How To Cool Down Your Summer Spending
If your family is like mine, chances are your summer has been an expensive one so far. Whether we travel abroad or stay local, money just seems to fall out of our wallets during the warmer months. From meals out, to activities for the family, there’s seemingly no end to our spending.
Almost 22,000 households participated in our annual Ferratum Group Summer Barometer, which explores consumer spending during the summer. In this year's survey, 26% of respondents said they anticipated spending more money this summer than last year, while 40% said they would spend just as much.
Although we're approaching the final weeks of summer, there's still lots of sunshine and plenty more warm weather predicted. But will your bank balance survive? Well, we have a tip for you below.
Hey Big Spender
When it comes to how much of our monthly salary we plan to spend during the summer, the results showed that participants from Norway would spend 68.5% of their monthly salary, Latvians 67%, Croatians 61.2%, and Mexicans 60.3%.
So then, what's everyone spending their money on? Results from our survey showed that domestic travel was the most popular expense this summer (11.3%), followed by summer fashion (10.7%), and social activities such as beach trips, parties, and restaurants (10%).
Those who planned to travel said nearly 40% of their entire summer budget would be allocated towards it. In fact, German respondents said 50.8% of their budget would be allocated to travel, Bulgarians 45.8%, Finns 41.1%, and Poles 40.1%.
The Best Things In Life Are Free
The truth is summer doesn't have to cost an arm and a leg. Like many other families around the world, if you've been overspending this summer, the best way to cool your spending is to find free (or almost-free) fun things to do and see with your family.
First, instead of buying every meal from a restaurant, pack a picnic complete with your favourite foods and drinks and enjoy relaxing in a local park or garden.
Going to the beach is synonymous with summer, and a day at the beach is a day well spent. The best thing is that a day at the beach doesn't have to cost a thing - except for the cost of parking, or train or bus fares. B.E.A.C.H. is, after all, an abbreviation of Best Escape Anyone Can Have.
Explore a nearby town or attraction. Day trips by car or transit are a lot cheaper than travelling abroad. Most cities offer free gallery exhibits on certain days or during certain hours. Look online at your local museums for information on free exhibits. When planning day trips, prepare food at home to take with you. You'll save a fortune with this tip alone.
Regardless of your budget, let's face it - going to the movies is not cheap! Even tickets for children under a certain age (usually 6 years old) are free. In addition to tickets, buying food and drinks at the theatre makes for a very expensive outing. Instead, rent or purchase a movie on your favourite streaming service, and enjoy all the movie snacks you want such as microwave popcorn, chocolate, and cheap candy.
Little changes to your spending can make a big difference when you add everything up. Get into the habit of analyzing your outgoing expenses and see where you can make adjustments. Here's to a wallet-friendly rest of the summer!