$500 Disappears Fast When These Summer Costs Stack Up
On the surface, $500 seems like a lot of money. But you can spend it more easily than you think, especially during the summer months. Between vacation costs and bills from summer camp — not to mention higher electric bills from blasting the AC — many households find that summer spending habits can swallow even $500 quickly.
Generally, you’re not getting scorched by one big expense. Instead, you’re often burned financially by smaller costs and fees that pile up. To help you hang on to your $500, MoneyLion compiled a list of common summer expenses that can add up quickly.
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The Costs of a Casual Day Out Add Up Fast
When Scott Oosterhouse, founder of EveryDollarGrows, considered how summer expenses can stack up, he described a fairly casual outing.
“It is gas for an extra trip, lunch while out, ice cream with the kids, a few things for a cookout and another stop on the way home,” Oosterhouse said.
Does that kind of casual day really lead to spending $500? Not by itself. But the problem, Oosterhouse pointed out, is that summer is filled with more daily activities that cost money, like getting iced coffees with friends, signing up for a family pool membership or making extra grocery runs during the week because your kids are home more.
“None of that feels like a $500 decision in the moment, but together it gets there fast,” Oosterhouse said.
Frequent Get-Togethers Can Drain Your Budget
If one of your favorite parts of summer is getting together with friends and family over barbecues, pool parties and other events, you’re not alone. But Oosterhouse warned that you may also be spending more money than you realize on the food, decor and gifts that make these get-togethers so memorable.
“A few small purchases can absolutely turn into $500 faster than people expect,” Oosterhouse said. “If a household spends an extra $30 here, $45 there, $60 on an outing, another $75 on groceries for a barbecue, and keeps doing that over a few weekends, the money disappears quickly.”
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Oosterhouse said the problem is that people generally don’t group these expenses together. Instead of recognizing a broader seasonal spending pattern, they treat each purchase as a small, separate decision. The costs of all those barbecues, parties and other hangouts start to feel harmless.
“But when those events happen often, they can take a real bite out of the budget,” Oosterhouse said.
Your Car Can Be an Unexpected Burden
You figure you’ll save money this summer by avoiding air travel for your vacation and opting for a road trip instead. But have you considered that your car’s potential response to extreme heat could also cost you?
James Schaffer, managing director of Insurance Panda, warned about logging a lot of miles during extremely hot weather.
“Your air conditioner operates continuously at its highest level, killing your gas mileage,” Schaffer said. “Also, your vehicle’s battery has to operate at double its normal rate.”
Schaffer also noted that tire pressure can fluctuate in extreme heat, and underinflation can lead to increased wear or even tire failure.
And if wear and tear on your car isn’t already a financial concern, Schaffer reminded readers about other stacking costs associated with road trips, like highway tolls, parking fees and the cost of food.
The Bottom Line
No, $500 is not a small chunk of change. But yes, it can go faster than you think during the summer if you’re not mindful of your spending. From casual outings to larger get-togethers, the temptation to spend can be very real and very easy to give in to. And don’t just assume that a road trip will save you more money than traveling by air during extreme heat — the added costs can close the gap more than expected.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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