Summer is a time for fun and relaxation, but it can be hard to manage your summer spending and still enjoy yourself. According to a report by Lend EDU, summer is the second most expensive season after winter. By learning how to maximize your summer budget, you’ll be able to make the most of every moment. In this blog post, we’ll look at some strategies like budgeting, setting goals, and when to spend your money so you can easily stick to your goals.
Determine All Necessary Expenses
Before you can create your summer budget, you’ll have to subtract all of your necessary expenses from your monthly income to determine how much money you have left over. Along with your rent or mortgage payment, list out your utilities, internet bill, and other payments like your car or insurance.
Track Your Spending For Two Weeks
Before creating a summer spending plan, it’s important to track your spending for at least two weeks. This may seem like a tedious task, but it will give you a clear picture of where your money is going. To start, keep a small notebook or use a budgeting app to jot down everything you spend money on during these two weeks.
This means recording even the small purchases like coffee or a pack of gum. Once you have two weeks’ worth of data, categorize your expenses into different categories such as groceries, transportation, and entertainment. This will help you determine which expenses are necessary and which ones can be cut back on.
Set A Summer Savings Goal
By determining how much you’d like to save, you’ll be able to set limits in advance to ensure that you’re making intentional decisions about your spending. This will make you rethink those small purchases that add up over time and lessen impulse purchases.
When setting your goal, consider things like vacation costs, summer camp fees, and any other summer-specific expenses. Take into account expenses, any existing debt, and your monthly income to determine how much you can realistically save, set a goal that is both challenging and achievable. It should be a number that motivates you to save, but not so high that it becomes discouraging.
To stick with your savings goal, make it a part of your regular budget. Set aside a specific amount each week or month to go towards your summer savings. Consider opening a separate savings account specifically for your summer funds, to make it easier to track and keep separate from your regular spending.
If you find it difficult to stick to your savings goal, try breaking it down into smaller, more manageable milestones. This can make it easier to stay motivated and track your progress.
Make a List of Free or Cheap Summer Activities
With a little bit of planning and creativity, you can still have a fun and fulfilling summer without spending a lot of money. One way to do this is to make a list of free or cheap summer activities. Many cities host events like free concerts, outdoor movie screenings, and festivals that are open to the public.
Next, consider activities that you can do on your own or with friends and family. Some ideas include:
- Have a picnic in the park
- Go for a bike ride or hike
- Explore a local museum or art gallery
- Have a game night at home
- Visit a farmer’s market or pick your own fruits and vegetables
- Host a potluck or barbecue
- Volunteer at a local charity or nonprofit organization
These activities don’t have to cost a lot of money, but they can still provide a lot of fun and enjoyment. Plus, they can help you appreciate the simple pleasures in life and enjoy the company of the people around you.
Let KOIN Help You Meet Your Budgeting Goals
At KOIN, we know that saving money isn’t always easy. That’s why we offer a variety of savings accounts and resources that will help you stick to your goals. When you bank with us, you become part of a community looking out for your best interests.
Contact us today to learn more.