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One planning tool that may work for families is to make a specific budget for summer. Calculate your expected costs for babysitting, camp, a family vacation or even a staycation. Divide that summer budget by twelve. Add that summer budget amount to your regular monthly expenses.2
Now you have a monthly budget that has designated dollars put aside for summer costs—dollars that may even earn a return before summer starts if you put them in a high yield savings account, for example. Those extra dollars may help cover an extra treat, like tickets to a sporting event or park passes.
Think about activities that may be low cost, or even free, to fill long summer days without breaking your summer budget. Here are a few ideas that involve an investment of time over money.
Planning ahead may pay off in the long run when it comes to your vacation. When people researched ways to cut costs—from deals on transportation or free things to do at their destination—and then set a vacation budget, they tended to spend less than when they spontaneously hit the road.3
Make a plan today to put money aside for this summer, and perhaps even start your summer fun fund for 2024. The further out you start your plan, the more likely you are to have the funds needed to meet your goals, without turning to more costly ways to pay like credit cards, which may rack up interest rates. Your Goldman Sachs Ayco coach can help you set short-term goals like a summer budget, as well as long-term goals like saving for retirement. Connect with a coach today!
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Updated for tax year 2022