Sunny summer months make it easy to cut loose. Unfortunately, it can also mean cutting loose financially.
Most people derail their finances because they don’t have a set budget for holiday weekends, graduation parties, vacations, barbecues and family gatherings, summer camp, activities with the kids and back-to-school shopping.
It’s common to use credit more recklessly than other times of the year, thinking you’ll figure it out later instead of paying for it outright.
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“This leads to playing catch-up when summer is over and their regular income is not enough to cover the monthly bills plus the overspending from the summer,” said Whitney Ditlow, a financial advisor with Northwestern Mutual in Miami.
First, be honest about how much summer might cost.
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