Having a summer budget is crucial to keeping track of your finances in the face of personal entertainment. Longer days, warmer nights, and all the things to do can open the door to many memories, but they can also strain your bank account without preparation. From amusement parks to staycations, a random concert and going out to eat more than usual, it will burden the family without understanding how far your budget can go.
A recent Newsweek poll attests to the overwhelming concern about the national economy and how it influences summer plans. Among those surveyed nationwide, 53% said they would have gone on vacation “had the cost of living been cheaper.”
The prominent note is that Americans are changing plans for the summer because of money. Something that Beyond Finance’s Chief Financial Wellness Advisor Dr. Erika Rasure notes is the implication that many Americans have some understanding of their budget.
“When people change their plans for entertainment, a safe assumption is the overwhelming fear of the economy,” she said. “Yet, I think it’s promising that Americans understand their financial boundaries and summer budget. The prevention of accumulating debt begins with education and practice.”
Recently, Dr. Erika sat down with Her Agenda, a national publication written for Millennial female wellness, to discuss maintaining a summer budget. In particular, she offered her thoughts about “How to be financially smart while having summer fun.” Along with other financial experts, she explained how to take advantage of a summer budget by doing the same for the winter.
“Consider using summer to build up a vacation fund for another time of year, such as a ski trip for a winter getaway. With your future getaway goal in sight, it can be easier to prioritize frugality during the summer.”
What changes have you made in your budget? Are you planning for good times without sacrificing peace of mind later? We encourage you to bookmark this article and read more about what these financial experts believe is possible with some planning.