• 25/05/2024 01:13

Summer is always expensive: how to prepare your wallet for it

Summer may be the season of relaxation, tanning and heat, but it's also the second most expensive season after the winter holidays. It makes sense if you think about it. After all, all the summer activities and holidays – daytime outings and late nights at the bar, vacations and holidays – quickly add up to a pretty penny. At the same time, despite the fact that summer is just around the corner, there is no need to stress. We'll tell you how to save money now so you don't go broke next season.

ContentTake inventory of your financesHow to save money before summer: make lifestyle changesEvaluate your debtHow to save money before summer: do a spending cleanseChange your old budget for summerHow to save money before summer: talk to friends and family about expensesCreate a summer activities board

WomanEL is sure that a little preparation and some helpful money tips, and you can still enjoy your summer to the fullest.

Take inventory of your finances

To make sure you're financially prepared for summer, you first need to know what you're working with. Take inventory of your current financial situation by calculating your total living expenses, any debts you're paying off, and what you're putting aside to put into a savings account or investments. Once you have this number, subtract it from your income. This will give you a general idea of ​​how much money you'll have left to spend as you please this summer.

Also, take the time to examine your spending patterns. To do this, refer to credit card statements, bills, receipts and bank statements. These visuals will show you where your money is going, and you can use it to find better ways to redirect your money toward summer expenses. For example, if you see a lot of takeout purchases on your credit card, you might want to start preparing more meals at home.

How to save money before summer: change your lifestyle

Consider changing your lifestyle, Source: freepik.com

Look at your expenses and see if there is anything you can cut back on or places you may not be visiting at the moment. For example, if you are an avid reader, use your local library. Making small changes now and throughout the summer will give you more opportunities to get outside because you'll have more money.

Something as simple as giving up your gym membership and exercising outside instead, or avoiding coffee on the way to work and deciding to make it at home can make a big difference.

Assess your debt

Having debt hanging over your head can keep you up at night, so if you have a small amount of debt that you can pay off now, do it. This can help relieve some of that pressure and provide more flexibility in your spending throughout the season. If you're paying off a large amount of debt, consider using a debt payoff app to help you get more organized before summer begins. Be sure to do your due diligence and research.

How to save money before summer: clean up your expenses

Cleaning up your expenses is one of the best financial tips to help you improve your budgeting skills and save a little more. For a week or two (whichever suits you best) before summer arrives, refrain from spending money on anything other than essentials. This is a very productive way to force yourself to be better with money, and it will inadvertently force you to develop healthier financial habits. It will also open your eyes to any unnecessary purchases you've made over the years.

Change your old budget to summer

Just as makeup and fashion trends change every season, budgets must change too. Once you have completed the steps mentioned above, you can start creating your summer budget. This will replace your current budgeting plan. You can create it manually, in a spreadsheet or template, or using a budgeting app such as Goodbudget, Mint or Cleo.

How to save money before summer: talk to friends and family about spending

Gone are the days when talking about money was taboo. Now more than ever, people are discussing their finances with friends, family members and anyone else who will listen. This year's Loud Budgeting trend has taught us that we need to take pride in our finances and be unapologetic and honest about what we're willing to spend money on. Before summer begins, talk to those closest to you about what your finances are and how you plan to manage your money during the season.

Instead of making excuses about why you can't go to the concert, tell them that you'll be spending your money on something else instead—like a wedding happening next weekend. Talking about your budget will not only make you more likely to stick to it, but it will also let others know that you're not giving up some fun activities on a whim.

Create a Summer Activities Board

Make your dream summer come true by creating a vision board full of fun and inexpensive summer activities. Find out about upcoming summer events such as arts festivals, street walks, carnivals, etc. that are happening where you live or in nearby cities. Many of these types of events are usually free or very inexpensive. Visiting public beaches, parks, or hiking trails is also a fun and inexpensive way to get into the summer spirit.

On the other hand, keep in mind that even though the weather is beautiful, you don't have to be out and about all the time. In fact, there are many ways to fully enjoy summer from the comfort of your own home. Grab a bottle of rosé, prepare some charcuterie, and invite someone to hang out in the yard or on the balcony. Enjoy pizza and champagne, watch the sunset or stargaze with your significant other. The possibilities are endless.

Already planning your summer vacation? Then explore these destinations: these cities are beautiful and have a beach!

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