Don't Burn Through Your Budget This Summer! | Richard Banks & Associates, P.C.

Summer is coming and with the temperatures heating up, you’ll want to make sure you’re keeping that budget nice and cool! Our team at Richard Banks & Associates, P.C. knows how hard it can be to stick to your budget during those summer months, so here some helpful tips to keep your spending on track.

1. Don’t overspend on vacations. Did you know that 74 percent of people surveyed in 2017 by LearnVest said they’ve gone into debt to pay for a vacation? Those same people racked up $1,108 in debt on average for their summer trips. Prioritizing your summer fun over finances may seem tempting, but there’s no need to break the bank. That same survey found that on average, Americans are spending 10 percent of their annual income on vacations, with a quarter admitting to spending 15 percent or more. Be smart—plan ahead for your trips and start saving for next year’s vacation now.

2. Turn up the AC. This may seem trivial, but turning up your thermostat can result in big savings for you. Each degree can result in a 3 percent savings on your energy bill, which should be a welcome relief for your budget. You can find more helpful home energy savings tips from Energy Star too.

3. Kiss overspending goodbye. Vacations aside, overspending in the summertime can be easy to do. There are evenings out with friends, summer festivals, eating out and fun activities to do. Is it possible to limit the number of times you eat out each month? Try to plan ahead for some of these things and prioritize your spending.

4. Have a no-spend day. The summer is the perfect time to enjoy the outdoors or area activities, many of which can be free. Try to “cash in” on some free fun with your family. Pack a lunch, go to the park or go on a hike. Venture down to the river or lake and enjoy what Mother Nature has to offer. You don’t have to be spending money to have fun!

5. Avoid pricey summer camps for your kids. Summer camps are great activities for kids, but many can be rather expensive. Instead of enrolling your child in one of those budget-breaking camps, check out what churches or community centers have to offer, or find a family-friendly idea group on Facebook.

Summer is just around the corner and we hope these budget saving tips come in handy.

Let’s make summer 2018 your best one yet financially! If that means taking steps necessary to get back on track, such as filing for bankruptcy, Richard Banks & Associates is here to be your guide through the process. Call us today at (866) 596-8527.