14 Tips To Help Manage Summer Money Challenges

CHALLENGE #1:  HIGH GAS PRICES

In the last couple of weeks, gas prices have risen to their highest levels in history.  There are some reports that indicate prices have peaked and that they will be going down.  There are no guarantees, however, about if or when that will happen.  In spite of the high prices, people across the country will be embarking on driving vacation during the coming weeks of summer.  While you and I have no control over the price of gas, there are a few things we can do to try to save a little money in that area.

PLAN AHEAD

Be sure to use resources that will help you before you leave home.  Mapquest gives you up to date, accurate details about the roads you will be using and it can help you plan the most efficient route for your travel.  Gasbuddy.com and Gaspricewatch.com are sites that provide daily (and, sometimes, hourly) information about where to find the lowest gas prices throughout the country.

SHORTEN YOUR TRIP

If you live in the Southeast, maybe this is NOT the summer that you want to drive cross country to visit the Grand Canyon!  In order to be able to budget an exact amount for your gas expenses, plan a trip somewhere that you can get to on 1 tank of gas or less.  Then, budget for 1 tank to get you there, 1 tank to get you home, and 1 tank to use while you are there.

PAY CASH

Don't add credit card interest charges to the already high prices of gas!  If you don't normally carry cash, use your DEBIT card instead.

MAINTAIN YOUR CAR PROPERLY

Make sure your car maintenance is up to date.  Not only is it safer, but proper tire pressure and getting rid of excess weight in the car can give you better gas mileage.

CHALLENGE #2:  PAYING FOR YOUR VACATION

Vacations are intended to be periods of rest and relaxation.  There is no "vacation rule book" that says you have to pack up your family and take them on a trip you cannot really afford so you can charge it on your credit card and TRY to pay it off before time to leave on your vacation next year!

ESTABLISH A VACATION FUND

Make this fund part of your budget and make it part of your children's budget.  If they have allowances or part-time jobs, have them contribute something toward the vacation expenses.  Obviously, their contribution won't be equal to yours but it will help them start a habit of setting money aside BEFORE they need to spend it.

STAY CLOSE TO HOME

Find a nice hotel with a great pool (and other amenities) and spend a long weekend there.  You will save money on gas and lodging by not traveling far and not staying a whole week.  Another way to do this is to actually stay at home and visit tourist attractions in your area during the day.  Use this opportunity to do things you don't normally do right in your own home town.

MAKE A LIST OF "VACATION ACTIVITIES"

Ask each member of the family to come up with 3-5 things they would like to do as a family during the summer.  Write all the ideas down and post them in a central location.  During the summer, make appointments with family members to do things from the list.  You'll find that most, if not all the ideas, will be cost-effective not to mention that it allows you to spread your "vacation" throughout the whole summer.

PAY CASH

Don't take a trip you cannot pay cash for and don't borrow money to take a trip!

TRAVEL ON "OFF" DAYS

Some hotels have better rates on the weekends because they cater to business customers.  Other hotels have better rates during the week since most of their business is based on tourism.  Choose your hotel accordingly and try to schedule your travel to coincide with the lowest rates where you want to stay.

CHALLENGE #3: CHILDREN'S SUMMER ACTIVITIES

For parents of school-age children, summer can be a very expensive time.  Summer activities, camps, entertainment and shopping are all ways to fill free time but not without taking a toll on the family budget.  If you are willing to do a little "leg work", there are ways to manage and limit those expenses.

GO TO THE LIBRARY

Aside from being able to check out books for free, many libraries have summer reading programs for kids.  Often, these programs have complimentary activities throughout the summer that are interesting, informative, and free.  Some of these programs include activities and theme nights for the whole family at little or no cost.

PARTICIPATE IN CHURCH PROGRAMS

Churches host vacation bible schools, mission projects, choirs, outings to ball games, trips to theme parks and any number of activities for kids during the summer.  Call around to the churches in your area to see what is available.  They are happy to have your child, even if they don't regularly attend there.

VOLUNTEER

If your child likes being around other children, investigate opportunities for them to volunteer in day camps, libraries and/or churches.  This will allow them to participate in some of the fun activities while teaching them to work with others.  Also, this can provide service hours for students that need them for school.

HIRE YOUR CHILDREN

If there are things around your house that you are planning to pay someone to do, ask your children if they would like to be considered for the job(s).  If they are interested, set up an "interview" and question them about their skills and plans for the project.  If you decide to hire them, write down a basic contract that specifies the payment you have agreed on.  If you prefer, make the payment be expenses to cover activities, camps, or programs that they want to participate instead of cash.

INVESTIGATE SCHOLARSHIPS

Many camps and summer programs have funds available to grant scholarships to families with limited resources.  You may need to plan ahead to get access to these, but you should definitely ask about their availability.