How to Make your Summer Budget Behave
- Jun 14, 2021
- 3 min read
Written by: Melissa Skoff, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Summer is one of the best seasons! Sunshine, lots of outdoor activities, and hopefully, for most, a nice vacation. Although we love summer, our budgets may not agree. Extra activities and vacations can often mean busting your budget! Here are three simple steps to make your summer budget behave.
First, make your vacation match your budget. Remember, your budget gives you the freedom to prioritize what’s important to you. Take a look at your budget and what you have allocated for a vacation. Choose a location and a duration according to those numbers. Don’t choose the location or duration of the vacation first and then hope to have enough money in the budget. Remember, there are lots and lots of vacation options out there that range from luxurious, expensive vacations to stay-cations. Choose what works best for your budget right now. If your budget is tight right now because you’re paying off debt or saving for a home, remember this is a temporary season. Make your budget match your goals. A fancy vacation will be there waiting for you when the time is right and when you’ve got the room in your budget.
Second, choose outdoor activities that are little to no cost. For example, choose to go to a local park with your family instead of an expensive water park with paid admission. Choose a bike ride with family instead of going out to eat. Many communities host celebrations and fairs that are free to attend. In fact, finding free and low-cost activities can serve to be just as much if not more fun as going on an expensive vacation. Family time is valuable no matter what type of activity it involves. Give it a try!
Third, always remember to refer back to your budget. Use it as a filter to decide what you can and cannot afford. A budget is a way to keep promises you’ve made to yourself. You agree on the purpose, on paper, before the month begins only to spend a certain amount within a certain category. Make sure you stick to that number and don’t break your promise!
Here’s a tip that I find extremely helpful in my own vacation planning. Use the cash envelope system. Here’s how it works. First, save a certain amount of cash for a vacation. Then, only bring that amount of money with you. This will force you to budget meticulously because certainly, no one wants to run out of money on vacation! If bringing physical cash makes you a bit weary, a prepaid debit card can work beautifully too.
Summer is a time for enjoyment, so it can seem a bit daunting to take time to go through your budget. I promise you, though, it will be well worth it. Your September self will thank you.
If this seems a bit overwhelming, I agree! Let’s work together to keep you on track. I am now accepting new clients for 1:1 coaching. Let’s do this!
Follow Melissa on Facebook, Instagram, Linkedin and visit her website for more info.
Melissa Skoff, Executive Contributor Brainz Magazine Mel, the Money Coach, is a leader within the world of financial coaching. She is known as the Medical Professional's Go-To Money Coach as she is also a Nurse Practitioner and Graduate Nursing Educator. After Mel and her husband paid off $160,000 in 20 months, she set out to help others do the same. She has the heart of a teacher and has dedicated her career to helping others win with money, especially medical professionals. She is the creator of Money Masterminds, a group coaching platform where she helps her clients improve their financial literacy and hone their budgeting, saving, and investing skills. She also has a YouTube channel called Mel the Money Coach, where she helps her listeners learn all things related to finances. Her mission: Everyone deserves to live financially free.
