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How To Cool Down Your Summer Spending

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Summer spending

Have you been overspending this summer? Ferratum are here to help with ideas for a spend-free summer in 2019. 

If your family is like most other families, chances are your summer has been an expensive one so far. Whether we travel abroad or stay local, money just seems to fall out of our wallets during summer. From meals out to activities for the family, there´s seemingly no end to our spending.     

Almost 22,000 households participated in the annual Ferratum Group Summer Barometer, which explores consumer spending during the summer. In this year´s survey, 26% of respondents said they anticipated spending more money this summer than last year, while 40% said they would spend just as much.  

Although we´re approaching the final weeks of summer, there´s still lots of sunshine and plenty more warm weather predicted. But will your bank balance survive? Well, we have a tip for you. 

Hey Big Spender

When it comes to how much of our monthly salaries we plan to spend during the summer, the results showed that participants from Norway would spend 68.5% of their monthly salary, Latvians 67%, Croatians 61.2%, and Mexicans 60.3%.   

So then, what´s everyone spending their money on? Results from our survey showed that domestic travel was the most popular expense this summer (11.3%), followed by summer fashion (10.7%), and social activities such as beach trips, parties, and restaurants (10%). 

Those who planned to travel said nearly 40% of their entire summer budget would be allocated towards it. In fact, German respondents said 50.8% of their budget would be allocated to travel, Bulgarians 45.8%, Finns 41.1%, and Poles 40.1%.

The Best Things In Life Are Free

The truth is that summer doesn´t need to cost an arm and a leg. Like many other families, if you´ve been overspending this summer, the best way to cool your spending is to find free (or almost free) fun things to do and see with your family.  

First, instead of buying every meal from cafes or restaurants, pack a picnic complete with your favourite foods and drinks and enjoy relaxing in a park or garden.  

Going to the beach is synonymous with summer, and a day at the beach is a day well spent. The best thing is that a day at the beach doesn´t have to cost you a thing except for, perhaps, the cost of parking or train or bus fares. B.E.A.C.H. is, after all, an abbreviation of Best Escape Anyone Can Have. 

Explore a nearby town or attraction. Day trips by car or train are a lot cheaper than travelling abroad. Most cities offer free gallery exhibits on certain days or during certain hours. Look online at your local museums for information on free exhibits. When planning day trips, prepare food at home to take with you. You´ll save a fortune with this tip alone.  

Regardless of your budget, let´s face it - going to the cinema is not cheap even tickets for children under a certain age (usually 6 years old) are free. In addition to tickets, buying food and drinks at the cinema makes for a very expensive outing. Instead, rent or purchase a movie on iTunes and enjoy all the movie snacks you want such as microwave popcorn and soft drinks. 

Here´s to a wallet-friendly summer 2019! 

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: APR 1270% if borrowing £400 for 4 months. Interest rate: 292% p.a. (fixed). Total amount repayable: £665.48 by four instalments of £166.37. Maximum representative APR: 1604% if full loan repaid after 7 days.