How to plan your finances before summer starts
As summer approaches and conversation turns to dream holiday homes and irresistible flight deals, it’s easy to get carried away in the excitement.
Taking the time to plan your summer spending now can help you enjoy the months ahead with greater financial confidence. That way, by the time you’re relaxing on a beach chair and sipping lemonade, the only thing you will be worrying about is getting sunburnt.
Think ahead
Summer break is a well-earned time to unwind from a stressful year. You deserve to enjoy your time away without worrying about your finances. To keep money concerns from sneaking into your suitcase, plan ahead.
The most effective strategy to maximise your summer enjoyment is to calculate your comfortable spending limit and plan your holiday accordingly. Make sure to leave some breathing room in your spending plan for unexpected expenses that inevitably pop up, whether it’s forgotten sun cream, extra snacks, or a spontaneous family ice cream party.
Want to spend more but struggling to fit everything into your budget? Consider cutting back a little in the weeks before your holiday and setting that money aside for your vacation budget.
Keep in mind that you may be making less money than usual. Taking unpaid leave or working fewer hours while the kids are home could reduce your income significantly. By factoring this into your budget beforehand, you’ll be better prepared and able to adjust your spending accordingly.
Saving tips for a smart summer
When the kids are off school, everything can be busier and more expensive. Look at your current routine and see where you can make smart swaps:
Consider your summer childcare options. How much are you currently spending on childcare? Could you save by sharing care or reducing hours?
Keep in mind that having the kids home may mean less time to work, so make your decision accordingly.
Do you have any subscriptions or classes that you won’t be using over the summer? Consider pausing the payments, even if it’s just for one month.
Instead of giving in to take-out temptation, plan some easy, no-fuss suppers and eat at home (pasta with cheese, anyone?)
Avi and Dina* had their eyes set on a beautiful holiday home in France, but the price seemed a little over the top. They sat down together and reviewed their monthly budget, working out how much they’d need to save for their dream vacation without dipping into their savings. Avi decided to take on an extra hour of work each day for two weeks leading up to the summer, while Dina planned a simple holiday menu avoiding having to get takeout. By the time they packed their suitcases, their savings were still untouched.
Planning ahead can help you make smart value-based decisions about your holiday plans. Even a few minor changes now can mean a big difference to your family’s summer spending plans.
Help your kids manage their spending
Buying ice cream, slushies, and lunch several times a week might seem like small expenses, but they can quickly add up to a significant amount. Before your child asks for money to go out with friends for the third time in one week, it’s a good idea to set clear limits. Give your child a weekly spending allowance and let them decide how to use it best.
If your child spends it all by Monday, that’s part of the learning process. Giving your children control helps them understand how to make smarter financial choices and, hopefully, save a bit as well.
Because you deserve to relax
The goal is not to cut out all the fun or track every pound. It’s about making money-conscious choices so you can enjoy your summer with greater peace of mind.
Making a few smart decisions now can make a significant difference later. Whether it’s spending less money beforehand, opting for a shorter holiday, or cooking more at home, planning ahead means you can actually enjoy the break you’ve worked hard for.