Summer is here and the spending starts! Summer is one of those times of the year that we can really go overboard with over spending.  There’s something about all that nice weather that makes us reach into our pockets and spend. We are in better moods and therefore spending money doesn’t bother us as much as it normally would.

How many of you pulled out your lawn furniture and decided that you needed ‘new stuff’? You may or may not have needed it but there was a great sale on and you might as well buy it while it’s on sale. Sound familiar?

Did you go the store with the intention of just buying one or two things and then came home with a whole bunch of different outdoor accessories because they were on sale too? Tip: Wait until the end of June, most retail and clothing stores are getting ready for their fall and you can get some really good deals. Delayed gratification can reap you significant savings!

Here are some other summer money leaks;

Weddings! The wedding season starts in May and goes to September. Going to the wedding, the gift, outfits or travelling to the wedding can add up. Tip: Plan ahead and save the money that you will need.

Restaurant patios! In the summer we want to sit outside on the patio and we spend money on food and drinks. Every restaurants patio is always jam packed in the summer. We seem to be obsessed with eating outside, myself included. Tip: Set aside an entertainment allowance each week for dining out. Don’t use your credit cards unless you pay them off each month. Be conscious of where you are spending your money each week. That margarita lunch may be cutting into your Mexican holiday in the fall!

Are you going on vacation? Tip: Plan ahead what you will be spending your money on. If you are going on vacation or you have company coming to stay with you, how much extra money is it going to cost you? When I sit down and do cash flow statements with clients, one of the biggest leaks is groceries. Having people over for BBQ’s or family and friends visiting for a week – this can add up to a significant amount of extra money. Planning allows you to have cash on hand, not using credit cards. This way you will have no stress about where the money is going to come to pay the bills at the end of the month.

Having fun over the summer does not have to mean expensive! There are many free events in most towns and cities all summer long. Tip: Do some research and see what is available in your community. Pack some snacks and the fun is even more affordable.  It doesn’t have to be expensive to have a good time!

Having fun this summer doesn’t have to break the bank. If you plan and are willing to do it differently, this could be the summer where you go into the fall not worrying about money! Now wouldn’t that be nice?

Have fun!

Shari Molchan

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