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.

Checkout Column 2 - NEEDS. Can any of these be cutback? Check out local summer food programs to feed the kids a few times a week. Many school districts and Boys & Girls Clubs offer free meals (in some cases, breakfast, lunch, and dinner five times a week) for children under 18 and charge adults a small fee to eat. You may also want to invest in some tips to offset the summer electric bill (check out programmable thermostats, resetting your water heater, and CFLs) and increase your gas mileage. Call around on your insurances, 15 minutes might just save your summer budget!

Checkout Column 3 - WANTS. Cross out what you could totally live without this summer - would two trips to the lake be sufficient? Does your kid really need to have a summer class every week? Would a pool membership be more feasible for your budget this summer than the backyard pool? Check your area for free summer entertainment. Be reasonable and draw the line. Budgeting is not always fun, but getting out of debt is never fun.

Now, checkout Column 1 - INCOME. Is there anyway to increase this? Have you stashed some cash away for a rainy day? If you shorten your summer vacation to five days instead of seven, could you spread this out over the summer or to get that backyard pool? Talk to you boss and see if you could put in some extra hours for a couple weeks to help offset your summer expenses. Even better, maybe it's time to discuss a raise. You may also want to consider moonlighting for a couple weeks this summer to help you budget - deliver papers or take a restaurant job or write for Associated Content.

To keep your summer budget in check, you may have to get creative and honest. Check with your local parks department for low-cost or free summer entertainment. Have a garage sale. Check out subsidized child care and compare electric rates and insurance quotes. Also, check out ways to increase your gas mileage.

Once you've decided on a budget, be sure to revisit at least with each paycheck. A budget only works if you use it.