editor, is a Seattle-based editor.
