Summer is the perfect time to spend outdoors with your family and friends. The favorable weather invites road trips, shopping adventures, beach outings, sightseeing, overseas travel and much more. Creating a plan on how you’ll spend your summer also means creating a budget to know how much you can spend. Staying within your budget can be frustrating but there are strategies to help you. In this blog, we will discuss money management tips you can use for a more financially fit summer.
Budgeting for Summer
Summer can be the most expensive season for families, especially if you have kids on summer break who need to be kept entertained and engaged. With recent inflation and higher gas prices, it seems more and more consumers are sticking to a budget this summer, according to YahooFinance.com.
A recent survey from GOBankingRates revealed that 57% of Americans are planning to budget out their summer. When planning your summer budget, be sure to include any additional expenses so that you can create a realistic plan which can help maintain your financial wellness.
Ways To Save This Summer
Listing all of your planned spending lets you prioritize and identify ways you can save in some areas and spend more in others. For example, you could plan several low-cost adventures for your kids first, then splurge on a few more expensive experiences as summer winds down.
A great place to start is the outdoors. Make it a summer of escape and exploration by visiting your area’s state and national parks and historic places. Take advantage of free or low-cost activities such as nature hikes, tours, demonstrations and performances. Many cities offer free admission days to museums and parks. Just pack up the kids and have a day of outdoor adventures.
Plan Before You Go
Planning for your summer excursions rather than being spontaneous can benefit you, your kids and your budget. When picking things to do, consider transportation costs, admission fees, meals, snacks and souvenirs. These are simple yet crucial things to remember when making summer plans, especially if you wish to stick to your budget.
Here are four tips to help plan your summer activities:
- Research Your Destination: When traveling beyond your local area, consider how much more you will need to spend. It is no secret that some destinations are more expensive than others so researching costs will give you an idea of how much you may spend there. Traveling to your destination may require you to drive or fly there so also research average gas prices and airfare to ensure costs are what you expect.
- Use Websites To Find the Best Deals: Utilizing the internet to search for summer savings on activities and trips can help you stay within your budget. Many sites offer coupons or discount codes and provide up-to-date pricing so you can save on dining, concerts, museum and amusement park admission and airfare tickets. According to YahooFinance.com, a good resource for online saving this summer is Groupon, where you can buy tickets for local activities at a lower price.
- Book Off-Season: An alternative way to ensure you will remain within your budget is to plan for off-season travel. Off-season travel is defined as travel done during the less popular travel months for specific locations. An example would be visiting a ski resort in the summer to take advantage of hiking otherwise snow-covered trails. During these periods, you can expect smaller crowds at amusement parks, venues and destinations, along with less traffic.
- Bundle Travel: Booking your flight and hotel together may save you money, according to YahooFinance.com. If you don’t have an option to bundle your travel, make sure to shop for the discounts on flights and/or hotels or select less expensive ones. You can find deals through Costco, AARP and AAA if you are a member of these organizations.
Saving Throughout The Year
It is no secret that saving money throughout the year for your expected summer expenses is a great strategy. There are various ways to save money and you can do so automatically each payday to make it more convenient.
- Save With Each Paycheck: If you plan to travel during the summer annually, start setting aside money at regular intervals throughout the year. A smart way is to use direct deposit to have a portion of your paycheck automatically sent to a savings account dedicated to your summer travels. This will let you grow your summer funds, so you’ll be financially ready when it is time. Plus, this will keep you from tapping into your regular savings or emergency savings accounts.
- Managing Spending Habits: Managing your spending can help you save money for summer, especially if you stick to your budget. Start by canceling any unnecessary subscriptions and memberships. Then, review your other discretionary spending and see where you can cut back or what you can eliminate. For example, you could cut back your coffee purchases from daily to twice a week or eat out less each month. Another tip is to remove your credit cards from your smartphone’s mobile wallet to make it more inconvenient to make spontaneous purchases, according to New York City’s ABC 7.
How Can TCU Help?
Your financial wellness is our priority at Travis Credit Union. We can show you ways to plan, save, spend and borrow that will help you prepare for your summer adventures, as well as the rest of the seasons.
Switch your accounts to Travis and get paid up to two days early with direct deposit. TCU has savings accounts, money market accounts and certificates that can help grow your wealth. Get started today at traviscu.org.