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9 Ways You Can Beat the Spending Trap and Save More This Summer, According to Experts

monkeybusinessimages / iStock.com

monkeybusinessimages / iStock.com

Summer is ripe with opportunities to spend money on things like vacations, theme park tickets and backyard barbecues. However, if you open your wallet to every whim of warm weather, you’ll soon find your credit card debt rising and your bank balance shrinking.

Here’s expert advice on how to avoid the summer spending trap and save more.

Also, check out the additional ways you can save on summer travel this year.

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Watch: How to get $340 a year in cash back for gas and other things you already buy

Prepare a summer budget

“Building a budget that includes how much you need to spend on travel, food or clothing is important to avoid overspending over the summer,” says Annette Harris, Accredited Financial Advisor (AFC) and founder of Harris Financial Coaching.

She explained that creating a travel budget can also include what you are willing to spend on hotels, events and food during your trip.

“Summer food costs can also increase, especially if you have children home from school,” Harris said. “You may find that your grocery budget could triple as you have to cater for three meals a day, compared to one during school term. Likewise, you’ll want to plan some new outfits for growing children or even for your wardrobe for the summer.”

“Having a pre-planned annual budget for these types of expenses can help ensure you don’t overspend in every area,” she said.

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Plan travel wisely

Not only should you plan how much you want to spend on summer vacations, but you should also look for ways to save money.

“Be smart about the way you plan your vacation travel,” says Erika Kullberg, attorney, personal finance expert and founder of Erika.com. “Buy tickets for flights and accommodations well in advance. If possible, travel during shoulder seasons to take advantage of both lower airfare and accommodation costs, and look for local destinations or take a road trip to keep costs even lower.”

Evaluate your daily debit spending limit

Alejandra Rojas, a trauma-informed financial professional, founder of The Money Mindset Hub and host of The Money Mindset Show, said you should monitor your daily spending limit on your bank cards and reduce it if possible.

“This will help you stay within your budget and avoid impulse purchases,” she says.

Take your credit cards out of your wallet

Rojas also recommended leaving your credit cards at home as much as possible. “If you don’t plan on using them for a planned purchase, you don’t need them,” she said.

Reconsider your subscriptions

If you subscribe to boxes, streaming or even a gym, Rojas said to review them and cancel anything you haven’t used in the past month.

“We often forget about subscriptions that we don’t use,” she says. “Now, in the summer, this may be a good time to reconsider and cancel.”

Plan ahead

“Plan your week ahead, including trips and outdoor activities,” Rojas said. “The less space you leave in your mind to wonder what to do right now, the more likely you are to save. If you have a plan, you are less likely to spend money on spontaneous activities that quickly add up.”

Avoid impulse purchases

There are plenty of summer offers in June, July and August. Rojas suggests that before you buy a summer deal, take at least one day to consider whether it’s worth it before making a decision.

“This cooling-off period will help you avoid the purchasing rush,” she said.

Take advantage of free activities

“Look for free events happening all summer long,” Rojas said. “Many communities offer free concerts, festivals and other activities. These can be just as fun as paid events and are great for keeping your expenses under control.”

Spend more time in nature

Rojas explained that choosing to spend more time in nature is a great way to regain balance and you’ll likely find that hours pass by unnoticed. Moreover, she added that there is not much expenditure associated with this activity.

“Nature walks, picnics and beach days are fun and budget-friendly,” she says.

Avoid ‘saving’

If you’re not familiar with “saving,” it’s the practice of spending money to save money, such as buying something to get another item for free (also called a BOGO offer) while you’re not were planning to buy something before you saw the deal. .

Lori Gravitt, assistant vice president and branch manager at Addition Financial Credit Union, said she is guilty of falling victim to savings.

“I do most of my shopping online and find it difficult to think about missing out on a deal or paying shipping costs,” she said. “Almost all online stores now offer a deal if you spend a certain amount to get a percentage discount or get free shipping. Your intention from the start may be to purchase one item and by the time you’re done, you may have a few items in my cart and end up spending more than you planned.

“What I have learned and will now advise people is to stay disciplined and resist the urge to fall into this practice,” Gravitt said. “You end up spending too much and getting impulse items that you may not need or even want. It is similar to the temptation of the candy at the checkout in the store. The retailer benefits from it, but you as a consumer suffer financially. In some cases, the retailer may have raised prices to offer the deal in the first place.”

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This article originally appeared on GOBankingRates.com: 9 Ways You Can Beat the Spending Trap and Save More This Summer, According to Experts

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