4 tips to have fun this summer without breaking the bank

Summer is the season where it's especially tempting to throw your budget out the window. Many people are seemingly planning to do just that this summer: "36% of vacation planners said they would take on debt to fund their travels, whether by putting the cost on a credit card they can't pay off right away; using a buy now, pay later plan; borrowing from friends or family; or taking out a personal loan," said The Washington Post, citing a Bankrate report.

To make matters worse, fun this summer "will cost even more thanks to 'funflation,' a term economists use to explain the increasing price tags of live events as consumers hanker for the experiences they lost during the COVID years," said CNBC. As an example of this phenomenon, "admission prices for sporting events jumped 21.7% in May 2024 from a year earlier."

So how can you navigate higher price tags while still managing to have some debt-free summer fun? Try these four tips. 

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1. Plan ahead

"One way to decrease your chances of spending too much money this summer is to create a budget well in advance," said GOBankingRates. Taking this step "is especially important for larger purchases, such as vacations."

Ideally, you will have started this process far ahead of the summer season, so you can identify necessary adjustments to your regular spending and set savings targets. But it is still possible to start budgeting halfway through the season, too.

You might even create a budget just for an upcoming trip. That way, said the Post, you "don't leave most of your spending up to your vacation mood" — though you might still "leave some wiggle room in your budget for an excursion or experience you may not have known about."

2. Keep track of spending

A budget is not worth much if you make it and don't stick to it. This is where keeping track of your spending can make a difference, helping you avoid a surprisingly large credit card bill.

An easy way to keep tabs is "by using alerts or spending trackers," said GOBankingRates. "Many financial apps offer features that alert you when you're approaching your budget limit for specific categories, like dining out or entertainment," Dennis Shirshikov, the head of growth at GoSummer and a finance professor at the City University of New York, told GOBankingRates.

3. Look for trade-offs

There is no reason to completely deprive yourself of fun this summer in an effort to stay on budget. Instead, aim to "balance those pricier treats with simple pleasures," said Experian. For instance, there is "nothing wrong with heading to the movies or even splurging on a trip to the water park when you can afford it," as long as you "balance your pricier plans with smaller treats."

Strive to achieve some of that balance while you travel, too. While on vacation, "if there is an attraction you want to visit or experience you've longed to have, don't skip it because of the cost," said the Post. "Instead, save money by skimping on something else that doesn't matter."

4. Get creative (and flexible)

Creativity and flexibility are key to enjoying your summer without busting your budget.

Keep in mind that "even during the busy summer months, there are travel accommodations and other activities that can be booked at a discounted rate during off-peak times," said GOBankingRates. For instance, "mid-week flights and accommodations are generally less expensive than weekend bookings," and "many businesses offer early booking discounts, which can be advantageous for planned summer trips," Shirshikov said to GOBankingRates.

If you start looking, you may be surprised to find out just how many summer activities are very low-cost — or even free. "Many areas host free local events to help the community get outside and have fun in the summer," such as "live shows in the park, craft shows, movie screenings, community sports events, or other types of summer festivities, all free to attend," said Experian.