Spring is almost over. Therefore, summer is just about upon us. Many people will spend more in the next few months than they had been up until now this year. Therefore, it’s important to figure out how to prepare for a higher summer budget.
Why We Have to Prepare for a Higher Summer Budget
When people think about the most expensive season of the year, winter often comes to mind. The Christmas holidays can be costly. However, if you look back over your spending habits, then you might realize that you actually tend to spend the most money in summer. This is especially true if you have children.
Here are some of the reasons why summer spending is higher than in many other months of the year:
- Running the air conditioner often causes higher electricity bills at home in the summer.
- If everyone is home in the summer, other energy costs may be higher as well.
- If you have a lawn, then you’re going to spend more to water it during the hottest months of the year.
- People who have children spend more money in the summer either on childcare or entertainment. Or both.
- Many people choose to take vacations during the summer months. Travel is expensive. Moreover, traveling during this peak travel season often costs a lot.
We Are Excited to Move Out of Pandemic Life
In addition to the other reasons that we have to prepare for a higher summer budget, things are different in 2021. A lot of us spent last summer quarantined and sheltering in place. Now that we’re moving towards widespread re-opening, we are eager to get out and do things again. We’re eager to travel. We want to go to restaurants, movies, theme parks, and concerts. Therefore, we’ve got to assume that we’re going to spend some money this summer.
At the same time, entertainment, travel, dining, etc. may actually cost more this year than in years past. Businesses are still working hard to catch up after their pandemic losses. In some instances, continued limitations may force higher prices. For example, in areas where capacity is limited, theaters and other venues may have to charge more per seat to be able to afford to put on shows at all. Therefore, we may spend more this summer than we would in the past. And that’s why we definitely have to prepare for a higher summer budget right now.
Tips to Prepare for a Higher Summer Budget
On the plus side, if you were able to save up some money in the past year, then you might already have a bit set aside for this extra spending. Additionally, here are some great tips to prepare for a higher summer budget:
- Make small changes around the house to reduce home electricity costs. The less you spend here, the more you’ll be able to spend on summer fun.
- Pack your calendar with free and cheap local events for you and the kids. After all, you don’t have to spend a lot of money in order to have fun.
- Choose 1-3 larger, expensive things that you want to do together. For example, perhaps you want to visit a theme park this summer. Review your home budget to fit those things in.
- Speaking of which, you should review your annual budget for the rest of the year. Plan strategically for June through December. If you need more money in the summer months, perhaps you can pull it out of your autumn budget.
- Take on an extra side gig. Is there something fun that your family could do together to earn money this summer?
- Figure out how to reduce travel costs. For example, do a housing swap instead of renting out an expensive AirBnB while leaving your own home empty.
In other words, do what you can to cut costs and increase income so that you can freely spend money the way that you really want to this summer.
What are some of your best tips to prepare for a higher summer budget?
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