Sun’s Out, Funds Out: 10 Tips for Summer Spending

Key Takeaways A summer spending plan helps you avoid financial stress by budgeting for travel, entertainment, and seasonal expenses ahead of time. Prioritizing high-impact activities and seeking free or low-cost options can help you enjoy the season without overspending. If high-interest credit card debt is weighing down your summer budget, consider a Debt Management Program (DMP) a Debt Management Program (DMP) , designed to reduce monthly payments and interest. Why You Need a Summer Spending Plan Summer planning season is upon us, with many already making plans for road trips, beach getaways, and festivals, or time with out-of-state relatives. But while the season brings opportunities for fun, it can also lead to financial stress if you’re not intentional. According to a recent survey , nearly 9 in 10 summer travelers (85%) plan to use a credit card to cover some travel expenses. However, 30% of 2024 summer travelers who used credit cards to pay for related expenses still haven’t paid them off. Airfare, gas, eating out, and entertainment can easily strain your budget if you’re not prepared. That’s why having a summer spending strategy is just as important as packing sunscreen. 1. Build a Realistic Summer Budget Start by mapping out your income and expected expenses for the season. Create a specific summer budget that includes: Travel costs (gas, flights, lodging, attractions) Childcare or summer camps Entertainment and dining Extra utilities (like higher electric bills due to A/C) As a general guideline, you can use the 50/30/20 rule to guide your summer planning: 50% on needs 30% on wants (for example, road trips and concerts) 20% on savings or debt payments 2. Prioritize High-Impact Activities List all the things you’d like to do this summer—then narrow it down by priority and budget. By planning this way, you focus your funds on what matters most—whether it’s a family reunion, camping trip, or season pass to a theme park. Ask yourself: What’s most meaningful or memorable? What will give me the best experience per dollar? Pro Tip If you’re planning with others, have everyone rank their top 3 must-do activities to keep costs aligned with group priorities. 3. Seek Out Free or Low-Cost Local Fun You don’t need to spend big to have a great time. Many cities offer free summer programming, especially for kids and families. Subscribe to local event calendars or check the websites of nearby libraries, rec centers, or tourism bureaus. Look for free summer activities in your area like: Outdoor movie nights Community festivals Farmers markets Public beaches or lakes State park hikes Art walks and gallery nights 4. Travel Smart: Stay with Friends or Family If your summer plans include traveling, one of the easiest ways to cut costs is to stay with people you know. This can save hundreds—if not thousands—on hotels or vacation rentals. Plus, you’ll often get: A local’s recommendations Free meals Built-in memories and meaningful connection Pro Tip Consider a home swap with a friend or through an app to save on lodging expenses while you explore another city. 5. Use Coupons, Discounts, and Deals Before you hit “purchase” on any activity or event ticket, look for coupons and promo codes. Planning a group activity? Group ticket rates are often cheaper per person. Here are a handful of popular discount sources: Groupon, LivingSocial, and Goldstar for local deals Rakuten, RetailMeNot, or Honey for coupon codes Direct business website discounts (when you subscribe to email or texts) Military, student, or senior discounts if applicable 6. Plan Ahead to Avoid Premium Prices Spontaneity is fun—but expensive. Prices on flights, hotels, and even car rentals can surge at the last minute. Use tools like Google Flights, Hopper, or Skyscanner to track the best times to buy. Planning ahead allows you to: Compare prices across websites Book during sales or off-peak dates Take advantage of loyalty programs or rewards Pack thoughtfully (avoiding overpriced