Summer FOMO vs Your Wallet

This weekend it feels like summer has finally reached us in NYC! I've been dying for some natural vitamin D so I'm stoked 😊

As the weather warms up, people are more likely to go out. Chances are you'll have more spontaneous plans come up than you would in the winter. Just like impulse shopping, spontaneous plans can throw you off track for the week or the month.

"Sunset on Sunflowers" by Patrick Emerson via Flickr

Summer FOMO is dangerous for your budget because most often it involves spontaneous spending. Maybe it's a last minute ticket to a music festival or a night out of dinner and drinks with friends. Either way, this spending is likely to be on non-refundable things. 

Now to stay inside and not have any fun all summer is a sure way to get yourself to go on a binge and fall off the money wagon so to speak.

Here are two tips that can help with your summer spending:

Set a monthly budget for "summer entertainment" 

Having a number in your mind as your goal spending will make you more aware of your spending in general. Let's say you set a budget of $200 for the month, as you begin to spend money on entertainment you will be less likely to make decisions that will break your bank. Keep track of what you're doing and it will help you make better decisions. 

Use last year's "summer entertainment" budget as a savings goal for the next summer

This is a bit late now, but a good tip to be proactive for next summer. Keep track of your "summer entertainment" spending this summer and plan to save that amount during the autumn and winter months.

For example you spend $900 this summer on entertainment, work on saving that amount September through May. Aim to save $100 per month and you'll be on track to have a guilt free summer next year! Even if you get a fraction of it, it's money you can spend on any summer entertainment knowing that's what it's there for.

Remember, mindful spending develops from understanding how much spending cash you have left. If you haven't started your June budget, start today so that you can figure out what you can afford on fun things this month.

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