The summer months can bring many changes to your spending habits, so now is a good time to review and adjust your budget. While having a budget is certainly better than not having a budget at all, the one you created earlier in the year might not be adequate to cover your new expenses during the summertime.
During your review, consider things like:
- Childcare: will you need to pay for daycare now that your children are out of school? What about summer camp?
- Vacations: going somewhere? Don’t forget to budget for travel fare and lodging costs, as well as spending money while you’re away.
- Electric bill: while your heating costs will go down during the summer, fan and air conditioner usage will raise your electric bill.
- Gas prices: gas tends to be more expensive in the summer than other times of the year. Consider revising your gasoline budget or changing your driving routines to compensate.
- Lawn care: if you’re planning on gardening this summer, or at the very least, if you have a lawn and other green space to take care of, add a line on your budget for lawn care.
- Other activities: there are plenty of things to do during the summer that you might not do during the rest of year. You could catch a baseball game or go to a concert; visit a theme park or water park; or grill and go out for ice cream. While these might not be extravagant plans, the costs can really add up. Make sure you budget appropriately.
So what are your plans for the summer? Whatever they are, we hope you enjoy the warm weather and have a budget in place for everything you do! If you haven’t created a budget yet but would like to start one now, you can read our budget tips here.