4 tips to have fun this summer without breaking the bank
Prices are climbing, so keep your wits about you
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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
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.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as a deputy editor and later a managing editor overseeing investing and savings content at LendingTree and as an editor at the financial startup SmartAsset, where she focused on retirement- and financial-adviser-related content. Before that, Becca was a staff writer at The Week, primarily contributing to Speed Reads.
-
Today's political cartoons - October 19, 2024
Cartoons Saturday's cartoons - fact-checking, the vibe economy, and more
By The Week US Published
-
5 bopping cartoons about dancin' Donald
Cartoons Artists take on Trump's favourite tunes, presidential playlists, and more
By The Week US Published
-
Salem's Lot: Stephen King adaptation is 'half-baked' thriller
Talking Point The latest adaptation of this 1975 novel has left many critics feeling underwhelmed
By The Week UK Published
-
When does it make sense to refinance your student loans?
The Explainer Refinancing involves moving your existing student loans into one new loan, which can streamline how many different payments you are juggling each month.
By Becca Stanek, The Week US Published
-
How does changing jobs affect your 401(k)?
The Explainer Navigate the switch without negative effects on your retirement savings
By Becca Stanek, The Week US Published
-
How new bank transfer scam protections could help you
The Explainer Banks must now refund up to £85,000 of losses from authorised push payment fraud
By Marc Shoffman, The Week UK Published
-
How do cash-back apps work and are they worth it?
The Explainer Put a percentage of the amount you spend back in your pocket
By Becca Stanek, The Week US Published
-
The pros and cons of giving your kid an allowance
The Explainer The practice can teach children important lessons about managing their money
By Becca Stanek, The Week US Published
-
How can you save on homeowners insurance?
The Explainer With the rise in extreme weather, house protection is a non-negotiable
By Becca Stanek, The Week US Published
-
What should you consider when choosing a financial adviser?
The Explainer The right person can be a big help with financial planning, investing, taxes and more
By Becca Stanek, The Week US Published
-
How the Autumn Budget could affect your finances
The Explainer From tax rises to pension reforms, the chancellor's decision may have a significant impact
By Marc Shoffman, The Week UK Published