Summer Doesn't Mean a Vacation From Financial Goals
Summer Doesn’t Mean a Vacation From Financial Goals
Growing up in the south, it is traditional to slow down in the summer heat. After all, school is out and working part-time becomes a more popular option for many. Many businesses begin operating under limited “summer hours” to allow more time for vacations, relaxation, and time with family. Unfortunately for many, however, the warm weather can also lead to less motivation. Luckily, we’re here to help you stay on track with a few tips to keep your financial goals from “taking a vacation” this summer.
Book Summer Vacations Ahead of Time
Financially-speaking, summertime often carries with it a big expense. One of the more popular times of year for family vacations, pricing reflects that. Hotel rates rise during the summer, especially in destinations that accommodate the hot weather. For example, you’ll likely pay more for a hotel stay on the beach in the middle of July than in late October. Why? Because the time, temperature, and season is right for the beach. Similarly, you’ll often find yourself spending more on a room in the mountains during the cooler-weather seasons.
One way to help combat the high costs of a summer vacation, however, is to plan ahead of time. Busy schedules and uncertainty can make this difficult, but if you’re able to book your vacation months – even a year – ahead of time, you can find yourself saving a bit of dough in the long-run. Hotel stays, flights, and even attraction tickets add up easily, so anywhere you can shave off some expense will help you!
Don’t Get Carried Away with Summer Spending
Though you may consider summer a vacation from life, it doesn’t have to be a vacation from your financial goals. For many, additional expenses are accrued during the summer – from vacation expense, to childcare while the young’uns are out of school, to higher power bills (running the A/C adds up quickly)! Though these expenses may suddenly appear with the season, that doesn’t mean usual expenses are eliminated. Mortgages, car payments, and other monthly bills still remain. Budgeting is important to ensure all financial commitments are still met. Consider putting funds aside throughout the year for upcoming summer expenses. You might be surprised at how quickly you can accumulate savings for a summer to remember!
Get Back on Track When Summer Ends
The 2019 summer season is officially 92 days long, and we’re already one month in. While the season won’t officially end until after Labor Day, many consider the end of summer to occur when school starts back in August. Time especially flies when you’re having fun, so summer often feels like it’s over just as soon as it’s begun. That being said, the importance of getting back on track when the season comes to an end is imperative.
Make plans now for a seamless re-entry into “normal life”. Costs associated with going back to school should be anticipated, as well as longer commute times to and from work. If you’ve accumulated some debts over the summer, commit to a repayment plan. You may even begin your budgeting for next summer! Once the season ends there are 39 weeks until summer begins again that you have time to plan for next summer’s adventure. Even putting aside $20 per week will allow you to save up enough for some summertime fun!
Keep in mind that while summer can be a vacation from reality, it shouldn’t be a vacation from your financial goals. We hope these tips will help you with your plans in the future!
Enjoy the summer!