For most of us, summer means indulging in vacations, social activities, and outdoor events. Because there is so much going on, it can feel like money is flying out of your pocket. These “budget leaks” slowly drain your bank account over the summer and leave you wondering where all of your money went come September.
Here are five common budget leaks to look out for this summer and how to keep them from busting your budget:
Drinks
Whether it’s enjoying cocktails at an outdoor bar or backyard barbeque, people tend to imbibe more during the summer. When it comes to enjoying a drink outside of the home, look for happy hour deals with great drinks that will save you a few dollars per glass. You can also try alternating between alcoholic and non-alcoholic drinks, whether that’s a glass of water or a fun mocktail. When drinking at home, stick to drinks with only a few ingredients—even better if you can grow some of those ingredients like basil, rosemary, or thyme.
Travel
The average person expects to spend about $2,800 on summer travel this year. While a big trip will noticeably affect your budget, the local weekend trips can also add up. To keep yourself in check while on vacation, try setting a daily budget in advance (and using cash to stick to it). It’s also surprising how much you can save on impulsive, overpriced food purchases by carrying a few snacks and a refillable water bottle with you.
Summer Camps/Childcare
With the kids out of school, parents need to fill in the gaps with either a packed schedule of summer camps or full-time childcare. If you can, coordinate with other parents to exchange childcare services or go in on a nanny share. If you work from home, you may be able to reduce childcare costs by hiring a teen as a “mommy or daddy’s helper” to keep your kids entertained and out of your hair while you work. At the very least, keep tabs on your costs this year and start saving for next year starting in the fall.
Hosting/Social Activities
Summer lends itself to more social gatherings, including in the home, but this can wreak havoc on your grocery bill. To still enjoy social time without busting your grocery budget, don’t be afraid to ask your guests to bring a dish or even host a traditional potluck. When you’re hosting a large gathering, buying in bulk at Costco or a low-cost grocery store can also help.
Utilities
Nothing feels as good as walking into a cold blast of air on a sticky summer day, but that AC ain’t cheap (or awesome for the environment). Reduce the need for artificial cooling by keeping the shades drawn when the sun is at its strongest. We also tend to spend more on water during the summer to keep our lawns and plants looking their best. You can reduce your water usage by planting drought-resistant vegetation, using an efficient watering system, and collecting rainwater to use for your plants.
