With the arrival of warmer months, you’re probably getting ready to open those windows and enjoy the sunshine. Additionally, who isn’t happy to shed some of the costs of those winter heating bills?
However, summer comes with expenses of its own and with vacations and other expenses that may pop up, now is the time to start saving money for the summer. Like any season, it’s important that you begin thinking about your finances.
Preparing For Summer Expenses
Whether you plan to lie on the beach, attend a local festival or go crazy with propane for outdoor grilling, you should have your finances in order. Consider the following ways this can be achieved without any hassle:
If you’re taking a trip, you’ll probably need to work out travel arrangements. This could include everything from hotels to airline tickets, to gas if the destination is closer. Some events, such as weddings or graduations, aren’t as flexible. However, if you or your family plan to take a trip just to get away, you could consider choosing dates when hotels and flights aren’t as in demand. For instance, Evolve Money noted that popular times, such as the Fourth of July, are the most expensive. With the Fourth of July a nationwide party, this isn’t much of a surprise, but that also means accommodations are going to cost significantly more than they would on another day.
If you have the option of being flexible with your travel schedule, considering timing and how it might affect the total cost of the trip could save a decent chunk of change.
In addition to all the events planned for the summer, additional functions and forms of entertainment inevitably come up as well. Summer camps for the kids, pool memberships or perhaps child care services if you work during the day. For some of these items, it is important to say no to avoid filling up the schedule with expensive opportunities. By trying to fit a list of summer activities in, you can run the risk of blowing through your finances quickly, and by the end of summer you won’t have saved anything
You can keep things much less expensive by relying on public facilities such as libraries, pools or parks. These outlets can provide a great option to enjoy summer on the cheap. By making these decisions ahead of time, you provide yourself with a course of action for summer entertainment and can plan ahead in preparing finances for those occasions.
Creating a Summer Savings Account
To help keep finances in line and in check, creating a separate account for summer activities can keep summertime fun budgeted so you won’t be tempted to dip into other savings funds you may have. This will also help you plan a great summer, as you will have an accurate picture of what you plan on spending for the next several months.
If you choose to create a summer savings account, U.S. News & World Report recommends that contributions to a summer fund should be made weekly1 as opposed to monthly. This is a great habit to get into, as it will grow the account at a quicker pace. This will also require you to be more frugal in the meantime, as you will have to plan for these weekly installments.
Taking Advantage of Resources
There are certainly times when unforeseen expenses may arise, but these financial hurdles shouldn’t prevent you from spending your summer the way you intended. In times like these, there are other resources you can turn to, such as applying for a personal loan. Signature installment loans are designed to be fast and convenient. For more information about signature installment loans, or other ways to plan ahead when establishing budgets, visit the Cash Central Resource Center.
In the meantime, implementing a plan for enjoying the summer months within your available finances allows you to enjoy the sunshine and fun without added financial stress.
The views expressed by the articles and sites linked in this post do not necessarily reflect the opinions and policies of Cash Central or Community Choice Financial®.
1Williams, Geoff. (2023, May 10). Retrieved from: https://money.usnews.com/money/personal-finance/saving-and-budgeting/articles/ways-to-save-for-vacation