Make A Splash With Your Finances

It’s almost summer here in Indiana, finally! The weather is getting warmer, the kids are out of school, and many people are getting vaccinated. Can we all take a collective sigh of relief?! This season can lead to a few things...summer vacation, kids camp, and a potential increased entertainment budget.  Watch out for… danger ahead!

I have been impatiently waiting for the green light to move about freely so we can finally travel again just like everyone else.  More than three-quarters of Americans are planning to travel this summer, compared to just 29% in June 2020 according to a  Harris Poll survey.  Unfortunately, lots of people are booking vacations without regard to how much they are spending because it’s been so long of a wait.  I encourage you to slow down and think before you spend.  It is possible that you’ve made saving money and/or paying off debt a priority these last 12 months because we couldn’t spend money on travel expenses.  Now that the country is opening up, don’t derail your progress by planning an overly expensive vacation.  Here are a few questions to ask yourself…

• What are my goals for this year? Does [fill in the blank] align with my goals?

• How much does it cost?

  • Does this fit into the budget?

  • Can we save up for it?

  • If I decide to wait, how long would it take?

  • If we can’t save for it how much can you afford now?

• What are other alternatives?

  • Consider a staycation, mini-vacation, or local adventures.

  • Can you swap houses with a friend or family member?

  • What if the kids went to a week-long camp instead of the whole month?

  • Can you enroll the kids in activities that cost less than camp?

I know as we evolve into the new “normal” it is very tempting to jump right back in, but I challenge you to pause for a second and ask yourself these questions. You have worked so hard to get to this point, and I don’t want to see you regret the new financial choices you make post-COVID.