There’s one ironclad truth about budgeting. It is constantly changing based on situations, salary increases (or decreases), and time of year. Time of the year is the one that I think people most often forget. Now is the perfect time to see how you need to adjust for the summer months.
Here are some things to take into consideration:
* Utilities – If you aren’t on a balanced billing plan, either start now or plan accordingly. If you can’t remember how much your electric bill was last year, call your provider and ask. Also, because of rising fuel costs, you can plan for this year to be even higher than last. The same goes for the water bill. Do you have a pool? A sprinkler system? Do you water your yard? Are the kids home from college and 4 more people are showering each day? Plan ahead!
* Daycare – If you are a working household, you’ll need childcare for the summer. Our childcare amount doubles during the summer weeks that we use it. Also keep in mind any camps that your kids will be attending and the supplies that they will need to have on hand for those. (New tennis racket for tennis camp? Budget it in!)
* Vacations – Even if you aren’t technically “going away”, we tend to do more eating out and playing during the summer. Set a budget for yourself and take advantage of blogs that your city offers that list free/cheap activities.
* Salary Changes – If you are an hourly worker, will you work more/less hours in the summer? Is your job seasonal so you make more/less during the summer months? I’m a huge believer in not being optimistic when it comes to estimating your salary. Plan for less and budget accordingly. Any excess that appears can go to your emergency fund or debt snowball.
* This post is part of a weekly segment on KSBJ Christian Radio. For more on segments featuring Stephanie Click, the Texas Money Mom, click here.
