How To Budget For Summer Expenses!

One of my favorite times of the year is SUMMER, but it can certainly be one of the most expensive times of the year because of increased travel plans, more individuals taking vacation/personal time off and school being out!

Planning for summer expenses can be daunting when everyone wants to be “outside”, but don’t let this get you further into debt! There’s still tons of things you can do to plan for a great summer.  

Here’s some things to consider for budgeting for your summer expenses:

1.    Creating a Specific Summer Budget

-       By completing this, you will be able to easily monitor your specific summer expenses and adjust where necessary

-       This should include all possible summer expenses you may have such as activities and events you’re planning to attend

2.    Travel Plans

-       Since travel is a big part of summer and can certainly add up, in addition to creating your summer budget, you may want to consider mapping out your travel costs in advance and finding ways to travel for cheaper

Example: Using reward points/miles, discounted or budget airlines or avoiding air travel all together, as costs have significantly increased or mapping out a more economically friendly road trip even though gas prices are also on the rise (it may be still be significantly less than air travel)

3.    Planning and Organizing for Activities

-       You cannot effectively plan for summer expenses if you’re not sure about what you would like to do. Take some time over the next few days or weeks to create a plan for weekly or monthly activities you would like to do this summer

-       Consider low cost or free activities as well when you are creating your overall plan

4.    Increased Bills

-       There are various budgeting categories that can significantly increase over the summer such as food expenses and utilities

-       When reviewing your regular budget for these categories and others, do not overlook adjusting your typical amounts you allocate towards these categories

Example: To assist you with a better estimate, you may want to review your utility bills from last summer and add an additional 20% buffer to account for increases

To plan ahead for next summer, you can consider creating a specific summer sinking fund and saving up over a specific period of time to be even more prepared!