Summer Savvy: How to Plan for Expenses and Enjoy a Stress-Free Summer

🕐 Read Time 5 Minutes

Summer is almost here! 

For a lot of us, it’s our favorite time of year, and it’s easy to see why: the kids are out of school and it’s time for the sun and fun of long summer days. Summer months mean family time, beach trips, pool parties, summer camp excitement, family vacations to far-off (or near and dear!) places — all the events and activities we hope to pack into an amazing, fun-filled season.

Here’s a tip that we often forget in the rush leading up to the end of the school year: 

Plan ahead for the expenses of summer. 

You’ll likely be thankful you did — preparing and planning can help you enjoy the season and focus on fun instead of finances. By creating a budget and saving early for certain seasonal expenses, you can make the most of your summer without the stress and worries of overspending.

Assess Your Summer Expenses

What are some of your most expensive summer activities? 

Summer camps, family vacations, holiday celebrations, and outdoor parties are often some of the biggest expenses we have during the summer. The warm summer months also bring household projects like gardening and home improvement, which can add to your costs.

Make a list of all your expected and potential summer expenses. Your list should be detailed and include everything from planned vacations, summer camps, family outings, and a new BBQ grill or patio furniture, to smaller things like holiday parties, pool gear, DIY projects, cookouts, and yard/gardening supplies. Cover all your summer plans, and you can get a clear picture of your financial commitments for the season. 

Prioritize your expenses once you have an understanding of your anticipated summer costs. What’s non-negotiable? This likely includes summer vacations, summer camps, and other big activities. What things can you maybe scale back on or skip for this summer?

Set Your Summer Budget

Setting a summer budget is similar to the budgeting process you do for your day-to-day living expenses. Your summer budget can help keep you on track and ensure you don’t overspend.

Once you’ve identified your expenses for the summer, you can establish a realistic budget. You can take some time to review your past spending on the big summer activities to help gauge an accurate budget for this year.

You’ll probably have some unplanned activities during the summer, but if you allocate an amount of “fun money” in your budget for the miscellaneous, you can help ensure those spontaneous costs are funded.

Include budgeting for big summer holidays like Father’s Day and the 4th of July. If you set a budget for these special occasions, you can determine how much you’re willing to spend on gifts, decorations, and food/drinks. Planning ahead for these summer vacation activities ensures you have the funds set aside ahead of time, allowing you to enjoy each occasion to the fullest.

You can also spread out the costs of summer purchases by buying items early before the season or during sales. This can help you avoid last-minute rushes and potential price hikes. 

Saving Strategies for Summer Expenses

The best way to save for summer expenses is to start early: if you establish a summer savings goal early in the year, you can build a substantial fund leading up to the season. Small, consistent contributions to your summer fund can add up and have you financially ready by the time summer arrives.

If you start saving for summer early, you can also evaluate your daily expenses and see where you can save. You may want to consider reducing your non-essential spending, such as dining out or impulse purchases. Redirecting these funds to your summer budget can make a difference — you can save more for summer, while also spending more wisely, which is a win-win all around.

Planning for Summer Vacations

Family vacations are the highlight of the summer, but they’re also a significant expense. In addition to budgeting and saving for vacation, there are several things you can do to make your family outings more cost-effective. By being strategic in your summer travel planning, you can make those lasting memories without breaking the bank.

Choose Affordable Destinations

Compare various destinations in the region you’d like to visit. Perhaps you want to go to Europe, but Paris and London are expensive — consider other smaller European cities that offer just as much culture and history. Or maybe you’re thinking about heading to a Caribbean island like St. Barts or Barbados, but you’d like to be more cost-conscious – traveling a little off the beaten path to a smaller, less tourist-popular island can offer just as much paradise.

Wherever you and your family would like to vacation, it’s worth considering similar places that have lower-cost attractions, more affordable accommodations, and reasonable dining options. You can still have an incredible vacation, full of rich experiences, but at a lower, more budget-friendly cost.

Book in Advance

Take advantage of those early bird discounts and deals by booking your travel and accommodations well in advance of your vacation. Early bookings often result in better prices and more options, allowing you to plan your itinerary the way you want. Planning ahead with the logistics of your vacation may help you to find the best rates for flights, hotels, and activities.

Travel Smart

Consider traveling during the off-season or shoulder seasons (spring and fall) to popular vacation destinations, and you can find significant savings. Use your travel rewards from your credit cards, loyalty programs, or other memberships, and lower the costs of your flights and hotels. You can also look for travel packages or all-inclusive deals that bundle your accommodations, meals, and activities, which can lower your overall cost (and decrease the stress of vacation planning!).  

Prepare for the Transition to Fall

Summer hasn’t even started yet, and we’re already talking about fall? 

It’s important to prepare for upcoming fall expenses that we start to see as summer winds down. By August, we’re thinking about the kids going back to school, fall activities, and yes, even

holiday travel (so you can take advantage of those early booking savings!).

Just like starting your summer fund early, starting your back-to-school fund early can help you manage expenses and ensure that your children have what they need without overspending.

Budget for school tuition, school uniforms, back-to-school supplies, books, shoes, and clothing. Look for sales, and buy what you can in bulk to save money. Make sure to also allocate funds for fall sports registration fees, sports equipment, and sports team/club-related travel expenses— those can add up quickly!

Set Yourself Up for Summer Success (and Beyond!)

By following a budget and having a strategy for tackling summer expenses, you can dive headfirst into the season knowing that you have a financial plan in place. Start saving early, and you may find that planning vacations, outings, celebrations, and special events for the season will go much more smoothly without the worry of money.

At Financial Fitness Coaching, we can help you create a budget and savings strategy that you can use not only in the summer, but also throughout the year. Start by downloading a free copy of our Before You Budget Mini Course to get you started on the right path.

Remember, summer is about the time you spend with family and friends and the memories you make — not about overextending yourself and overspending to have a picture-perfect season. Be smart in planning ahead, so that the finances are out of the way and you can focus instead on making the most of a season that always flies by too quickly.

Have a happy summer!