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A12 business
Monday 8 May 2023

How to have a fun summer when your

finances fall short

By AMANDA BARROSO of
NerdWallet
With layoffs, bank closures
and inflation, financial ten-
sions remain high for many
Americans heading into
the summer. In a fall 2022
survey conducted by The
Harris Poll for the American
Psychological Association,
83% of adults said inflation
was a source of stress, and
56% said they and/or their
family had to make dif-
ferent choices in the last
month because they didn’t People cool off on Puerto de Sagunto beach in Spain, Tuesday,
have enough money. Aug. 16, 2022.
Making tough money Associated Press
choices is stressful, and is not losing sight of your pri- es” to gardens, museums,
sacrificing “wants” to af- orities. What you’re looking zoos and parks.
ford the “needs” can be for, ultimately, is to make Once you pick an activ-
disappointing. But, if you’re memories with people you ity, cut costs by bringing
questioning the financial love. While vacations seem your own food. You’ll save
impact of your summer primed for those frame- money on that last-min-
plans or they have sudden- worthy moments, some- ute drive-through meal or
ly become out of reach, times the things that matter overpriced snack.
there are still ways to have most happen in your own When dining out, look for
fun, save money and put backyard. places where you can
yourself in a better place REDUCE THE COST OF AC- BYOB because alcoholic
for next year. TIVITIES drinks can sometimes dou-
PIVOT TO A POSITIVE MIND- Summer is prime time for ble the bill.
SET free events, but you’ll have If you still want to travel,
In the face of canceled to put in a little work to find consider someplace close
summer plans, Rob Bert- cheap events in your area. or split the cost with fam-
man, a family budgeting Even still, having things to ily or friends. “The easiest
expert and certified finan- look forward to on your cal- thing to do is treat your city
cial planner in Missouri, sug- endar can be a big emo- or town like you’re a tour-
gests flipping your mindset tional lift. ist,” Bertman says. Drop a
from disappointment to If a membership is too pric- pin or draw a circle around
opportunity. Use the mo- ey, you might have a work- your town and find driv-
ment to talk about money around in your wallet. For able destinations to ex-
decisions with your partner example, Bank of America plore, he suggests.
or kids. credit card holders are eli- A vacation rental that was
“I think it’s always good for gible for the Museums on $3,000 might suddenly be-
kids to see that their par- Us program, which pro- come affordable if you’re
ents are trying to learn and vides free general admis- paying only $1,500. Grand-
get better,” he says. sion to over 225 cultural parents might be happy
With children, Bertman says centers across the country to join in to make family
to avoid language like “we on the first full weekend of memories — and you might
can’t afford it” or “it’s too each month. even get a date night out
expensive” because that AAA members can get of it.
can lead to a scarcity discounted tickets to con- SET YOURSELF UP FOR NEXT
mindset. Instead, he sug- certs, movies, sporting SUMMER
gests reframing the difficult events and amusement — AUTOMATE SUMMER
choice as one that benefits parks. And don’t forget SAVINGS. If having a full
the family in the long run. your local library. Some of- summer schedule is non-
The key to this attitude shift fer free “experience pass- negotiable, it might be
time to prioritize this in your
budget. Automatically
transferring a fixed amount
of money into a separate
savings account each
paycheck can help you
build funds so you’ll have
them set aside by next
summer. Months with fewer
holidays and birthdays are
also prime for boosting ad-
ditional savings, according
to Bertman.q