Summer is almost here. Are you financially ready for all the season has to offer? Prepare as much as you can to help ensure it goes well and money doesn't become an issue.
1. Create a Summer Budget
As summer begins, it's a good idea to create a budget to cover its duration. The kids are out of school, it's hotter, and you'll likely be out and about more, looking for things to do. Having a budget in mind that you can stick to will help keep you from overspending and allow you to start the fall in a better place financially.
Consider seasonal expenses, such as higher AC/electric costs, regular costs that will continue through the season, and unexpected costs that might arise.
2. Plan for Any Vacations/Travel
Many Americans, especially families with kids on summer break, like to travel during the summer. This can get pricey no matter where you're headed. If you're taking a road trip, fuel and food prices can add up, in addition to room and board. If you're flying, airfare is an added expense. Then, there's spending money for the trip, not to mention the costs of activities and souvenirs. Plan any trips well in advance, so you can be as financially prepared as possible.
3. Figure Out Staycation Plans
A staycation is an alternative to a vacation that can save you some money. You can partake in a lot of fun like a vacation without having to pay a lot for fuel, airfare, rental cars, and/or room and board. You get to stay at home, but act as a tourist in your own area. Even if you do take a vacation this summer, there is plenty of time to work in staycation-like activities, as well. While you can certainly save money opting for a staycation over a vacation, costs can still add up depending on how many places you go and activities you enjoy. You'll still need to plan and budget accordingly.
4. Plan for Childcare if Necessary
With school out, you might need to figure out a childcare plan. There are options to consider, including summer camps, babysitters, and daycares, but a nanny might be a good fit.
"Hiring a summer nanny is one of the easiest options for parents that requires the least amount of coordination, as nannies will typically come to your home," says Nicole Fabian-Weber at Care.com.* "You may find a college student or teacher looking for seasonal work, but summer’s also a good start time to hire a nanny who will care for your child all year. Some nannies may also be open to participating in a nanny camp, in which they can join forces with other nannies to plan regular activities for the kids throughout the summer."
Nannies and other childcare options come with costs, so you'll have to research these expenses and work them into your summer budget.
5. Keep Your Debt Under Control
With all the fun that comes with summer, it can be tempting to increase your credit card use. Watch your budget and be sure you don't let your debt get out of hand. Make your payments on time and try to keep a low balance to avoid future regrets.
6. Maintain an Emergency Fund
It would also be responsible to maintain an emergency fund. This goes for the entire year, but those fun summer expenses might lead you to neglect your savings. Try to keep your emergency fund in mind and set aside some money each time you get paid.
7. Factor in Summer Home Maintenance
Don't forget about the upkeep of your home. You might have other things in mind for your money this summer, but regular maintenance still needs to be part of the plan.
"Home maintenance often takes a back seat to more exciting parts of owning a home, like decorating or landscaping," says Laurie Engle at Today's Homeowner.** "Based on my experience working with home buyers and sellers over the past two decades, I recommend you budget for regular maintenance costs and unexpected repairs to prevent financial headaches. While specific tasks and costs differ by climate and home features, ongoing maintenance is essential when owning property. Research average maintenance and repair costs in the area, plan accordingly and set up a maintenance expense savings account."
8. Review Subscriptions and Memberships
If you need to free up cash this summer, consider going through your various subscriptions and memberships to determine which ones you can do without. Chances are you'll be spending your time in different ways over the summer, so you can probably do without some of them, even if on a temporary basis.
9. Try Budget-Friendly Get-Togethers
Rather than going out with friends a lot over the summer, try to work in some more budget-friendly get-togethers such as cookouts in which people bring dishes with them, and plan game nights. Everybody is likely to enjoy time at a friend’s home and not spend money at a restaurant, bar, or some other public venue.
10. Don't Forget Back to School
Of course, as the summer winds down, it will be time for the kids to go back to school, and there are plenty of costs with that. Beyond school-related fees, there's back-to-school shopping, and if you have more than one child, the cost will increase. Start preparing early.
Summer can be an incredibly fun time of year, but fun often comes with a price tag. Prepare financially for the coming summer to make the most of your time while maintaining your financial health into the fall.