ATLANTA, June 22, 2012 (GLOBE NEWSWIRE) -- The first few weeks of summer has kids cheering, getting together and starting summer camps. But, for many families, it also means more money going out the door. Daytime trips to the movies or mall, buying lunch and ice cream, paying for summer camps and, of course, your summer family vacation can add up and put strain on the family budget. According to a recent Gallup poll on consumer spending, Americans averaged $73 in daily discretionary spending in May – an elevated figure that's been holding steady in recent months.
"Summer is a lot like the holidays when we see a jump in consumer spending," says Mechel Glass, vice president of community outreach for CredAbility, one of the nation's leading nonprofit credit counseling and education agencies. "People naturally want to treat themselves and their families and have some fun, and they should as long as it doesn't set them back financially."
CredAbility offers tips for families to ensure summer fun while keeping to a financial plan.
Set aside a manageable amount of 'summer fun' cash each week. Consider allotting an amount to each child in the family. When it runs out, it runs out. The same goes for your older children, especially if they don't have a summer job. Starting a family 'tip jar' for loose change can also help build up those summer fun reserves.
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Involve your kids in establishing a weekly or monthly budget and what they can earn through chores and then use toward getting things they want. This is a good habit and practice for your children to get accustomed to, and the earlier you start, the better.
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Refrain from using your credit card. It's easy to get out the credit card when you don't have cash on hand. Consider putting it away for the summer. And be on the lookout for credit card promotional offers over the summer. While incentives such as earning points for travel and more are enticing, it might not be the right time to open up another credit card right now. Keep paying balances in full over these next few months, too.
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Seek out fun and cost-saving alternatives. Swap DVDs with other families or check out some from the library; get your children involved in volunteer projects; find free family events that include treats for kids. Seek out deals on dining and fun experiences through sites such as Groupon and Living Social.
- Plan ahead. It's a simple concept or reminder that can go a long way toward savings. The more you plan ahead, from dinners to fun experiences and excursions, the less risk you have of letting too many spontaneous and cost-related events pop up. Planning meals for the week, for example, can reduce the temptation of getting fast food or ordering pizza. Also consider dropping junk food and sodas for the summer – you save and boost your health at the same time.
About CredAbility
CredAbility is one of the leading nonprofit credit counseling and education agencies in the United States, serving clients in all 50 states plus the District of Columbia, Guam, Puerto Rico and the US Virgin Islands, in both English and Spanish. In addition, we provide in-person counseling at offices in five states in the southeast.
Founded in 1964, CredAbility is a family of Consumer Credit Counseling Service agencies that includes CCCS of Greater Atlanta, CCCS of Central Florida and the Florida Gulf Coast, CCCS of Palm Beach County and the Treasure Coast, CCCS of East Tennessee, CCCS of Central Mississippi and CCCS of Upstate South Carolina.
The nonprofit agency is accredited by the Council on Accreditation and is a member of the Better Business Bureau and the National Foundation for Credit Counseling (NFCC). Governed by a community-based board of directors, CredAbility is funded by creditors, clients, individual donors and grants from foundations, businesses and government agencies. Service is provided 24/7 by phone at 800.251.2227 and online at www.CredAbility.org.
The CredAbility logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11910