Vacation times are here which means that even #FFF will enjoy some time on the beach (once the sun appears). Summer is a great time to relax, enjoy and live life but as you might already expect to be reading here, it is extra important to manage your money well during these times. Many of us will have a few weeks of vacation which means that we have even more time during the day to potentially spend our money. We will also engage in more activities which will involve spending money and the summer bill can become quite expensive in the end.
Don’t get me wrong, I’m not saying that we should not spend any extra money during summer, what I’m saying is not to spend recklessly. With all the extra time for ourselves we have great opportunities to try new experiences and this is something we should not pass on. In other words, I encourage you to take the opportunity to spend your money during the summer when opportunity appears to create nice memories with friends and family, but before you start spending you should review these two questions:
Do I have the money to spend?
This question is all about if you have saved any money up until now or not. To be able to spend on all these new great experience you need to have savings to remain financially stable. I know I keep writing about how important it is to have savings for unexpected crisis and also unexpected opportunities and this is the fun side of savings, when you get the real return on investment (I’m not only talking about the return on what you will invest your savings in, but also the return in all the effort you invested in saving). If you have cut out most of the wasting in your daily life and made a savings plan you can use that money on great experiences during the summer. These are the amazing side effects of savings and if it’s not fun being able to spend money without affecting your finances I don’t know what is!
Will this give me value?
It’s easy to just go with the flow and keep spending. Spending a bit here and a bit there might not feel like much but when we calculate the total it can come as a shock how much we actually spend. Just because we have the savings to spend and the time to enjoy our money we don’t want to waste it on things we don’t truly enjoy. We did make an effort to increase our savings, we want to make sure that we place that money in the right experiences, in something we will truly appreciate and enjoy.
With these two questions covered you are ready to use your money with no regrets and create an amazing summer with much joy to look back on.
Even though #FFF is on vacation it doesn’t mean there won’t be any finance fun in your life. Everyday life contains plenty of finance fun including your personal budgeting, discovering great discount, overview and manage your savings, make a financial plan for the autumn and so on.
Stay tuned for more #FFF this autumn, we’ll be back on 1st of September!