As we near the end of summer, it’s tempting to pack in one more last-minute vacation, shop those clearance sales, or enjoy spontaneous outings to try and make the most of your time before fall. While all of this sounds great, overspending at the end of summer can really derail your budget and financial goals for the rest of the year.
Don’t let your hard work go to waste! We’ve put together five common end-of-summer spending traps to watch out for, along with simple tips to help you stay on track.
Trap #1: Summer Clearance Sales
Retailers are experts at luring you in with “great end-of-season deals” on summer apparel, patio furniture, seasonal décor, and more. But these “deals” can be a slippery slope to financial headaches.
How to avoid this trap:
- Make a list of items you genuinely need for next summer (or beyond) before you go shopping
- Set a hard spending cap before you shop
- Use money management tools in your mobile banking app to track spending in real time (don’t skip this step!)
A little planning can help you avoid that “great deal” regret later.
Related: 7 Money Traps to Avoid in College
Trap #2: Last-Minute Travel
The temptation to make the most of the last few days of summer can be overwhelming, but it can also do a number on your finances. Spontaneous travel sounds great in theory, but booking flights, hotels, and fun at your destination at the last minute can come with a hefty price tag.
How to avoid this trap:
- Plan travel as early as possible
- Set a realistic budget and stick to it
- If you can, use reward points or cash back rewards to help offset some costs
- Compare prices using online tools before booking (Google Flights, Skyscanner, Kayak)
A well-planned trip will let you enjoy the getaway without the financial hangover.
Related: Thrifty Summer Thrills: 15 Wallet-Friendly Adventures
Trap #3: Back-to-School “Deals”
Back-to-school season isn’t just for parents. Retailers advertise deals on office supplies, tech, and clothing that can tempt anyone into overspending, even if you don’t have kids.
How to avoid this trap:
- Take stock of what you already have at home before buying
- Identify which items need upgrades and which would simply be nice to have
- Shop with intention, not emotion
When you shop purposefully, you’ll save more and avoid clutter.
Related: 7 Back-to-School Budgeting Tips for Parents
Trap #4: Ignoring the Budget for Summer Fun
Summer is full of fun: concerts, festivals, patio dinners, and spontaneous nights out. But if you’ve been swiping your debit card without checking your balance, you could be setting yourself up for trouble.
How to avoid this trap:
- Set up real-time account alerts through mobile banking so you know when you’re overspending
- Review your account balances and monthly statements now so you can reset your budget before fall
- Take advantage of tools like mobile deposit and easy online transfers to stay organized
A quick check-in now can prevent bigger headaches later.
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Trap #5: Skipping the Fall Reset
One of the biggest mistakes you can make is carrying summer spending habits into fall and winter. Without a budget reset, it’s easy to miss upcoming expenses like holiday shopping, winter energy bills, or back-to-school costs.
How to avoid this trap:
- Use online banking tools to track income, expenses, and savings
- Review debts and consider paying down balances before the holidays
- Schedule a “money check-in” with an ASB banker for a personalized financial plan
We’ll help you create a simple plan so you can finish the year strong!
Chat with an ASB Banker Online
Enjoy the Rest of Your Summer
Summer should be enjoyed, but you don’t want a financial hangover to follow you into fall. With a few intentional choices and the right tools, you can avoid overspending and stay on track with your financial goals.
Ready to reset your budget and make a plan for the rest of the year? Explore our full suite of banking services or contact our team to get started.
