by Julie Jaggernath
Have you ever tried a 30-day savings challenge? With only about a month to go before the official start of summer, the dilemma about how to pay for some fun in the sun is as much on people’s minds as affordable summer vacation ideas.
The summer months can be much more expensive than many people realize. From potluck barbeques, out of school care for younger kids, day camps and summer camps to keep tweens and teens busy, trips to local attractions or some extra rec-league games and drinks because the weather is good, it all adds up faster than we’d like.
So here’s the challenge, if you choose to accept it... In the month of June, save $465 and pay for your summer fun in cash! Here’s how:
Summer Bucket List Ideas
Have a family meeting and talk about what’s on everyone’s summer bucket list. Will you plan a staycation, camping trip, or visit friends or family in another town? Part of making plans is setting goals, so include everyone as you choose activities and determine the budget.
How to Determine a Summer Budget
Paying for vacations typically falls on parents’ shoulders, however, kids and teens can certainly be called upon to help. Once you have decided what you’ll do, figure out how much it will cost. Then work backwards to find ways to come up with the cash.
With a family challenge, everyone gets to help, either by earning money or finding ways to save in the regular family budget.
How to Come Up with $465 in Only One Month
If someone were to tell you how much to save each day, would you do it? For the month of June, let your calendar be your guide.
For each day of the month, save the amount of the date in a jar or separate bank account. Start by saving $1 on June first, $2 on June second and so on, until you reach $30 on June thirtieth. By the end of the month, you’ll have saved $465!
If saving cash isn’t possible for younger kids, they can still help by finding ways to cut costs so that you can set the money aside. Just letting them make everyone’s lunches so that no one needs to eat out could easily save $10 - $20 a day. Packing a snack for after their ball game, rather than pleading for takeout will save another $10 each time.
Challenge them and yourself to come up with creative ways to save and meet your June savings challenge!
Related article: 7 Tips that Can Save You Thousands
For Families with Teens Who Have Part-Time Jobs
If your teen has been working and has some spending money, talk about what they will need to use their money for and how to manage their pay cheques. They might want to save part of what they earn for school costs, either for the upcoming school year or for post-secondary, or be able to pay for some of their entertainment over the summer. Without a plan, they’ll end up with very little to show for it.
If they seem to have too much spending money floating around a little too freely, encourage them to set their own savings goal and start their own 30-day challenge.
Summer Savings Challenge for Cash
Vacation time, both home and away, is precious and can be loaded with expectations and expenses. Use a summer savings challenge to come up with the cash to sizzle and splash!
Related: How to Save $5,000 in a Year