SavenSmarts Blog - Have a Fun-Filled Summer to Remember | Saven Financial
Have a Fun-Filled Summer to Remember
School’s out and backyard barbeques, summer camps, road trips, and lakefront cottages beckon.
The welcome, less-hectic change of pace that summer brings makes it a favourite time of year, for good reason.
But all the summer fun can also have a financial downside. Did you know summer is the second most expensive season of the year?
Longer days and more time to relax can lead to unplanned or impulse purchase decisions, resulting in depleted savings or taking on debt.
With back-to-school expenses and holiday shopping following in short order, splurging in the summer might may begin a stressful cycle of budget stretching and debt repayment.
Three budget planning tips to consider for a summer to remember:
Think through big-ticket summer purchases that cost year-round
An in ground pool, RV, outdoor living space, perhaps even a cottage purchase – if carefully evaluated and planned, any of these purchases can add to summer-time fun,
especially if you have the savings in place and earmarked to make the purchase.
Before you sign on the dotted line, make sure you’ve considered that many of these types of purchases may not offer enjoyment throughout the year
- but may have a year-round impact on your budget - especially if financing is involved.
Take a look at the big picture and your long-term financial goals to ensure your summer-time fun purchase fits.
If it’s not feasible this year, not all is lost.
You can work on adjusting your financial plan to make it happen when the time is right in your future.
Vacation planning
Everyone needs to take a break for their own well-being and to recharge their batteries.
As important as your financial wellness is, it doesn’t mean you need to skip your summer vacation if the numbers don’t add up.
You are not alone if you don’t have the money set aside to cover a week-long cottage rental or flights to a dream destination.
But this doesn’t mean you still can’t enjoy your time off. Think local. Day trips to local beaches, markets, or theme parks, visiting family or just relaxing at home can be great fun and refreshing for your state of mind.
If you do opt for a stay-cation, put the to-do list on pause and consider taking a break from meal prep by ordering in at least one night. .
If you have planned for a more extensive holiday, remember even the most carefully budgeted vacation can sometimes have to deal with unexpected, overlooked or hidden expenses -- with your credit card bearing the brunt.
It’s a good idea to set aside a small contingency fund within your travel budget for a cushion of comfort and a stress-free holiday.
Dining out
Whether vacationing away or at home, and whether the choice is fast-food or fine dining, eating out too often can become a big budget buster.
Depending on how many you’re feeding and how many meals a day, it’s not hard to add hundreds of dollars a week to you vacation expenses.
If you’re the head chef in your household, the money spent on dining out can be well worth a much-needed break from the kitchen.
The key is to plan for the expenses and make sure fits your budget.
With some careful planning and thinking through potential summer-time budget-busters, a fun and memorable summer awaits!
At Saven Financial,
we’re passionate about helping people save so our members can achieve their goals through smart saving.