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Making the most of the good weather and time off all starts with a list of great ideas, so its time to get that list started! At Plan for Wealth, we‘ve compiled some strategies to help you have the summer you want without breaking your bank account!

1. Write down your summer fun ’Wishlist‘

List all of the things you’d like to do this summer and rank them in terms of priority.
Think along the lines of:

• Day trips and day camps for kids
• Tickets for nearby theme parks, zoos, or aquariums
• Passes for your local pool, rec center, or state parks
• Summer clothes and accessories
• Home projects that are ideal for warm weather, like replacing your deck or updating your landscaping
• Summer getaways: camping, cottaging, or seeing sites away from home

2. List your other ’summer-only‘ expenses

Begin by listing out expenses that are unique to the summer months that will affect your budget.
They may include:

• An increase in your electricity bill due to running your air conditioner more or the cost of your pool (if you have one)
• A spike in food spending, especially if you have kids home from school
• More frequent gas fill-ups from being out and about more often
• The cost of summer camps or childcare
• Summer weddings, family reunions, or parties that you will host or attend

Tip: Don‘t forget about necessary ’supporting costs‘ – like vehicle maintenance, babysitters, or pet sitters if you’re planning any trips away

3. Saving, swapping or cutting back? How to afford your great summer plans

• Can your budget handle these costs without changes to your existing spending?
• If not, what options do you have to fund these extra costs?
• Do you have savings to draw from?
• Will you need to reduce expenses in other area so that you don‘t run into issues?

4. Bronze, Silver and Gold your Wishlist!

Create different spending levels for ideas on your summer list. Think “Same fun, but Different Budgets”.

• Opt for road trips instead of flying
• If you have to book a flight, be flexible with your travel dates and compare prices and carriers
• Use your credit card rewards to save on hotels, flights, car rentals, and more!
• Research “fun ideas on a budget” to see what others are doing this summer
• See what summer events are planned in your community. That might include affordable (or free) outdoor concerts, festivals, markets, conventions and more
• See if your library offers free museum passes or other perks for cardholders
• Plan a neighborhood block party
• Hit up your nearest drive-in movie theater for a date night or family outing
• Plan a staycation at an affordable vacation home rental instead of a hotel

5. Get Creative on ways to save AND still have the summer you want

See if you can reduce your essential summer spending – be ruthless!

• Start meal planning or build your meals around in-season, local items that are on sale
• Plan regular ’fun meals‘ with a goal to eat out less often to save money for other activities
• The cost of childcare and summer camps can be steep! Among your friends and children‘s friends, see if you can trade-off childcare to free up your budget for other fun activities on your list
• Contact your energy provider. If your electricity bill tends to spike in the summer, see if your energy provider offers fixed year-round pricing that would lower your summer bills
• Reconsider your gym membership or put it on hold and focus on other free outdoor activity options for the summer months
• Temporarily pause your subscription services. One idea is to start with subscriptions and streaming services you don’t use much during the summer months

6. Start saving for next summer sooner rather than later

Having a bit of ’pre-savings‘ for summer expenses makes it much easier and less stressful.

• Start by estimating your total costs. Then, divide that number by 12 and set that amount aside monthly in a separate account as your ’summer fund‘
• If you can‘t save all of it, strive for at least 50% to be saved during the months leading up to summer. We recommend regular contributions on your pay-cycle
• Put your summer savings into a high-interest savings account or in your TFSA if there is room. You likely won‘t miss it – and it‘s there for you when you want to start booking summer plans early to get the best deals

Have a great summer, and happy planning from Rhonda and Zach at Plan for Wealth!

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