Are Summer Splurges Breaking Your Budget? 3 Signs You've Gone Off the Rails
It’s easy to overspend in the summertime — the weather is warm and inviting, and it can be tempting to spend more on restaurants, vacations, beach visits, road trips and new summer wardrobe items. Unfortunately, that seasonal spending can hit harder than a bad sunburn and leave your bank account tapped out.
With that in mind, MoneyLion has compiled a list of warning signs that your summertime spending has gone too far — and how to fix it.
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Low Balance Alerts Have Lost Their Urgency
Once people grow accustomed to low-balance alerts, it’s a sign spending has gone too far, Cody Schuiteboer, president and CEO of Best Interest Financial, told MoneyLion.
“We’re used to that initial shock from our first text from the bank about a low balance,” he said. “The fact that we don’t flinch by the third summer weekend and swipe away the alert without bothering to read it — that’s the real warning.”
How to fix it: Schuiteboer recommended giving low-balance alerts a clearer purpose by setting them to trigger earlier. “Trigger an alert with a buffer of one week of expense budget, so that it happens when there is still something you can do about it, rather than as you are trying to recover from a mistake,” he said.
You’ve Started Skipping Savings or Retirement Contributions
According to Schuiteboer, stepping away from consistent savings or retirement contributions to increase short-term spending is another red flag.
“Tight budgets have people quietly opting to put their monthly transfers to savings on hold for a couple of months because, well, no one emails us when our automatic savings deposits are late,” he said. “Today’s savings rate hovers around 4%, and ‘taking a break from saving’ for summer is generally how things start.”
How to fix it: “Treat your savings account like a creditor, not a residual income source,” Schuiteboer said. “Automate a transfer of funds to your savings right after payday, regardless of the amount ($50 is always better than $300 that never left your checking account).”
Every Weekend Is an 'Exception'
An easy way to derail your summer budget can come down to language. Labeling a weekend as an “exception” to otherwise responsible spending can reinforce bad habits.
“While this may sound silly,” Schuiteboer said, “one of the clearest warning signs is language. When your Saturday is filled with lines like ‘I deserve this,’ ‘it’s summer,’ ‘just this once,’ ‘we only go here sometimes,’ ‘once’ can become ‘forever.’”
How to fix it: Build room for fun into your budget — but set limits. “Allocate yourself the fun you deserve and budget it in,” Schuiteboer said. “Set aside a monthly ‘fun’ allowance in a dedicated account, or keep cash set apart so you can enjoy spending without guilt and within preset boundaries.”
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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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