7 ways to keep the summer spending craze under control

Summer s spending temptations abound Longer days advance and camp for kids are just a scarce of the places our money ends up during the warm months Related Articles Chevron gets go ahead for B Hess deal and access to one of the biggest oil finds this decade Wall Street hangs near records highs with preponderance of the focus on earnings dealmaking China pledges to crack down on illicit exports of rare earths urges US to lift more deal controls Minnesota jobs statistics flat in June net jobs lost unemployment at Trump says Coke will shift to cane sugar But increasingly shoppers want no sugar in their sodas We have expenses in summer that we might not have the rest of the year says April Stewart a financial coach who helps high earners take control of their money and build wealth A lot of times we tend to overspend when we aren t intentional she adds Stewart and other money experts say there s still time to reign in expenses this summer or as you plan ahead for next summer Here s how Decide where you want your money to go Get clear on how you like to spend money says Keina Newell a financial coach who specializes in helping single women You want to plan for not only your bills but also the fun summer expenditures she says Let s look at how you want to spend your time maybe engage in experiences dining outside more To help you reflect she suggests looking back on what you enjoyed spending money on over the past year and what you didn t Where did you get the best return on capital Those are areas you may want to prioritize in favor of other things Setting a budget for those fun sessions gives you permission to spend and enjoy the season while also erecting guardrails so you don t spend more than you intend Newell says It s an approach she likes to call permission budgeting Map out and plan for big expenses Knowing what you want to buy in advance gives you a chance to set aside cash to fund those expenditures You can use a budget spreadsheet to get started Estimate upcoming expenses including the ones that go up in the summertime such as expedition family celebrations air conditioning bills and summer camp expenses Stewart says Stewart suggests including items like gifts for graduations and baby showers along with the target spending amount in your summer budget Otherwise she says it s easy to overspend by accident Build in a cushion Even the best planners can get hit with unexpected costs in the summer months Your air conditioning unit could break your car could overheat or expedition plans could go awry To prepare for those types of surprises Stewart suggests leaving a cash cushion in your checking account You could also create a separate savings account for these funds That way you won t have to turn to credit card debt or other high-interest loans to fund emergencies Create a summer savings account so you have money set aside she suggests While more savings are invariably better even setting aside one or two hundred dollars can go a long way if you suddenly need the cash Just say no to friends sometimes If money is tight your friends are seemingly in the same boat Newell says Telling friends that you want to spend less could lead to a helpful conversation about tactics to have fun on a budget You could take turns hosting a potluck skip a big group trip in favor of local fun or find a free concert instead of a ticketed venue Bringing up budgeting doesn t make you sound cheap Newell says but helps normalize talking about money with friends which can benefit everyone It s okay to say no Stewart says when a friend asks you to spend money on an activity that you won t enjoy Set boundaries for yourself she says And if an activity pops up that would require you to turn to credit card debt or dip into an crisis fund then decline If you can t cash flow it then it s a no Move on briskly from slip-ups If you regret a splurge on a concert ticket or big night out it s OK you can still recover and learn from the mistake Your spending is all details Newell says Review it and reflect on it to learn from slip-ups Cataloguing what happened so you can make a different choice next time turns the experience into something useful instead of just a sunk cost she says Avoid spending triggers When you reflect on your spending you might notice certain triggers that cause you to spend more Late night doomscrolling might lead to online shopping for example so you could opt to skip the scrolling when you re tired Newell says Severine Bryan an accredited financial counselor who helps women rebuild after divorce and other challenges says she s learned to be on guard against overspending on rainy days I just want a few comfort food she says when the drops start falling Instead of ordering expensive takeout on a contemporary rainy day Bryan opted to pick up soup at a local chain restaurant It satisfied her craving in an affordable way Finding an affordable alternative to an expensive desire can keep summer spending in check Bryan says Sometimes it s OK to get that thing at a lesser price point she says I m not going to spend but I will spend to satisfy that craving Similarly if you want a summer vacation but it s outside your budget this year you could plan a fun staycation instead Bryan adds We want to find a nice sweet spot where you re enjoying your life but with a goal in mind Seek out free fun The upside of summer is that it comes with a large number of free events Bryan says Local parks libraries and locality centers often offer free entertainment including volunteering opportunities Not only are you enjoying yourself but you re creating memories she says for yourself and for others More From NerdWallet Splurge Now Save Later Things to Buy Before Prices Rise Making K and Still Feel Financially Stretched You re Not Alone K Trump Accounts for Kids How Do They Stack Up Kimberly Palmer writes for NerdWallet Email kpalmer nerdwallet com Twitter kimberlypalmer The article Approaches to Keep the Summer Spending Craze Under Control originally appeared on NerdWallet