Summer vacation is here, bringing with it camps, trips, and countless leisure activities. While it’s a time of fun and relaxation, it can also place a significant financial burden on families. Without proper planning, the summer months can lead to overspending that affects the family budget for the rest of the year.
Is Your Budget Ready for the Summer?
Have you set aside a specific amount for summer expenses? If not, don’t worry—there are still practical steps you can take to minimize costs and keep your finances in check throughout July and August.
Surviving the Summer Budget Crunch
Everything starts—and succeeds—with thoughtful planning. A clear, detailed plan of your summer activities helps align your available resources with expected expenses. Setting ground rules also ensures that every family member knows what to expect, which activities are planned, and which should be reconsidered or skipped.
How to Stick to a Budget During Summer Vacation
To successfully manage your finances during the summer, follow these key steps:
- Set Monthly Budgets for July and August
- List all planned summer activities.
- Estimate the cost of each activity.
- Sum the total expenses and compare them with your available budget.
- If expenses exceed income, revise your activity plan accordingly.
Note: Remember that certain recurring household costs—like utilities and food—tend to increase during summer months.
- Track Your Spending
- Print Paamonim’s “Luachofesh” (Summer Planner). (In Hebrew only)
- Write your budget in the designated space.
- Each day, record actual activities and their costs. Don’t forget incidental expenses like bottled water, ice cream, souvenirs, or clothing.
- Review and Adjust
- At the end of each week, review all expenses.
- Compare actual spending with your budget.
- Overspent? Cancel or replace some activities to stay within budget.
Smart Summer Savings Tips
- Parent-Organized Summer Camps: Team up with other parents to create a rotating home-based camp. Hosting duties rotate between families, reducing costs while keeping kids entertained.
- Free Online Courses: Use resources like Campus IL (Israel’s National Digital Learning Initiative) or the Davidson Institute for free online learning opportunities.
- Home-Based Fun: Staying home saves money. Let children help plan stay-at-home activities. Use free activity guides and download the Luachofesh Paamonim (in Hebrew only) for inspiration.
- Local Day Trips: Israel is full of nearby natural gems—streams, springs, trails. Even a two-hour outing can be fun and meaningful. You don’t need a multi-day vacation to make memories.
- Discounts and Group Deals: Check if you qualify for discounted entry fees or credit card promotions. Coordinating trips with other families can unlock group discounts.
- Pre-Agreed Treats: Agree with your kids in advance on a set number of treats per week or month. Allocate a fixed budget for treats and let them decide how and when to use it. This teaches responsibility and avoids conflicts.
- Weekly Allowance: Give kids a weekly allowance with clear boundaries—no borrowing from next week’s funds. This fosters budgeting skills and prioritization.
- Shopping Tips: Buy end-of-season sales for clothes, hats, sunscreen, and beach gear for next year.
- Outings with Cash Only: Bring only the cash you plan to spend. Avoid credit cards to curb impulsive purchases.
- Reduce Utility Bills: Turn off lights, computers, and air conditioners when not in use. The same goes for water taps. Every small action helps reduce household expenses.
- Be Considerate with Friends: When inviting friends on outings, consider their financial situation. Choose inclusive activities.
- Bring Water Bottles: Take a reusable bottle when heading out. You can refill it at public fountains to avoid buying drinks.
Financial Education for Children and Teens
Paamonim specializes in developing and delivering financial education programs for students from 4th grade and up. These programs are recognized by Israel’s Ministry of Education and available in the Gefen system, allowing schools and educators to easily incorporate them.
Programs are customized by age group and teach core concepts in smart money management.
To book a program, contact the Financial Education College at Paamonim via program coordinator Tchelet Ever at: tchelet@paamonim.org
Teaching Financial Literacy at Summer Camps
Financial literacy can be integrated into summer camps through engaging Paamonim games (in Hebrew only) like:
- Budget Chutes and Ladders
- Budget Family game
- Go Fish – Financial-themed card games
- “Another Package Has Arrived” – an online purchasing board game
These programs can also serve as family events, sparking meaningful conversations between parents and children about money and responsibility.
Teenagers at Home?
Refer them to Paamonim’s Summer Guide for Teens (in Hebrew only) – which includes:
- Job search tips
- Youth labor rights
- Summer planning advice
(Available online via Paamonim’s resources)
