How to financially recover from an expensive summer weekend

Between lakeside getaways, music and food festivals, trips to the national parks and even hitting the movie theater for some air conditioning, there are plenty of ways you may be tempted to stretch your budget on a summer weekend. FOMO can urge you to pull out your wallet more than you should, leading to a spending hangover that has you questioning whether you can still meet your savings goals. 

But just because you splurged on a pricey meal at a beach club or expensive Uber home doesn’t mean you can’t get back on track. Here are five ways to financially recover from a costly summer weekend. 

1. Assess the damage 

Overspending can happen easily, especially during the summer when people throw their budgeting cares out the window to enjoy time in the sun, says consumer finance expert Andrea Woroch. But those who don't pay attention to their spending and come up with a plan to combat their overspending will face a much more difficult path to financial recovery, she adds. 

Woroch recommends assessing how much you spent and where you went overboard by reviewing your bank and credit card accounts after the weekend is over. 

“Not only will this help you devise a plan to save but this can help you avoid overspending in the future,” she says. “Awareness is often the most important step to prevention.” 

2. Make a plan to replenish your savings 

Next, look for ways to pay off purchases or replenish your savings by making budget compromises. If you typically eat out once a week, maybe you can swap that plan for cooking at home for the next two weeks. If you were planning to stay at a hotel for your next weekend trip, consider replacing that booking with a camping trip. You could also pause unnecessary subscriptions or memberships and DIY some of the activities you usually pay a professional for, such as pedicures. 

“Remember you can't afford every purchase or expense that isn't a necessity, so figure out which ones you can cut back on now to help pay for your recent summer fun,” Woroch says. “Then take this approach moving forward by considering where you can reduce spending to pay for upcoming expenses. It's all about rebalancing your budget and spending to accommodate for what you have going on at the moment.” 

You can also hack necessary expenses by calling to negotiate rates, bundling services to snag a discount and asking about deals for signing up for e-billing or auto pay, she adds. Then put the money you save on bills to help pay off your summer weekend. 

3. Plan ahead 

When recovering from an expensive summer weekend, the best way to minimize the angst you may feel post vacation is to pre-plan as much as you can, says Anjali Jariwala, a financial advisor and founder of FIT Advisors. 

“Summer can be a wonderful time for travel but is also usually the most expensive time of the year so planning is your best tool to have a fun and stress free summer travel season,” she says. “Personally, I budget every trip I plan to take.”  

She says she creates a spreadsheet to help track expenses and after the trip is over, she reviews how much her and her family actually spent compared to what their budget was, which allows her to understand how much their trips cost on average and how best to budget for future trips. 

“I then create an annual travel budget that I save for throughout the year,” Jariwala says. “If you know your summer weekend trips cost about $2,000 on average, you can start saving now for next year's trips.” 

4. Set money aside 

Wondering where you should keep that money you save throughout the year? Jariwala says to consider opening a high-yield savings account where you store this money so that when your credit card bill for the trip comes due, you can reimburse yourself from the savings account. Current, for example, allows you to create Savings Pods that let you earn up to a 4.00% annual bonus on money in your pods and allow you to save for specific goals, such as future trips or summer weekends. 

“Don't forget to put in a cushion for incidentals like souvenirs, excursions and anything else you enjoy when you travel,” Jariwala says. “Travel should be prioritized just like any other savings goal like investment, college funding, home improvements and more.” 

Saving this way also allows you to focus on what is truly important to you — such as summer experiences — and save for it accordingly. 

5. Consider your debt 

Sometimes a summer splurge can result in debt, and it’s important to address that ASAP. If you have savings, you may want to consider using it to pay off high-interest debt, such as credit card debt. 

Woroch says if you racked up an unhealthy balance that has compounded with other poor spending choices this summer, debt consolidation may be a smart move before it spirals even more out of control. One option is to apply for a 0% balance transfer card to benefit from an interest-free period of up to 21 months in which you can pay off this debt faster and save more money over time. 

If racking up debt has hurt your credit, you can consider using a secured charge card, such as Current’s Build Card, to help you build your credit history back up. When you use Current’s Build Card, your monthly payments can help you build your credit history as your on-time payments are then reported to the three major credit bureaus (Equifax, Experian and TransUnion). Members have an average credit increase of 81 points six months after using the Build Card.