Avoid 5 Summer Money Mistakes
Summer is a time to unwind—but don’t let your finances melt away in the heat. Whether you’re planning vacations, renovating, or just enjoying the season, here are five common money missteps to avoid—plus smart strategies to stay financially cool.
Overspending on Travel Without a Plan
Spontaneity is great, but not when it leaves you in credit card debt. Last-minute bookings, foreign transaction fees, and unplanned upgrades can quickly derail your budget.
Smart move: Set a total trip budget before booking anything. Look for travel rewards, book flights mid-week, and notify your bank to avoid international charges or fraud blocks.
Underestimating the Renovation Costs
Summer is prime time for home improvement—but it’s also peak season for inflated contractor costs and supply chain delays.
Smart move: Always get written quotes, include a 10–15% buffer, and ask about payment plans or credit options. Also, check if you qualify for home energy rebates or renovation tax credits.
Letting Lifestyle Creep Take Over
Summer concerts, patios, road trips, weddings—suddenly you’re tapping your card without blinking. Lifestyle inflation can snowball, especially when it’s disguised as “making memories.”
Smart move: Budget for fun (you should enjoy summer!), but set weekly spending caps. Use apps to track entertainment and dining expenses to stay mindful without feeling restricted.
Ignoring Your Credit or Investment Accounts
It’s easy to “check out” financially during the summer—but missing payments, investment opportunities, or contribution deadlines can cost you.
Smart move: Set calendar reminders for credit card due dates, TFSA/RRSP contributions, or installments. Consider automating minimum payments or deposits so you stay on track while you travel or relax.
Skipping Your Mid-Year Financial Check-In
June and July are ideal for assessing your progress. Have your income or expenses changed? Are you on pace to hit savings or investment goals? Without a check-in, you may miss chances to pivot.
Smart move: Book a mid-year review with your advisor. It’s a great time to revisit your goals, realign your tax strategy, or adjust contributions based on new income.
Final Thought
Summer doesn’t have to mean setbacks. With a little foresight and a few smart moves, you can enjoy the season and stay financially fit. After all, peace of mind pairs well with sunshine. Need help with your summer plan? Reach out to our Expert Team at Assentt today.
The information provided is for educational/entertainment purposes only. Actual information may vary, please consult our office for further details. Got a question? Feel free to reach us at helpdesk@assentt.com.
