Summer is here, and the weather may be something to celebrate, rather than complain about for once.
Summer sun builds vitamin D, strengthens our immune systems, and improves our mood as we get out to enjoy the open air.
Unfortunately, it also has some downsides. We all know that making too much of the summer sun can lead to sunburn – but we forget that it can also have a decidedly negative effect on our wealth.
The summer spending phenomenon
Many of us start the year with the very best of intentions. We resolve to manage the cash more carefully, and to get out of debt.
Retailers and restaurateurs know that January and February are likely to be their worst months as the credit card bills come in after the Christmas excesses. We may (in fact, should) work out careful plans to deal with the debts built up, and start looking at saving, rather than spending our money before we have earned it.
For a few months, we might manage – and then, along comes summer.
It is as though we can manage the temptation to spend in the dull months at the start of the year, but by the time the good weather and long evenings of June and July are here, we have had enough of responsibility and just want to enjoy ourselves again.
There are so many more things to do in the summer. Music festivals are a good example. Glastonbury and Reading led the way, and although covid has quietened things down for a year or two, the festivals are returning across the country and catering for lovers of everything from opera to heavy metal. If a weekend of music and mud is not your thing, there are plenty of other ways to fill your summer. Whatever your interests, from sport to classic cars to fine dining, the chances are there is an event or two tempting you to go along.
Plus of course, there are annual holidays to consider. If we are fortunate enough to be able to book a getaway at all this summer, it is likely to prove more expensive. It’s not just the cost of the flight and the hotel. Obviously, we want to make the most of our time away, and not watch the pennies when we get there.
Then there are things to buy. If we are heading off on holiday, new clothes are a must. If you are not getting away you might want to freshen up the garden, get a set of new garden furniture… the list goes on.
Whatever you might want to do, it is more likely that it is summer when you will be doing it. It is therefore more likely that in summer you will be losing that tight grip on the purse strings that you promised yourself you would keep this year.
Summer fun on a budget
There’s nothing wrong with enjoying yourself and spending some money on things you enjoy or on having fun with the family. The problem comes when you find that you are spending more than you can afford, and debt is mounting up – at a time when rising prices mean we should probably all be tightening our belts.
It is possible to have fun on a budget, if you work out what you can afford and try to stick to it. You might want to trim a few costs. A picnic on your day out can be as much fun as a restaurant meal. Vouchers and special offers can cut the costs of attractions of all kinds.
But don’t forget one of the added benefits of being a Continuum client – Continuum Perks. This exclusive offering is free for any Continuum client and provides access to a huge variety of savings and discounts from some of the UK’s leading retailers. From fashion and cinema tickets to travel and home items – you will find it all available to you. If you want to know more, speak to our team today.
But perhaps the most important message is to remember that your finances need careful planning, and your money needs to be managed all year round.
Do enjoy your summer, but remember, managing your money is a year-round challenge. If you need any help to make the most of your finances speak to our experts today.
The information contained in this article is based on the opinion of Continuum and does not constitute financial advice, you should seek independent financial advice before embarking on any course of action.