Readjust Family Finances for a Successful Summer Budget

If your family runs on a budget, then you may want to consider readjusting it for the summer season. In the summer months, your budget will likely see increases in gas, child care, and entertainment expenses.

For a successful summer budget, you'll need to make some columns on a sheet of paper:

Column 1 - INCOME

Start your summer budget planning the same way you would start any budget - write down how much you make, consider you main job and, if applicable, your spouse's job or any moonlighting you do. You have to know how much you have to work with in order to know how much you can afford to do this summer. If you're saved for a summer vacation, include the amount you've saved and set it aside for now.

Column 2 - NEEDS

Now, list your necessities - this is your mortgage or rent, utilities, insurances, car payments, gas, and groceries. Be honest with yourself, perhaps reference some previous bills and receipts to get solid figures. Please note that these necessities are not dance lessons or that LCD television or that trip to the lake.

Column 3 - WANTS

Next, list your wants for the summer. You may want the kids to attend summer camp or you may want to make a half dozen trips to the lake or maybe you want to install a pool in the backyard. Maybe it's new bathing suits for the whole family or some summer classes for you or the kids. This is sort of a dream list, so go wild and get real-world figures on how much each of these dreams costs. For trips, be sure to include travel, lodging, food, and entertainment expenses.

Now that you have all your money figures in one spot, take a look. I'm guessing the needs and wants probably outweigh the income. If not, you're in luck - have a great summer and set that extra money into a 401k and stop reading now.

If you're needing to cutback on some things, let's keep going.