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NerdWallet
Summer is often a time of having fun, going on vacation and being carefree. But with inflation, layoffs and a looming recession, you may be questioning the financial impact of your summer plans or they suddenly have become out of reach. But it's still possible to have fun this summer, cut costs and put yourself in a better position for next year. When plans have to change, try to pivot from disappointment to an opportunity mindset. Look for ways to reduce the cost of summer activities and establish healthy spending and saving habits that could put you in a better place next summer.
With layoffs, bank closures and inflation, financial tensions remain high for many Americans heading into the summer. In a fall 2022 survey conducted by The Harris Poll for the American Psychological Association, 83% of adults said inflation was a source of stress, and 56% said they and/or their family had to make different choices in the last month because they didn't have enough money.
Making tough money choices is stressful, and sacrificing "wants" to afford the "needs" can be disappointing. But, if you're questioning the financial impact of your summer plans or they have suddenly become out of reach, there are still ways to have fun, save money and put yourself in a better place for next year.
Pivot to a
positive mindset
In the face of canceled summer plans, Rob Bertman, a family budgeting expert and certified financial planner in Missouri, suggests flipping your mindset from disappointment to opportunity. Use the moment to talk about money decisions with your partner or kids.
"I think it's always good for kids to see that their parents are trying to learn and get better," he says.
With children, Bertman says to avoid language like "we can't afford it" or "it's too expensive" because that can lead to a scarcity mindset. Instead, he suggests reframing the difficult choice as one that benefits the family in the long run.
The key to this attitude shift is not losing sight of your priorities. What you're looking for, ultimately, is to make memories with people you love. While vacations seem primed for those frame-worthy moments, sometimes the things that matter most happen in your own backyard.
Reduce the cost
of activities
Summer is prime time for free events, but you'll have to put in a little work to find cheap events in your area. Even still, having things to look forward to on your calendar can be a big emotional lift.
A membership to a zoo, park, aquarium or museum could pay off in multiple visits all summer long. In addition, it's a great way to get out of the house and enjoy the weather -- or escape the heat, depending on where you live.
If a membership is too pricey, you might have a workaround in your wallet. For example, Bank of America credit card holders are eligible for the Museums on Us program, which provides free general admission to over 225 cultural centers across the country on the first full weekend of each month.