PHOENIX — Summer break can mean more family fun, but for many Arizona households, it can also mean more spending.
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During the Summer, families often spend money on things like vacations, summer camps, extra childcare and restaurants. That extra spending is all in addition to normal expenditures such as rent and utility bills, and with inflation, those prices continue to rise. Because of that, financial experts say costs can add up quickly this time of year.
Experts at Arsenal Credit Union call it the “summer spending trap,” a time when spending tends to increase without people realizing how quickly expenses are piling up.
Since Summer holidays, family outings, entertainment costs and more time outside the home can all contribute to larger-than-expected bills, financial experts recommend families take steps early to avoid overspending.
Some of their top recommendations include:
• Setting a summer budget and writing it down
• Planning for bigger expenses like vacations or camps
• Watching smaller purchases that can quickly add up
• Looking for ways to manage energy costs during Arizona’s hottest months
• Planning free or low-cost activities to help stretch family budgets
Experts also encourage families to think ahead before spending money on food, tickets or last-minute plans.
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If you’re looking for affordable ways to stay busy this summer, there are plenty of options here in the Valley. Visit Phoenix offers a variety of free and low-cost activities around town.
Families can explore hiking and walking trails, local farmers’ markets, splash pads and parks. Some Valley museums also offer free or discounted admission days throughout the month. Residents can also check community calendars, city events and library programming for additional low-cost entertainment options.
Financial experts say avoiding the summer spending trap is less about cutting out fun and more about planning.
Small spending decisions made throughout the summer, experts say, can make a big difference by the time school starts back up.
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