Summertime Blues: Navigating Debt During the final days of summer
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By Bromwich+Smith Staff | 692 words | Reading Time: 3 minutes and 27 seconds | Date: 2023/08/18
The summer season is a time for relaxation, days off, and soaking up the sun. However, for many individuals, it can also be a time of financial stress due to debt. As the temperature rises, so do expenses and it is important to get on top of it before the spiraling spending session of the fall begins. After the long weekend, we feel like the summer is winding down and we start gearing up for the start of spending season. School expenses start creeping in including fees, supplies, and activities. Shortly after we start planning for Thanksgiving and family get togethers and before you know it you are putting down the credit card to pay for holiday gifts.
The Temptation of Summer Spending is a real feeling. The arrival of summer often brings with it a range of tempting activities and experiences. From family vacations family BBQs, to holidays, day trips and activities to keep the kids busy, the list of potential expenses can quickly add up. How has your summer budget held up so far? If you are struggling to stay on track review your discretionary spending for these summer bills. Air conditioners, high water bills, travel or kids events can pile up at the end of the summer when the bills start coming in.
Credit cards can be convenient during the summer when it comes to booking flights or making everyday purchases. However, misusing credit cards can lead to a cycle of debt that is difficult to escape. High interest rates can quickly accumulate now more than ever with increased interest rates. Before pulling out the plastic consider all of the expenses associated with it. If you don’t have the money now to make the purchase, will you have it before the bill comes in? Is this purchase a want or a need? Are you able to remove something else from your budget to make this purchase?
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To effectively manage credit card debt, consider these tips:
Prioritize payments: Make at least the minimum payment on all your credit cards, but if possible, allocate extra funds to pay off the card with the highest interest rate first. This method, known as the debt avalanche method, can save you money in the long run.
Reduce new charges: Try to limit your credit card usage during the summer unless it's absolutely necessary. Stick to cash or a debit card for your everyday expenses to prevent further debt accumulation.
Consolidate balances: If you have multiple credit cards with high balances and interest rates, consider consolidating your debts into a single loan with a lower interest rate. Alternatively, explore balance transfer options that allow you to move your debts to a card with a lower interest rate.
The final weeks of summer doesn't have to hurt your wallet. Consider exploring alternative activities that are budget-friendly or even free. Here are a few ideas:
Local adventures: Explore your neighbourhood by taking advantage of parks, nature trails, and explore community events. Discover hidden gems and enjoy the day outdoors while the sun is plentiful!
Staycation: Plan a relaxing staycation at home. Set aside time for self-care, indulge in hobbies, and catch up on your reading list or favorite TV shows. Not only will this help you unwind, but it will also help your bank account stay in the black.
Free summer events: Keep an eye out for free or low-cost summer events in your community. Many cities host outdoor concerts, movie screenings, and festivals. Watch local community groups online for posting of what is coming up.
If you find yourself overwhelmed with debt or struggling to make ends meet during the summer months, don't hesitate to seek professional guidance. Summer can be a challenging time for those dealing with debt, but you can make progress towards financial freedom even during the sunniest of seasons. Remember, prioritizing your financial well-being will lead to a more enjoyable and stress-free summer in the long run.
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To get out from the raincloud of debt and enjoy the sunshine again reach out today and learn about your debt relief options. Consultations are always free, confidential, with no obligation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243, or request a call back at contact us page.