Summertime Spending

Vacations. Events. Weddings. The sun is shining and burning a hole in my wallet.

How about you?

The holidays are expensive, yes. But summer is low key SO EXPENSIVE. It’s not like Christmas or birthdays when you know exactly when and where you’ll be spending money and can easily plan ahead. Summer events vary in length, size, and scope. One summer I had eight weddings, the next I had none. Some summers we go on weeklong vacations, this summer we’re doing smaller weekend trips. Yes, of course we’re going to Boston for The Wiggles concert — there’s literally no other concert I’d want to attend (smiles in sarcastic mother).

Can you say ‘yes’ to fun spontaneous summer events and not go broke? I think you can! Much like we know the holidays and birthdays are approaching, we also know we want to have some cocktails with umbrellas and trips to the beach between Memorial Day and Labor Day. I think the best way to handle this is to plan ahead for events you know are coming (weddings, bigger vacations) and to put aside a buffer for more spontaneous stuff (weekend getaways, parties, etc.) throughout the year.

It doesn’t have to be complicated, here’s what I’d suggest:

Open a high yield savings for gifts & travel — Whether you have separate savings accounts or one, I would suggest planning for summer events exactly as you do for the holidays — with some sense of dread…I’m kidding…I meant ahead of time.

Open a high yield savings account and put away what you can for the summer events. If you know you have two weddings and would like to do a few weekend trips next year, do a rough calculation and divide by 12. This is the amount you ideally want to sock away in the account each month. A high yield savings account will help you earn more over time as well. Check out bankrate.com for the latest interest rates on high yield savings accounts.

Prioritize your fun — In order to prevent overspending this summer, planning ahead definitely helps, but prioritizing your summer fun options is crucial. You don’t (and probably can’t) say ‘yes’ to everything. Choose your fun carefully. Say ‘no’ to things that won’t bring you joy. Get over FOMO (fear of missing out). Start having what I have in my late 30s, it’s called FOA (fear of attending).

Look for deals — splitting hotels and rentals, Groupons, coupons, and spending a little time hunting for discounts can go a long way toward saving you money. Tourist towns and attractions are expensive so try nearby, less touristy options to save more. This is also where choosing the right credit card rewards program can also help (I say this with the caveat that if you are in debt and cannot pay off your cards each month……….do not pay for summer fun on a credit card, please for the love).

Here’s what I’m doing this summer with my family in order of importance:

1. The Wiggles concert in Boston - shout out to other toddler parents who felt obligated to attend.

2. Sitting in my yard with a cocktail while my toddler drinks from the hose.

3. Sitting in my covered porch with my infant while my toddler tries to eat ants.

4. Walking on the beach alone while my husband tries to keep our toddler from swimming out to sea.

5. Standing in a pool (anyone’s) with a cocktail, cooling off, during my toddler’s nap time.

6. Saying “it’s friggen raining again” as I stare out the window at my un-mowed yard every day that it rains.

   If you have fun plans this summer, how are you getting creative to save some money? Have you found any deals? What tips would you like to share?!

   -Catie