Seasonal Activity Planning
May 18, 2017
At last…Summer is here. For many it means vacations to the beach, mountains, even staycations with time around the pool. Living in Texas, we all seem to start thinking and planning ahead of time to make the most of these activities. As with your retirement planning and budgeting, vacations and other activities should have the same amount of attention.
Budgets are often stretched during the summer months with extra childcare, summer camps, mission trips, and family vacations. Consider paying for these activities ahead of time or taking a portion out of each paycheck to build up a vacation/summer fund. A little pre-summer research can really payoff and help keep your expenses in check.
Next, plan for any potential fall activities to determine if/when extra funds might be needed. Trips to see the fall leaves, season football tickets or a visit to Napa Valley are often more enjoyable knowing you can afford to go. Don’t forget to include other back to school items such as tuition, dance, sports, tutoring, etc. By having an estimate for the fall, it might actually help keep summer plans in check so your cash flow doesn’t get upside down.
You may not be thinking about year-end activities in May, but it’s right around the corner. Planning for expenses such as Christmas gifts, charitable contributions, property taxes and estimated quarterly payments for income taxes can help alleviate the dependence on a year-end bonus in order to pay off debt incurred from these and other expenses.
Laying out a timeline of expected seasonal expenses and setting a plan in motion early in the year can significantly reduce the stress of summertime, fall and year-end.
Stay cool in the shade and don’t forget your tall glass of sweet tea!