Summer is here, and with it comes a lot of expenditures like summer camps, trips, and various other activities and entertainment. Vacation days can be stressful not only for us, but our wallets as well! Families can often lose control of spending in the summer months, which affects them all year-round.
With summer vacation starting, so too does over-spending for many families in Israel. How well prepared are you for the summer vacation? Did you set aside some funds for summer fun? Did not you prepare in advance? No matter the case, there are things you can do to help the summer months pass with minimal costs.
Surviving the expenses of the summer vacation
Everything begins and ends with precise and detailed planning. Planning what to do during vacation allows you to designate the amount of money that can be allocated towards each activity so that you can monitor expected costs versus actual spending. An organized plan and clear rules will help all family members understand what is planned and when or what activities should be postponed.
How do you manage budget during summer vacation?
Tracking your summer vacation budget can be easy! All you have to do is set a budget, track expenses, check expenses against the budget, and update the activities plan if you exceed the budget.
Set a Budget for July and August
- List the activities you plan to do in the summer months in the table or an Excel spreadsheet.
- Estimate spending per activity.
- Summarize all the above expenses and examine whether there is enough financial resources to cover the costs.
- Are the expenditures higher than the funds available? Adjust the activities accordingly (Note: beyond special expenses for summertime, monthly expenses like water, electricity and food can also increase during these months)
- Print out a calendar of July and August
- On the page, write down the total budget you’ve decided on for the month
- Record activities you participate in, as well as the cost of each activity, on a daily basis. Do not forget to include additional unforeseen expenses spent such as buying water bottles, popsicles, candy, clothing, or gifts.
Checking Expenses again the Budget
- Once a week, sum up the expenses you actually paid.
- Examine and compare expenditures against the total budget you’ve allotted.
- Have you spent more than you planned? There is still time to get back on track! Cancel more expensive activities so that you can meet your budget
Tips for Saving Over Summer Vacation
Are you having trouble reigning in expenses? Between covering the costs of trips, shopping, entertainment, and having some pocket change, it’s hard to stay on top of everything. Get help by downloading Paamonim’s self-help tools.