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Your Money, Your Life: Budgeting is the next best thing to a money tree
May 27, 2013 | 1687 views | 0 0 comments | 35 35 recommendations | email to a friend | print
Don Milne
Financial Literacy Manager, Zions Bank
Don Milne Financial Literacy Manager, Zions Bank

With the arrival of summer, the oak and maple trees in the neighborhood are full of green leaves. But, unfortunately, you won’t see any money growing on them. The next best thing is to get your budget ready for summer. With a change from school time months to summertime for many families, June may be a good time to readjust your monthly budget.

1. Do your driving miles change? Whether you are driving more, or less, adjust your budget to show how much money you will need for fuel, and compensate for the difference elsewhere.

2. What about child care? Again, you will need to change this budget amount if your needs change once school is out.

3. Does your summer vacation match your vacation savings? Going into debt for vacation only digs a big hole in your budget as you spend more than you would and pay interest costs later. The Davis County Clipper is a great source to find affordable summer stay-cation ideas.

4. Do you have any summer camps planned for your children? Just because school is out, doesn’t mean there aren’t some great educational opportunities for students. Whether it is sports, music, science or some other program, make sure you budget for any summer camp programs.

5. Do your utilities change over the summer? Your gas bill for heat might be down, but your electric bill for air conditioning might go up. On top of that, your water utilities may increase because of watering your summer landscape.

6. Is your clothing budget ready for back-to-school clothes? Unless toes sticking out of worn out shoes and pants three inches above the ankles become fashionable, you will need to save up for the clothing needs of growing children. Use the summer months to build up your back-to-school clothing funds.

Like weeding a garden, doing a budget isn’t the most entertaining thing activity, but forgetting to do either could result in a sorry looking garden and an even sorrier looking pocketbook. Doing a monthly budget this summer really is the next best thing to a money tree.

We want your comments online at What changes do you see in your budget during the summer?

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