4 Things You’re Overspending on This Summer, According to Rachel Cruze
Written by
Nicole Spector
Edited by
Molly Sullivan
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Summer is in full swing and consumers are dishing out dollars on all things seasonal — be it grills, patio furniture or back-to-school items. Though we don’t usually spend as much as we do during the prime holiday months, we do have a tendency to risk breaking the bank on summer fun.
According to a study from Badcredit.org, the average American expects to spend $1,600 on summer activities from June to August including dining out, traveling and outdoor activities.
In a post on her YouTube channel, financial guru Rachel Cruze, (who also calls herself “your budgeting BFF”) discussed the four things we’re overspending on this summer. What are they and how can we save money moving forward?
Vacations and Trips: Opt For a Staycation Instead
Cruze sees people overspending on vacations and trips this summer. One of the culprits here is social media, which Cruze emphasized, “should not dictate your financial choices.”
Her point is that you don’t have to spend thousands of dollars on a trip each summer to make awesome memories. If you’re sticking to a frugal budget this summer, consider a staycation instead of a trip to, say, Europe or Mexico.
Buying Pricey New Stuff: Go Thrifting or Scour Sales Instead
Summer calls for loose dresses, shorts, swimwear and sandals. And then of course we’ve got the kiddos. They may need a new backpack or pair of sneakers to kick off the fall. But do you really need to buy all this stuff brand new and for top dollar? No, you don’t.
“Calm down, prioritize purchases and maybe even look to say, ‘Hey, what is on sale right now?'” Cruze said. “Or go to the thrift store.”
Remember, you don’t have to be a total stickler here.
“If you need new socks, go get some new socks,” Cruze said, adding, “Get creative, but be wise.”
Spending a Ton on Experiences for Kids: Let Them Figure Out Their Own Fun
“We millennials usually are all about doing different things than our parents did,” Cruze said. “One thing that they may have done right is letting kids figure out for themselves what to do when they’re bored.”
Don’t break the bank getting your kids the ultimate buyable experiences. Let them build a fort in the yard or, under supervision, take their bikes around the neighborhood. Boredom doesn’t need to be appeased with money. There are plenty of fun things to do without spending a dime, and kids have the imaginations to make the most of it all.
“One of the best things that you can do is just have your kids be independent for a little bit,” Cruze said, adding that it’s helpful to be involved in your community, too.
Not Making Older Kids Get a Job: Put Them To Work (It’s Good for Them!)
Cruze finds that a frequent financial mistake people make in summer is not making their older kids, who are capable of working, get a job.
Working not only gets them money, but it also gets them useful experience that they can tap into later when applying for colleges and jobs down the road.
“Teaching responsibility and work ethic serves your kids so, so well,” Cruze said. “It is a great way for them to earn their own money, to meet people outside their social circles. Let them have a little bit of that experience when it comes to having a job outside the house.”
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