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Home > Beat the Heat With Our Summer Budgeting Essentials
Beat the Heat With Our Summer Budgeting Essentials5/15/2024

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Summer is tons of fun but can also be one of the priciest times of year. From higher energy costs like gas and electricity bills, to the cost of vacations, spending can burn a hole in your pocket during the summer months. To help you beat the heat, we’re sharing ways you can cool down your spending and manage your finances with our summer budgeting essentials.

Evaluate Your Summer Income and Expenses

It’s good practice to assess your budget every so often so that you can evaluate upcoming changes to your income and expenses. Since expenses tends to heat up during the summer months, it’s a good idea to see if your current budget still works for you. A good place to start is by asking yourself:

  • Do I have money tucked away for emergencies?
  • Are there any big events that I need to start planning for?
  • Will my income be changing in the coming months?
  • How will summer activities affect my expenses?

Once you’ve answered those few questions, it’s time to start tackling the job of recalculating your current budget to create a manageable summer budget.

Create a Summer Budget

After you've evaluated your upcoming summer activities, income, and expenses, you’re ready to start creating your summer budget. Everyone has their own priorities when it comes to spending and there is no one-size-fits-all budget, but any good summer budget should help you:

  • Determine what you can afford
  • Identify expenses that can be cut
  • Prevent impulsive spending
  • Increase savings
  • Repay debt

Utilize financial calculators like our Home Budget Analyzer to see where your money goes so you can cool down expenses where you need to. Strategize a plan if you’re overspending. Cut back on unnecessary expenses and opt for summer activities that are more affordable like free community events.

Set Summer Savings Goals

We each have different priorities when it comes to summer savings goals. For teens, this could mean an increase in cash flow due to a summer job. Teens with summer income have a perfect opportunity to look ahead and consider saving for long-term goals like a car, future college expenses, emergencies, or retirement (even if it feels like it’s so far away). No matter what your summer savings goals may be, Members First is here to help. We make it simple for members to build their financial future with our savings accounts, CDs, and IRAs. In addition, we offer financial articles and educational resources to help you save and better manage your finances.

Consider A Personal Loan

Personal Loans like Members First Credit Union of Florida’s Vacation/Summer/Back-to-School Loan, Lifestyle Loan, or Lifestyle Line of Credit can help you increase your spending power during the summer months. For instance, educators who don’t have regular income over the summer and need some extra cash until the school year starts again may choose to consider supplementing their dip in income by applying for a personal loan. While a loan can be beneficial to help fund your summer expenses or vacation needs, it’s important to factor your loan payment into your monthly budget to make sure that you aren’t putting too much heat on your budget.

Manage Your Summer Finances with Members First

At Members First, we have the resources you need to help you save and spend wisely this summer and beyond. Plus, we make it easy to manage your finances with our Online Services. Transfer money, track spending, pay bills, and make loan payments with Members First Internet Banking and our mobile app. You can also control your debit and/or credit card(s) by navigating to ‘My Cards’ on Internet Banking and the Members First mobile app. My Cards allows you to:

  • Activate your cards
  • Report lost or stolen cards with just a few clicks
  • Turn your cards on or off
  • Keep track of spending at a glance
  • Set spending limits based on location, amount, merchant type, and transaction type
  • Create travel plan notifications

Whatever your financial needs are this summer, we have you covered. Don’t miss out on summer fun because of poor financial planning. Give us a call today or visit a Members First branch near you to speak with a Members First Representative about how we can help you with your summer finances. Having trouble building a solid financial plan this summer? Make an appointment to speak with a Members First Financial Coach to help you reduce debt, build a budget, and effectively manage your financial responsibilities to create financial stability for the summer and beyond.


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Members First CU of Florida
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This Credit Union is federally-insured by the National Credit Union Administration. We do business in accordance with the Fair Housing Law and Equal Opportunity Credit Act.
Members First Credit Union of Florida is not affiliated with Members First Credit Union (Kentucky)

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