For many American families, summer is a time to kick back and enjoy the warm weather and all the spoils that accompany sunshine. While vacations take up a big chunk of consumer budgets, they’re not the only expenses that can result in overdrawn bank accounts. Consider the following summer money saboteurs and how to keep them from ruining your fun over the next few months.
[See: 10 Fun, Frugal Ways to Spend Your Free Time.]
Poor planning for weddings. Summertime is a popular season for weddings, and if you don’t plan properly, you can quickly overspend on guest-related expenses such as travel, attire and gifts. Wedding guests spent an average of $118 on wedding gifts, plus around $643 on travel-related expenses for out-of-town weddings, according to The Knot’s 2016 Wedding Guest Study. Before you check the “yes” box, estimate the cost to attend and make sure you can make room in your budget for the event.
If you’re invited to be part of the wedding party, your costs go beyond gifts and travel. In addition to spending an average of $177 on gifts and $207 on wedding day attire and shoes, 60 percent of wedding attendants spent up to $500 on costs associated with bachelor or bachelorette parties in 2016. You might also be on the hook for a wedding shower gift and new outfit for the rehearsal dinner. It’s difficult to turn down a friend who wants you to be part of his or her wedding, so anticipating costs and finding ways to save money will help you avoid going into debt for someone else’s big day.
Vacation brain. While summer vacation is a great time to turn off the stress and turn up the fun, the latter can result in poor purchasing decisions. Allowing the “you-only-live-once” mantra to influence your spending during vacation can result in overpaying for activities, dining and even basic travel expenses such as lodging and transportation.
Planning a few activities ahead of time can help you budget specific costs. Balancing these activities with downtime ensures that you don’t overbook yourself and your bank account. Use sites such as TripAdvisor or download the Guides by Lonely Planet app to discover local attractions and things to do, including free or low-cost activities.
[See: 12 Frugal Ways to Save on Vacation.]
Overspending at garage sales. The thrill of the deal is something habitual garage sale shoppers seek, yet oftentimes what they purchase isn’t something they actually need. Consider this: If you don’t need the item in the first place, you’ve wasted your money, regardless of how cheaply you purchased it.
Before making the garage sale rounds in your neighborhood or around town, create a list of things you need and stick to it.
Overcooling your home. The summertime heat can be a killer, but so too can your electric bill if you rely too heavily on your air-conditioning system. In fact, heating and cooling is the biggest expense for consumers, accounting for nearly half of total household energy use, according to the U.S. Department of Energy.
Smart energy use can help you cut cooling costs without sacrificing comfort. Installing a programmable thermostat and increasing the temperature by a minimum of 7 degrees for eight hours per day can save you up to 10 percent annually on your energy bill, according to the Department of Energy. Turning on ceiling fans can help you reduce your dependence on air conditioning, enabling you to turn up the thermostat by up to 4 degrees without impacting your personal comfort.
Before you leave for work in the morning, draw shades to keep sunlight from warming your house while you’re gone. If it gets cool at night, open windows and turn on fans instead of relying on air conditioning to stay cool.
Overpaying for kids’ summer activities. From summer camp to museum entrance fees, kids’ summer activities can be a drain on parents’ budgets. In 2015, day camp tuition for kids ranged from $199 to more than $800 per week while overnight camp cost parents an average of $630 to more than $2,000 per week, according to the American Camp Association.
To keep kids entertained on a budget, seek free or cheap alternatives to pricey diversions. Daily or weekly summer camp rates from local churches or YMCA facilities are typically less than for-profit camps. You can also find free events hosted by your local library, $1 kids movies at your local theater or free bowling through the Kids Bowl Free program. It’s also okay to let your children get bored: It requires kids to problem-solve and identify ways to entertain themselves, which can help build self-reliance, some experts say.
[See: 12 Habits of Phenomenally Frugal Families.]
Accepting travel upgrades. Summer represents peak season for the travel industry and most travel companies will try to upsell consumers as often as possible. Rental car companies are notorious for offering a long list of upgrades, ranging from flashier cars to extra insurance coverage. However, many credit card companies and some personal auto insurance policies already offer rental car insurance for customers, so it’s important to review these policies. And while it may be tempting to swap your economy car for a Mustang convertible during your Hawaiian vacation, the increased cost of the rental and fuel will eat into your travel funds significantly.
Ultimately, before you accept a salesperson’s offer to upgrade, ask what charges are involved and just say “no” if it’s not free.
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6 Summer Money Saboteurs and How to Avoid Them originally appeared on usnews.com
