Building a conscious spending plan before the summer

Published on Jul 11, 2023

Building a conscious spending plan before the summer

Warm weather brings seasonal activities that many eagerly await, but planning outings this summer can be costly if you don’t plan in advance. In fact, a recent survey found that 58 percent of respondents said that affordability is the primary factor getting in the way of planning a summer vacation.

Although the start of summer is fast approaching, it’s not too late to start building a conscious spending plan. Below are three practical tips to build a conscious spending plan now.   

1. Set a realistic budget 

First, you’ll need to assess your current budget. A budget is a mindful plan about how you expect to spend your money in a specific period. For example, you might create a monthly budget which is a common approach.

It involves finding your total income, deducting essential expenses, and seeing what’s left over for discretionary spending. Follow these steps to determine your current budget:

With this information on hand, you can plan more intentional and sensible summer activities that don’t compromise your financial obligations. Using a digital budgeting tool, like My Money Manager, can help make this easier. It helps you manage your finances in one app. For example, you can use it to create and track your progress toward a dedicated summer savings goal and notify you when you’re close to your spending limit.

2. Reduce expenses

Let’s say you’ve calculated your budget, but your monthly discretionary funds are not enough to cover upcoming summer plans. You can make room in your spending budget by reducing existing expenses. 

Shaving a few non-essential costs today — even for a couple of weeks or for the whole month — can give your summer spending plan some breathing room.

Below are examples of where to look to shave expenses:

3. Raise your income

Another way to conscientiously plan for summer is by increasing your income. You might not get a raise from work before summer, but you can increase your income in other ways. 

The average person earns $100 to $499 per month by working a side hustle which might cover all or a portion of your summer spending needs. With these tips, starting a conscious spending plan in time for summer is still possible.



For informational/educational purposes only. The information in this content is not advice on legal, tax, investment, accounting, regulatory, technology or other matters. You should always consult your own financial, legal, tax, accounting or similar advisors before making any financial or investment decisions, or entering into any agreement for bank products or services.

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