How To Avoid Excess Summertime Spending

Every season has its own costs to it and expenses.   However, summertime can probably be considered the most expensive season barring the Christmas season which is a short span during the winter months.   In summer there is always plenty of places to end up spending your hard-earned money. If ever the family budget is going to be affected it is going to be at this time of year.   This is the time that many individuals find that they end up going into debt and increase their credit card use.   At the same time those that have savings find that they dip into their savings much more frequently.   Some of the tendencies for overspending are on the latest the garden toys and outdoor furniture because everyone has the desire to enjoy the outdoor living space as much as possible.  For the younger generation which are what we call the millennial’s they tend to do a lot more entertaining and end up spending a lot more on food and beverages as well as outdoor activities.

When it comes to the kids keeping them busy in the summer is a big challenge.   This means buying more outdoor toys to keep them active as well as finding entertainment to take them to which everything basically has a cost attached to it.  Then of course we can’t forget the summer holiday that ends up putting a big hole in the pocketbook no matter where and when this is going to take place.   Even those that decide to stay home to save money by not travelling for their vacation end up still spending a whack of money that they had no intention of doing.

One of the best ways to combat overspending during the summer months is to preplan well ahead for them.   When it comes to buying activities for outdoors for the kids the best thing to do is buy those well ahead of the season while they still on sale.   For outdoor furniture and garden toys buying them at the end of the season when they are sometimes less than half price is going to save a whole whack of money for the upcoming summer season.  Being innovative and intuitive as to what your potential summertime cost could be will help you do really keep your budget on track.


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Sam Seidman, CPA, CA, LPA
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Toronto, Ontario
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