How To Avoid Debt This Summer and Still Have Fun With Your FamilyMay 30, 2018
Want to have fun with your family this summer without the burden of adding to your household debt? Although summer can be a trying time financially, it is possible to manage your debt without having a boring summer. Here are a few highlights from our recent podcast focusing on how you can avoid the dreaded summer debt while still having a blast with your family.
With household debt levels continuing to reach record highs and another predicted interest rate increase coming our way in 2018, it’s definitely important now, more than ever, to be mindful and conscious of our spending and financial habits.
One of the best ways to stay mindful with your money is to create a summer spending budget. Not only will this help you track your spending as you go, it will also help you plan ahead and avoid spending money on the extras you probably don’t need. You can easily keep track of your expenses using the Wally app, a personal finance app and a great way to set and follow a budget.
Keep it simple
Along with mindful spending, it’s important to also remember to keep it simple this summer. Although it can be very easy to get caught up in the summer plans of other families and be tempted to spend more than you intended to in order to ‘keep up’, remember that simple is often best. Free activities like playing at the beach or at the park or simply taking a walk outside together as a family still provide wonderful opportunities to make memories that won’t break the budget or leave your bank account high and dry.
Check out your local events calendar to find out what fun activities are going on in your area. Having fun doesn’t mean going far way, keeping this simples at home can be as much fun for the entire family.
Don’t Forget Your Goals
In addition to mindful spending and keeping things simple this summer, don’t lose sight of your financial goals and priorities. This is key when trying to reduce your debt load and steering clear of more consumer debt. Write down your priorities, such as reducing the amount of credit card or student debt you owe and keep the list handy. The next time you are tempted to splurge this summer pull out your list to keep you motivated and help you say no to overspending.