Summer is the season for trips to the beach, vacations, and relaxation. However, for many adults, summer means the kids are out of school and the days are longer and warmer. Just because the three-month summer vacation is a thing of the past, doesn’t mean you can’t enjoy summer activities while still being mindful of your budget.
Weekend Trips and Vacations:
Spontaneous trips are fun, but it doesn’t leave much wiggle room when looking for lodging. On average, people spend about $950 a person on summer vacation travel. Planning ahead allows you to shop for different weekends and deals as well as avoid any late fees.
Food is always an important part of any vacation. Though it can be fun to try new restaurants and cuisine, often it’s a costly expense. However, if you plan ahead and prepare a few meals for yourself, you can save a decent amount of money. Also, packing your own snacks before leaving on a road trip not only saves money but is also, more often than not, a healthier option.
If you are traveling internationally during the summer break, make sure your credit card company doesn’t charge foreign transaction fees. These transactions can rack up more expenses than necessary.
If there is no way to avoid a spontaneous trip, make sure to keep your options open. Many hotels will want to book their unsold rooms and may offer great last minute deals. If you have to travel and don’t want to drive, compare plane tickets to train tickets. Although the train may take longer, it may be cheaper and more scenic.
Remember, just because its summer doesn’t mean you should spend money like every day is a vacation.
Enjoy Local Events and Attractions:
Most communities have free outdoor events during the summer months. For example, many cities have weekly concerts, block parties, fire work shows, movies on the lawn, etc. Grab your friends, a blanket, and some snacks and enjoy the longer days and warm weather entertainment! A stay-cation can be just as fun as getting away if you know the right places to go.
Child has a Summer Job:
Summer is also a time where many kids work. Whether it’s a full time job or sporadic babysitting, it is never too early to teach your kids about money management. Ask your child to make a list of things he or she wants to purchase with their hard earned cash and then prioritize the list. These items could include a lab top for school, car, emergency funds, etc. Once the list has been ranked, you can talk with your child about a way to allocate the summer income towards each goal.
By Kaytlin Hall
Investment Advisor Representative
Securities offered through LPL Financial, Member FINRA/SIPC.
Investment advice offered through Gerber Kawasaki Inc, a registered investment advisor.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which course of action may be appropriate for you, consult your financial advisor. No strategy assures success or protects against loss.
Gerber Kawasaki, 2716 Ocean Park Blvd. #2022 Santa Monica, CA 90405. Contact us at (310) 441-9393.