How I Financially Prepare for Summer Plans

Summer is coming and I cannot wait! There are a lot of plans taking place. Financially there are definitely some things I need to prepare for and want to share with you all my process. 

Traveling is a big hobby of mine and very important to me to be consistent with. I'm not saying I have to take trips to Europe multiple times a year lol. But just a small getaway can suffice to help me get a break from my day-to-day and keep motivated on my goals. It just so happens that this year my fiancé and I have some events that we want to attend out of town and they start in May. The challenge is that this year we are saving for a wedding so I want to make sure I find some balance and know what will and won't be best for me financially. 

Me eating seafood in Myrtle Beach. Loved how fresh the food was and enjoyed the beach!

We have about 4 trips happening this year. Along with traveling, while home we like to go out to different outdoor events and take part in summer activities. 

This being said summer starts a lot of activity for us that tends to lead into the fall. I usually take this time (spring) to set my financial goals on auto and only make adjustments if needed. As someone who doesn't like cold weather, at all, I like to take advantage of all the time I can get in the sun. Which in GA gets to be a lot of the year! 

Of course, things pop up or fall off, but generally, there are times of the year when we can be more active financially than others. For a good number of people, it is the holidays. Not to say I'm not a giving person, but I simply just am spending and doing more during the summer and into the fall than during the holidays.

Now is my prep time for a season of spending. I want to share with you my typical routine with how I prep for my summer plans.

How I Financially Prepare for Summer Plans:

I typically review my financial standings and the goals that I have set for myself. I believe it's good periodically to check in to see where I am and if I want to make any adjustments. Knowing that my spending is about to increase I can see if I need to make any changes to one area to supplement another. 

Review Finances 

I start by reviewing my finances. I review all my accounts and look over what my savings are looking like along with how much I am spending on bills/subscriptions. I also like to look over or think about how my spending has been with things like eating out, groceries, and entertainment. At this point, I've had January to March to see my trend of spending which helps me know where my money has been going.

Some quick questions I ask myself are:

• Have I overspent any month? If so what was happening?

• Has my savings been consistent?

• How do I feel about my spending overall?

• Do I feel like I'm struggling to meet any financial goals I have?
  

This review goes by pretty quickly since I have a good money management system in place. (If you do not have a clear view of where you financially stand, start with your statements.) I'm only looking from January to March so though it's not a full year I can see what I've been trending since the holidays and can adjust for the quarter (think short-term goals).

The overall question I'm asking myself is what needs to change or adjust for the upcoming season. This is very important because I am able to set expectations with myself and think about what it is I really want that will bring me peace. This usually takes about 15-20 minutes in total. 

Review Goals

After going through where I am now I think about my goals and where I'm at with my big picture (long term goals). I'm a planner and love to think about the future so this for me may take time (I tend to get lost day dreaming)

Right now I'm saving for a wedding and this is my priority. To be disciplined and stay consistent with my savings I know that I have to set an amount to save each month that won't put me under with my day-to-day spending. With this being said I make sure I'm still comfortable with the amount I'm saving for my wedding and I will set a maximum limit on how much I need to spend each month with other savings and expenses. Based on conversations with others this probably takes about another 20 minutes. For me, this is where I tend to get distracted and may make new goals so I probably can take 30 minutes to an hour. 

Make Necessary Adjustments

After reviewing my finances and goals I know what adjustments I need to make. With traveling, I like to put a general overestimate on how much I plan to spend. This allows for me to set some savings aside so that at least a part if not all of the travel is covered when the trip arrives.

I do not like coming back from a trip and being in the "hole" with my spending, it emotionally makes me feel drained and just guilty. Therefore, I try to make sure I know how much I have to spend prior and try to stay within those limits. Again, I am a planner so my overestimate amounts typically allow me to still spend and have fun when I'm traveling.

If you need help planning and budgeting for a trip I recommend budgetyourtrip.com. I started using this site when I first started traveling and will check in from time to time if I need info on day-to-day spending in a certain location.

For summer activities and trying new things, well those amounts are going to be up in the air. I do like to have the ability to spend how I want when I'm out and splurge from time to time, but I also know I need a boundary. I typically will set a monthly goal for my day-to-day monthly spending so the splurges do not get out of hand and I know when I need to taper down (usually it's on eating out).

Here's some examples on how I also adjust my spending:

I know that if I'm going to be eating out more or doing activities, I will plan to eat at home or take food to work. This will typically help supplement the splurges I like to take when going out.

Another example is shopping. For me, shopping is not as exciting to me compared to going to a new restaurant. Therefore, the money I would typically spend going out buying clothes or shopping on Amazon will now become more occasional or even pause in some instances. This also gives me more money to go and enjoy the summer. 

In Conclusion:

Life is not linear. We all have periods where our lives get busy or slow down. Just as we adjust to our calendars I believe our finances have to adjust as well. Though we can't always predict when plans will come or change we can prepare for what we do know and make the adjustments that work best for us. It all starts with knowing where we stand and what we value.

Andray and I at a Brave's game. We bought tickets at a discount from running a 5K!

Home run at Truist Park Baseball Stadium.

As I start to prep for my summer I hope you are enjoying the change in season and plan something to enjoy and treat yourself. Check-in with your finances and let me know what is important for you to spend your money on!

Your Financial Coach,

Briana Griggs