7 Ways to Plan for a Budget-Friendly Summer
Summer may be the most relaxed time of year for many, but it can also get super-expensive. Along with all that taking it easy, you may find yourself loosening up the reins on your monthly budget before you realize you’ve completely blown it.
The good news is, it doesn’t have to be this way. With a bit of planning and self-restraint, you can have the summer of a lifetime and keep your budget, too.
Here are seven ways to plan for a budget-friendly summer.
1. Adjust your budget
Summer can bring a lot of changing expenses.There are extra activities you’ll likely need to spring for, a family getaway you may need to cover, higher fuel costs and utility bills that have you seriously considering going off the grid. On the flip side, some of your monthly expenses, such as your gas bill, may be lower during the summer. To account for these changes, take some time to adjust your monthly budget so it accurately reflects your summer expenses. Be sure to leave enough room for your non-discretionary expenses and don’t be afraid to trim costs wherever you can to make your summer affordable.
2. Choose free or cheap activities
When planning an itinerary for a summer getaway, or even just for a weekend, focus on free or inexpensive activities you can do. For example, if you’re an outdoorsy type, you can find a beautiful park or a hiking trail in your area. Many beaches are free to visit, and if you pack some books and lots of sunscreen, you can spend all day there. If you’d prefer the temperature-controlled indoors, look up free or low-cost museums and free factory tours near you.
3. Always look for a coupon
When your plans include a paid attraction, be sure to look for online discounts and coupons before paying the admission price. You may be able to find discounts on sites like Groupon or by using tools like PayPal’s Honey plugin(link is external). Why pay full price where there are discounts to be easily had?
4. Try a financial-fast weekend
If you find that you’ve gone way over budget by mid-season, help your finances recover by abstaining from spending for a full weekend. Plan ahead to make sure the house is fully stocked with food and other necessities. Then, spend the time with your family playing board games, watching your favorite (already paid for) movies and tackling neglected household chores that require only an investment of time and effort. You can also take day trips, as long as you only visit attractions that have no admission fee.
Taking a break from spending will help you get your budget back on track. It’s also a great way to practice those money muscles and retrain them to say no.
A financial fast can be a quick fix for anytime your budget is lagging. You may also choose to use it as a way to help you save up money for an expensive trip or upcoming expense.
5. Time it right
Summer may be the most popular time of year to travel, but various locations can have their own peak travel times, which will impact the price tags. Do some research before booking a vacation to find out which part of summer it’s busiest. You can save a bundle by choosing to reserve a flight or hotel stay when they’re less busy.
In a similar fashion, when visiting local attractions, look up their busiest times and see if they offer discounts during quieter times of the day or week.
6. Make a vacation budget
If you’re planning a family vacation this summer, a romantic getaway or a solo trip, establish a vacation budget to help keep costs in check. Just like you do for your monthly budget, you’ll assign a dollar amount for each expense category of your vacation, such as paying for your accommodations, attractions, food costs, car rental and airline tickets, as applicable. Review and adjust your budget throughout the summer to ensure it’s still working for you.
7. Prioritize your must-haves
We’ve all got our summer bucket lists, but if any (or most!) of the items on your list have a price tag attached and you aren’t working with an unlimited budget, you’ll need to pick and choose which to pursue this season and which to leave for another time. Take a moment to jot down your absolute must-haves before summer hits so you can prioritize these over some experiences you’d enjoy less.
For example, you may need to pencil in an extended visit with your folks or a week on a gorgeous beach somewhere far from the office. You may want to also check out the three new restaurants in town this summer, spend a day at the nearby amusement park and take the kids to try out another trampoline park each Sunday. But you can’t do it all. Choose your priorities, and make sure you have enough funds in your summer budget to cover these before you start planning and spending money on the rest.
Summer is a time of looser schedules and lots of chill time, but that doesn’t mean your budget has to go on vacation. Follow these tips for a budget-friendly summer.