Have you considered a summer budget? If you haven’t done so, its a good time to plan one, NOW.
According to Kathy Grannis, a spokeswoman for the National Retail Federation, summer spending is second to the Christmas holiday season. Really? That darn sun! 😉
As it warms the earth, the people come out to play.
It makes sense to me as there is a multitude of events that take place in sun. And if you don’t have a decent budget in place, these situations can leave you with a negative cash flow.
- Holiday parties/bbq’s & beer
- Home improvement projects
- Back-to-school shopping
- Yard sales
- Summer clothes
- Flea Markets
Don’t forget league games, and if you’re fortunate enough, a vacation.
Summertime, living large on a budget
One way to prepare for summer expenses ahead of time is to open a Summer Account with your local bank. My credit union’s Summer Account allows you to deposit a specified amount (I do $35 twice a month) via direct deposit. Then once a year (June, July, or August) the money is released to you and deposited into your checking account.
For me, this money comes in perfect for increased day care expenses and taking in a theme park. But chances are, if you’re reading this it’s because you’re planning for summer fun last minute.
Make a Plan
Step 1: Go to the dollar store to pick up a cheap calendar to stick on your wall. Map up the dates when all the events are taking place. Totally helps to see what plans are ahead of you.
Step 2: Estimate its costs. Give yourself a decent budget. Don’t strap yourself so much you are not going to enjoy it.
Step 3: Comp the total and divide. Divide the by week’s dawning the first event. Does it look like a feasible budget to attend all the soiree’s? If not, consider what events are most important to attend and omit the others.
Step 4: Recalculate the costs. I know we’d love to do it all, but at least attending the most important summer events would be nice.
Step 5: Start Saving! It might not be much, but its a start.
Or you could raise fast cash for summer by: Hosting a yard sale, sell your stuff on eBay or Craigslist. Pick up a second part-time job delivering pizzas. Or take the notion and plan for some frugal entertainment – there some great low costs entertainment options!
Summer lends for wanting to immerse in the fun the season brings. And there is nothing wrong with partaking in these festivites as long as it doesn’t set you back. The best solution is to plan for it.
My Week’s Reading Picks:
25 More Inexpensive Ideas to Give Your Life Luxury
More Style Than Cash
Enjoyable and Cheap Ways to Get Your Exercise
Sweating the Big Stuff
The $10,000 Trick to a Rainy Day Fund that just grows and grows
Single Mom, Rich Mom
5 Tips for Saving Money on Your Next Road Trip
Peak Personal Finance
Small Saving Drop Bucket
Free From Broke