How to Keep FOMO in Check to Avoid Summer DebtMay 30, 2018
Don’t let your ‘fear of missing out’ lead you into debt. Find alternatives to high-cost activities that still allow you to enjoy all that summer has to offer, with a more affordable price tag.
This month, our LIT’s are discussing how you and your family can plan ahead for summer expenses and avoid adding to consumer debt by using some tried and true tips and advice.
Focus on what you can control
Many families are feeling the squeeze of tighter budgets due to higher interest rates and household expenses. Adding summer expenses to this list can tip the scales and cause families to borrow in order to fund these activities. Since you don’t have much wiggle room when it comes to mortgage, utilities and childcare costs, find ways to save in other areas over the summer. Here are some suggestions:
- Scale back the family vacation – Find a cheaper way to go on vacation such as camping vs. hotels, or driving vs. expensive flights. Don’t let your friend’s summer vacations give you FOMO. Stick to what you can afford.
- Slow down on fast food and restaurant meals and opt to fire up your BBQ with a few friends in your yard. Even better, turn it into a neighbourhood potluck.
- Downsize your bills by cutting your cable for the summer. It’s a great way to keep the whole family outside enjoying the fresh air. Enjoy evening bike rides or a walk to the park. You can also cut down your utility costs by installing a clothesline and air-drying your clothes.
Don’t take from one basket to fill another
When you’re working with a tight budget, it’s hard to scrape together money for the little extras. Our advice is to be careful not to ignore your financial obligations in order to fund your summer fun. If you’re having trouble balancing all your financial goals and responsibilities, it might be a good idea to look into your debt relief options and free up more cash flow. This will keep you from adding to debt or putting your debt repayment, retirement savings or emergency savings on hold during the summer months. Don’t lose sight of the goals you made at the beginning of the year. You can still make progress over the summer while enjoying summer fun!