Summer Financial Planning Tips for Families

By Silver Lining Wealth Advisors

The summer can bring fun opportunities for you and your family, but all the fun can sometimes be accompanied by an increase in spending.

From finding ways to save on vacations, to tips to try at home to save on energy costs, Silver Lining Wealth Advisors (SLWA) is sharing their expertise for a successful summer of saving that will still allow you to enjoy the perks of the season.

Saving Money at Home

Get rid of cable costs and explore streaming options. Pay attention to streaming services that are offering summer deals and take advantage of the lower rates.

A garage sale is a great way to get some extra crash and you can use the proceeds for a family fun activity. The extra cash made from getting rid of old items can go toward a fun night out at your favorite restaurant, a movie or a cold treat at a local ice cream shop.

As you’re trying to keep cool this summer, remember to reverse your ceiling fans to counter clockwise to push cool air down. This will help reduce cooling costs.

Budget on Vacations

Most people will be rushing to take a vacation at the beginning of the summer. Plan your vacation in August! You will find hotels and resorts may be offering better prices toward the end of the season.

Visit a national park versus a theme park. While theme parks can be fun, they are often costly. Bring the family to a national park and pack fun games and snacks to keep everyone occupied in the car.

When it comes to the hotel, look to book a room that has a kitchen. This way, you can make your own meals and save on dining costs. The room may cost a fraction more, but the cost in food savings will be higher.

Free Activities and Discounts

Find a list of local attractions around your city that offer “free” days during the summer.

Attend free outdoor festivals/concerts/fairs. In Arizona, pay attention to the events that occur after sunset to avoid being out in the heat.

When heading to the movies, go to a matinee. Matinee movies are less expensive and the air conditioning is a ‘cool’ perk.

You don’t need a boat to enjoy the water – drive to the lake! Take a fun picnic lunch and spend time on the beach where swimming is allowed.

If you are sending your kids to any type of summer camp, always ask about discounts. These specials may not be advertised, but it never hurts to ask.

Always Plan Ahead

With any financial planning, thinking ahead is always the key to success.

“Set aside spending money for summer plans,” says Nayan Ranchhod, Managing Director of Silver Lining Wealth Advisors. “These funds should not be allocated to anything else in your budget.”

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