Set a Budget for Summer Activities

School is out, which for most families means more going out, financing summer camps and paying for vacation, all of which puts a strain on wallets.

“Summer is a lot like the holidays when we see a jump in consumer spending,” says Mechel Glass, vice president of community outreach for CredAbility, a nonprofit credit counseling agency.  “People naturally want to treat themselves and their families and have some fun, and they should as long as it doesn’t set them back financially,” he advises in a press release.

CredAbility offers these tips for sticking to a financial plan while still having some fun in the sun:

• Set aside a manageable amount of "summer fun" cash each week. Consider allotting an amount to each child in the family. When it runs out, it runs out. The same goes for your older children, especially if they don’t have a summer job.  Starting a family "tip jar" for loose change can also help build up those summer fun reserves.

• Involve your kids in establishing a weekly or monthly budget and what they can earn through chores and then use toward getting things they want. This is a good habit and practice for your children to get accustomed to, and the earlier you start, the better. 

• Refrain from using your credit card. It’s easy to get out the credit card when you don’t have cash on hand. Consider putting it away for the summer. And be on the lookout for credit card promotional offers over the summer. While incentives such as earning points for travel and more are enticing, it might not be the right time to open up another credit card right now. Keep paying balances in full over these next few months, too.

• Seek out fun and cost-saving alternatives. Swap DVDs with other families or check out some from the library; get your children involved in volunteer projects; find free family events that include treats for kids. Seek out deals on dining and fun experiences through sites such as Groupon and Living Social. 

• Plan ahead. It’s a simple concept or reminder that can go a long way toward savings. The more you plan ahead, from dinners to fun experiences and excursions, the less risk you have of letting too many spontaneous and cost-related events pop up. Planning meals for the week, for example, can reduce the temptation of getting fast food or ordering pizza. Also consider dropping junk food and sodas for the summer – you save and boost your health at the same time.

For credit counseling and more money-saving tips, visit www.CredAbility.org.

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