NORTH HAVEN, Conn. (WTNH) — It’s mid-July and that means boredom may be setting in for you or your kids home for the summer. If you’re not careful that boredom could come with a high price tag.
You may be guilty of some of the “top summer money wasters” but recognizing a bad habit is the first step in making smarter choices.
Gas is one of the biggest summer money wasters. That’s because the weather is nice and many people will just go for a drive and, sometimes that drive ends with an activity like shopping or the movies where you can stay cool and entertained.
Esther Jean-Marie, a youth money school coordinator says the movies alone could end up costing $15-$20 you wouldn’t normally spend.
“If you have to go, go on a Tuesday when it’s cheaper or use your student ID to make it even cheaper,” Jean-Marie said.
Then there’s the obvious way to eat up your savings. Meeting friends for outdoor dining or just grabbing coffees. All reasons why experts suggest you print out your finances.
“I had a friend that started budgeting eating out and the junk food she was eating and it came to roughly $400 for that month. That’s a lot of groceries. That’s a plane ticket, really,” she added.
Keep your vacations in check. Booking last minute keeps you from researching better deals. Also, the farther away from home and reality you are, the more mindless spending you’re likely to do.
How about pool accessories, campers and boats. Big summer toys that are fun now – but a lot to spend for only a couple months use. You also have to pay for towing it around and storing it in the winter. It’s important to have fun but know exactly what you’re signing up for when you take on these bigger summer purchases.