As layoffs continue and banks close, many Americans are still experiencing financial stress heading into the summer due to inflation. A survey conducted by The Harris Poll for the American Psychological Association in the fall of 2022 revealed that 83% of adults have been stressing about inflation, and 56% have had to make different choices because of insufficient finances.
However, it is still possible to have fun, save money, and improve one's financial standing for the next year, even when plans fall through. By flipping the mindset from disappointment to opportunity, families can reframe difficult financial choices as long-term benefits. Instead of resorting to discouraging language like "we can't afford it," try to find other ways to make memories with loved ones, whether through free events around the area or memberships to local attractions that offer multiple summer visits.
To cut costs even further, families can bring their own food and drinks to their activities. If you still want to travel, consider staying close to home or splitting the cost of a vacation rental with friends or family. To ensure that future summers can be just as enjoyable, consider setting aside funds automatically each paycheck, conducting weekly spending reviews, and booking flexible travel arrangements with free cancellations and travel insurance.