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.
Summer expenses:
- Weddings
- Graduations
- Holiday parties/bbq’s & beer
- Staycations
- 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
8 Big Reasons Why Your Getting an F in Personal Finance
Len Penzo
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
I know, I know it’s Sat night. I was on my way into the shower then out when I saw that you tweeted this article. I’m so glad I took a few extra min to read through. I loved it!! I’m a huge advocate for budgeting/planning (gotta love being a financial planner) and people don’t realize that budgets are living and breathing entities. Great ones, ones that actually work, should be updated and changed as life does or like this one..come summertime. I loved the steps and the common summertime adventures people plan and don’t think about…like wedding season.
On the comp during a Saturday night… *nods head* ha.
You’re right, budgets need updating and regular attention just like the rest of our finances. I’ve had my summer budget for about 4 yrs now and it’s TOTALLY helpful; especially if you have kids! Thank you for sharing your financial planner happiness!
Now, enjoy the rest of the night! 🙂
Hmm, I can see how the Summer would be more expensive. Thanks for pointing it out!
I forgot to add babies showers. I have 3 about due pregnant people around me! All that baby stuff gets expensive. I even took up crocheting and am doing great to stitch a blanket. But I’ve been working on it off and on for months… It’s just not getting very far!
Hi Christine and thanks for the links; love Single Mom, Rich Mom’s blogs {thanks for ‘helping’ me find it}
Hey Laura, I just stumbled onto Single Mom’s blog. And I can’t wait to read all her content!
I want to see how she tackled such a hefty goal of FI (financial independence) so quickly and as a single mom. Awesome inspiration!
You know what would be fun, Christine? A water park. I’ve never been to one. I mostly plan on spending my time on beaches and La Jolla in San Diego, some free parks… and working for myself in the sun 🙂
It can get tough with kids, but what’s better than a barbecue and swimming in the pool? Kids love both….. or the beach. Theme parks are a fave too but exhausting.
Miss Hawaii much? 😉
It is so easy for us to spend more money in the summer. The kids are home, there are a ton of fun activities to do. One of our biggest expenses for the summer is on gas as I love to take the kids to the beach. However, I always take a picnic lunch, so it really isn’t that expensive for the benefit of having a great day in the sun.
One other large expense I have is sports camps. Now that 2 of my kids are in high school, that is twice the amount of basketball camps the team goes to, and more.
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.
You can also do this online or through Excel – save yourself a dollar.
Also, map out free events, free museums / zoo days, outdoor concerts, etc. This will save you money and provide a lot of fun entertainment.
Hi Christine,
Tried to do this:
“The Best Personal Finance Blogroll!
If you’re a personal finance blogger and your not on this list, you better hit that contact button and get y’er self added!”
and got the message:
“You 404’d it. Gnarly, dude.
Surfin’ ain’t easy, and right now, you’re lost at sea. But don’t worry; simply pick an option from the list below, and you’ll be back out riding the waves of the Internet in no tim”
Clicked on ‘Contact’ and the same message
Well now, that ain’t gonna work, is it? Well, the contact link on the Best PF Blogroll, I see is broken, but the ‘More’ and ‘Contact’ buttons on the navbar, I haven’t recieved that error. But now worries, I will fix the links and add your blog later this evening. Thank you for helping increase the blogroll – there are so many nifty blogs!
Too funny — I just wrote a similar post and then saw this post in my reader (yes, I’m way behind on my reading lately, life has gotten in the way!).
We have so many social events to attend, and most of them occur in the spring/summer months. We have to carefully budget so we don’t find ourselves in a pickle by the end of the month!
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Thanks so much for linking to my blog Christine! I’m getting a site redesign some time this month and will put you on my blogroll when that happens.
I love your idea of an entire summer budget since we’re usually so much more active in the summer. I’m tentatively planning a 4-6 week trip in the RV myself this summer and intend to prepare a loose budget for it. When I go off on trips like that, I usually set a total amount, back out the fixed expenses like gas and basic food, then figure out what to spend the rest of the money on. It’s so easy to go over budget when traveling. Another thing that helps is to use cash only for the variable expenses and the credit card only for the fixed, non-negotiable costs. It kind of forces choices I find – like ‘do we go to that waterpark and stay in the cheap campground/boondock or stay in the expensive campground with the pool?’
Now is a good time too to go through the entertainment book (since they’re on sale) and look for fun things to do that are a bit different.
I hope you have a lovely fun summer! I can hardly wait myself!
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