Summer is a fun time, but all that fun can add up quickly! The average cost of a one week vacation for two people is now $3,969 in the United States.* Now add in summertime childcare costs, camps, tutoring, home improvements, hosting and entertaining, higher utilities - it's easy to feel overwhelmed.
You're in luck! We have the tips to help you keep costs down.
Tips to stick to a budget during the summer:
1. Set Limits in Advance
Sit down and revisit the budget your family created in January, or use this time to create a budget for the first time. Take a look at your cash flow and make intentional decisions about where you want to spend and where you may want to cut back.
2. Use Cash, Not Credit
Leave your credit cards behind on day trips and outings when possible. Keeping cash in your wallet will encourage you to prioritize spending only on the most important items and prevent you from spending money you may not have.
3. Track Your Spending
You can't change what you don't measure. Start a spreadsheet and log your expenses or use LLCU's My Finances. This will make you more aware of your summer spending habits and highlight where there's room for improvement.
4. Shop Sales
Summer is a great time to get deals on big purchases like appliances, personal electronics, outdoor furniture and mattresses. Keep your eye out for discounts and stock up on essentials during July 4th, Labor Day and back-to-school sales. Do your research to make sure the advertised discount is a good discount.
5. Don't Skimp on Savings
No matter your stage of life, you need an emergency fund to handle unexpected expenses. Give yourself peace of mind by automating transfers to your savings account each month. Learn how!
6. Eliminate expenses
Review your bank statements. Cancel subscriptions or memberships you're not using. Consider cutting the cord and going cable-free.
7. Focus on Free Activities
Attend festivals, craft fairs and outdoor concerts in your area. Check out your local library for free kids programming and entertainment. Your local YMCA or parks and recreation center may also offer no-cost online options.
8. Make Smart Swaps
Stretch your family budget by cooking meals at home instead of going out. Start an herb or vegetable garden. Buy generic brands at the grocery store.
9. Earn Extra Cash
Host a garage sale or bring items to a consignment shop. You can also pick up a side hustle, such as running errands or house sitting for neighbors, to earn additional income.
10. Be Smart About Childcare Expenses
Get creative about paying for childcare on a budget. Coordinate with other parents to alternate weeks taking care of one another's children. You can also partner with another family to split the costs of a nanny. The sitter market is flooded with experienced (or less experienced) college-age or high school-age students enjoying their summer break if you need help now and again. Also check in with your local rec center. Many rec centers, parks departments, museums, colleges, and other publicly funded institutions offer inexpensive and even FREE summer camps and enrichment programs for children during the summer months. Private summer camp options can be exorbitantly priced, so don't miss out on these more affordable enrichment opportunities.
Now go enjoy your Money Smart Summer!
Sources:
*Bankrate, "The Cost of Vacation," November 28, 2023
Protective, "13 Ways to Budget and Save Money During Summer"