4 tips to control your summer spending

Summer is the season where it’s especially tempting to throw your budget out the window. Many people are seemingly planning to do just that this summer: “36% of vacation planners said they would take on debt to fund their travels, whether by putting the cost on a credit card they can’t pay off right away; using a buy now, pay later plan; borrowing from friends or family; or taking out a personal loan,” said The Washington Post, citing a Bankrate report.

To make matters worse, fun this summer “will cost even more thanks to ‘funflation,’ a term economists use to explain the increasing price tags of live events as consumers hanker for the experiences they lost during the COVID years,” said CNBC. As an example of this phenomenon, “admission prices for sporting events jumped 21.7% in May 2024 from a year earlier.”

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