Financial Tips to Help You Enjoy Summer
Summer is here! Students are out of school and the weather is warm, making it the perfect time to take a family vacation. Summer is a wonderful time to relax and rejuvenate, but it can also be a very expensive time of the year. Vacations, summer childcare, air conditioning, the list goes on. Monson Savings Bank is sharing summer financial tips to help you enjoy your summer instead of worrying about how much you are spending on it.
Summer Finance Tips:
Make a budget and stick to it!
Now is a great time to create a budget for the summer months. When you are developing a budget, remember to be realistic. Estimate how much money you will be making over the summer and subtract the amount you will be spending on necessities, like childcare, gas, food, and other bills, to determine how much you will have let over to spend on summer fun. Your budget will be your basis for keeping your finances in check over the summer, so you will want it to be as accurate as possible.
Plan for the unexpected.
Be prepared! Make sure to budget for unexpected costs that might come up over the summer so that the unexpected does not throw off your entire budget. Some unexpected costs that might come up over the summer are, car repairs, replacing an air conditioner, and keep in mind that even the most well planned vacations can have unexpected costs.
Research before you spend.
Before you purchase plane tickets, rent a car, or book a hotel room, do some research. You can often find a better deal if you spend some time searching different websites before you make a purchase.
Travel during the week.
Hotel rooms, plane tickets, and other travel expenses are usually less expensive on weekdays. Save some money by traveling during the week instead of the weekend.
Stay local!
Exploring your community is a great way to have summer fun without breaking your budget. The summer is prime time for live music, food festivals, fairs, and more. Many of these events are low cost or even sometimes free to attend. Visiting a local hiking trail or beach is also a great way to have summer fun at little to no cost.
Do not create debt.
Do not put summer expenses on a credit card. Racking up credit card charges can lead to long term problems with debt. Only spend what you can afford to spend. In the long run you will be glad you did.
Save throughout the year.
You might not be able to do everything you want this summer, but you can open a savings account dedicated to summer spending now to start saving for next year’s summer adventures. Saving smaller amounts throughout the year is more manageable.
Not only are these tips helpful in the summertime, they can be used all year round to keep your finances in good shape. Monson Savings wishes you and your family a happy, safe, and healthy summer. For more helpful tips, visit the Monson Savings Bank blog or for financial assistance visit our friendly and experienced bankers at any of our convenient locations.
