Tips for Creating and Sticking to a Summertime Budget
According to a recent study conducted by GOBankingRates, 58% of Americans are planning to stick to a budget this summer in order to save money. With children out of school and families looking for activities to do, the summer months can often lead to increased spending. Despite stubborn inflation figures, Americans are determined to find ways to enjoy the summer holidays without breaking the bank.
To help create a summertime budget that you can actually stick to, experts have shared some valuable tips. Eric Rosenberg, a finance expert and founder of Freelancer Dashboard, advises considering how your spending will change during the summer months. If you typically take a family vacation, make sure to include those extra costs in your budget to avoid last-minute expenses.
Courtney Mitchell, head of consumer deposit and payment products at TD Bank, suggests getting your finances organized by analyzing your spending from last summer. This can help you understand where your money goes and how to better plan for the upcoming months.
Setting realistic goals for your budget is also important, according to Mitchell. Understand what you can afford and prioritize your spending accordingly. Additionally, consider using tax refunds or bonuses as a base for a summer savings fund to help jumpstart your savings.
Planning your activities in advance can also help you save money by avoiding last-minute expenses. Make sure to track events you plan on attending and budget for gifts and other costs associated with summer holidays and parties.
It’s also important to account for hidden costs that may arise during the summer months, such as transportation to events or time off from work. By leaving space in your budget for these unexpected expenses, you can avoid racking up debt.
Lastly, look for ways to save money on your summertime plans by contacting your utility company for discounts or rewards, researching cash back options for summer travel expenses, and using coupons and cash-back apps whenever possible. By being proactive and frugal with your spending, you can stretch your dollars and enjoy a budget-friendly summer.
GOBankingRates surveyed 999 Americans aged 18 and older to gather insights on summer spending habits and savings strategies. By following these expert tips and being mindful of your budget, you can make the most of your summer without breaking the bank.