According to a GOBankingRates survey, 41% of respondents said their #1 financial goal is to pay off debt this summer. That’s great! But can you prioritize debt while still enjoying your summer? The answer is, YES!
Paying off debt doesn’t mean you have to sacrifice all your fun. With some smart strategies, you can make progress on your financial goals while still loving the good old summertime.
Here are five effective ways to balance debt repayment and summertime enjoyment.
- Put it on Autopilot. If you haven’t already, automate your debt payments to ensure consistent progress. That means setting up “autopay” on your credit cards and loan payments whenever possible. You can usually set a minimum payment or pay off the full balance every month (or somewhere in between). Set a goal and keep on track. Not having to remember payment dates frees up mental energy to focus on planning affordable summer activities.
- Go for free. You may be surprised by the number of FREE things you can do during the summer! A quick online search can help you discover a variety of activities, from free days at art museums to free concerts in the park.
In Austin, for example, a local children’s museum offers free Community Nights on Sundays. I’ve even seen free yoga classes and dance lessons – you just have to look for them.
Don’t forget outdoor activities like hiking and exploring local parks. Even local farmers markets can be a fun place to explore and learn about local farming practices – just be sure to have the discipline to keep your wallet in your pocket and NOT buy stuff you don’t need.
And if you’re traveling this summer, you can look for free stuff to do in other communities. This can lead to more unique and memorable experiences than going to the same touristy places where everyone else is going. - Shop at home first. From summer projects to everyday activities like cooking, try “shopping at home first” before you run out to buy something. Have you looked into the back of your pantry or closet? Can you get creative and substitute what you are looking for with something else? This works not only for recipes but for other items as well. YouTube can be an ingenious source for creative ways to repurpose stuff, if you need inspiration or “how to’s.”
- Make it a game and involve the kiddos! If you have older children at home, consider making saving a family game. (Even middle schoolers can get excited about this!) See who can save the most, with rewards that don’t cost money, like a day free from chores or special privileges like picking what the family watches on TV.
This can be a way to open the dialogue with your children about saving and budgeting, building truly helpful life skills. Consider building a “summer savings bucket” together with a group goal like a trip to the beach or a picnic when a specified dollar amount is raised.
Finally, consider gamifying collecting coupons and discounts. “Collect ‘em all,” then make it feel like a special event to use them. (This can be a great game even without kiddos – singles can benefit from this, too!) - Save for next year. Consider opening a high-yield savings account specifically for your summer activities. Give it an inspiring name like “Day at the Beach,” or dream big and go for something like “Paris Trip.” Don’t forget to make monthly deposits and put them on autopilot. Even small, regular contributions can add up and earn interest over time, bringing your big dreams within reach.
Overall, the key to beating debt is to make saving money feel fun and motivating. No one likes doing something that feels like a drag. And get support from your family and friends! Don’t keep your financial goals a secret. We can all use some cheerleaders, so find some partners who may want to beat their debt and get in on the free summer fun, too.
