4 Ways You’ll Be Tempted to Waste Money This Summer

Remember when you were a kid and it was the last day of school? It felt like you'd been set free, sent off to enjoy a summer that stretched on for eternity. As adults, some of us have retained a bit of that "woo-hoo" spirit as summer rolls around, and we're suddenly eager to cram as much fun as possible into three months.

While fun and relaxation are worth pursuing, they come at a cost. Here are four ways you may be tempted to deplete your checking account.

1. Eating out

According to research conducted by Statista, 48% of survey respondents say they eat out most often in the summer. And while inflation has impacted the price we pay for food at a grocery store, it's also impacted how much we pay to eat out.

In 2022, we spent nearly 21% more eating at restaurants than on food purchased in stores. By early 2023, the percentage had grown to 30% more.

Chances are, you have things you'd rather be doing than standing in a kitchen on a warm summer evening. However, if you're going to eat out, here are steps you can take to spend less:

• Cut back on how many drinks you order.
• Share a meal when you're not hungry enough for an entire plate of your own.
• Skip dessert. Instead, make a fun dessert at home.
• Dine early. Many restaurants offer specials during happy hour, making it a great time to order apps and drinks at a discount.
• Set a limit. Look at your monthly budget to determine how often you can reasonably afford to eat out each month, then make that your limit.

2. Loading up on junk food

If the pandemic taught us anything, it's that comfort food often comes in the form of salty snacks and sweet treats. However, if your family fills up on junk food throughout the summer, you're more likely to throw away the healthy stuff, like fruits and vegetables.

Americans waste around 20% of the food we buy. Either we wait too long to eat it and it goes bad, or we forget we have it and it expires. Minimizing the amount of junk food in your home this summer could prevent food waste.

3. Spending more than you should on vacation

Another way to stretch your budget is to spend more than necessary on vacation. For example, if you're going on a cruise or to a world-famous amusement park, you will probably spend very little time in your cabin or room. So why pay a premium price for a place you'll only hang out in when it's time to sleep?

And if you have kids with you, there's a good chance you'll spend more than budgeted. Before you leave on vacation, set a budget for each child. Once they've spent the money allotted, they're done buying toys, t-shirts, and souvenirs. There's no reason to feel like the Grinch. If it makes you feel better, invest the money you save in an IRA or another investment account for the kids.

4. Paying too much to entertain the kids

I realize I sound like Ma Ingalls, but I cannot recall emptying our savings account to keep our kids entertained all summer. They loved playing with each other and with their friends. A stick instantly became a Jedi lightsaber, and they spent entire afternoons making up their games (with abnormally complex rules).

And yet, practically every young family I know spent springtime this year planning for enrichment camps and other ways to keep the children occupied throughout the summer.

Sure, plan a few special outings with your kids, but also don't be afraid to give them space to use their imaginations. It's good for their minds and your wallet.

If you're tempted to overspend this summer, remember: Less than four months after the kids go back to school, the holidays will be on your doorstep and you'll be glad you saved a few dollars to buy gifts.