Are you finding time to relax this summer? We hope so. We also hope that you don’t take a vacation from financial planning. Every season has its temptations and in the summer you can easily let sound money management habits slip away.
Even if you aren’t one of the 68% of people that an Experian study found will who overspend on a summer vacation, you may still find that you end the summer with less money than anticipated.
A few years ago, the term “staycation” was everywhere and when done right, it made economic sense. If you stayed at home, you would not pay for accommodations or travel…or so we thought. It turns out that staying in town can be just as expensive as leaving if it gives you license of spend with abandon.
If you like to dine al fresco and the climate isn’t so great the rest of the year, you may find that you are spending more money to eat out. If you like to entertain, you may find that your grilling habit is hurting your wallet.
Or perhaps you find that summer offers no break from a number of financial demands. For example, the costs of summer camps may equal (or exceed) what you pay for your children’s activities during the school year.
Financial planning will make a big difference. It is easy to tell yourself that you deserve a break from thinking about money and just spend. There is nothing wrong with loosening up a bit; the danger comes when you completely forget your financial goals.
According to that Experian study, 55% of the 68% who overspend on summer vacation started out with a budget. Sometimes you need someone else to keep you accountable.
If you find that you’ve been too undisciplined this summer or if you need some help figuring out how to manage your money, a Fee-Only financial planner can assist you with staying on track for summer and throughout the year.