Summer is a fun time for most, and it shows in our spending habits. On average, Americans spend more than two thousand dollars each summer. Outside of the Christmas season, it is the most expensive one. Vacations can be very expensive, especially with the record high gas prices and inflation that is impacting many Americans daily. Still, those that choose to take a vacation often spend about $2,000. And follow that with back-to-school for kids, where the average spending is almost $1,000 per child and pocketbooks are really hammered.
This does not include childcare costs, summer camps, high utilities due to record heat, and more entertainment options, including extra meals out.
Review your family budget or at least set a budget for your summer vacation and expenses. Make sure what you plan to spend is not out of reach.
You can save by taking a vacation near the end of summer, e.g., the last week of August. This could save you 20% or more.
Leave your credit cards behind on outings whenever possible. Using cash will encourage you to stay within your budget as much as possible and save you all that interest from your cards.
Managing your spending is impossible if you don’t keep track of it. Either keep a running list or use a spreadsheet on your phone or pad. This will keep you aware of where you stand at any given time. It only takes a minute each day to stay on top of spending.
This should go without saying, as most “summer” items are on sale by August 1st. If you make purchases after that time, you will save a lot of money.
You really need an emergency fund for unexpected expenses. They happen to all of us, and you should just plan on it.
Look for quick savings by canceling any unused or unnecessary subscriptions, memberships, or other recurring expenses.
There are many free festivals, craft fairs, and outdoor concerts in every area. Your local papers, news channels, and online sites will provide all the things you need…for free.
Everyone talks about doing a garage sale, and that is fine. But the amount of work involved for the typically small amount you earn is often not worth it. Consider doing some off-time deliveries where you can quickly earn money on a schedule that works for you. A few hours here and there can really add up quickly, and you have flexibility when you work.
Professional daycare centers are great and expensive! Check with grandparents and other parents you know, and you may find lower-cost alternatives that will save you hundreds or even thousands over the summer.
Remember that summer is the second most expensive season. Try to plan well and save where you can. But if you run short due to any unexpected expenses, there are emergency alternatives. A payday loan might be one way to cover an expense or two, especially if you have poor credit and have no other options.
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