Five tips from an economist – how to make ends meet this summer

Topics

• Insurance
• Salary

Around a quarter of Finns say they will spend less on their summer holidays this year than in previous years. This is according to a recent survey by YTK Worklife partner LähiTapiola, in which Finns were asked to estimate their summer holiday budgets. The most common summer holiday expenditure items are food, domestic travel and hobbies. Read LähiTapiola economist Hannu Nummiaro‘s five tips for budgeting.

1. Save for your holiday dreams. It pays to plan well in advance. If you know you can’t keep the money in a current account, you can open a separate account for your holiday fund. For longer-term savings, you could consider funds. The enjoyment of a debt-financed holiday may be dampened by the upcoming budget rebalancing.
2. Make a holiday budget and stick to it. No complicated calculations are involved: a piece of paper, a pencil and a calculator will do the trick. First, write down all the major expenses, such as travel. List the smaller expenses and leave room for surprises. Include any holiday income, if there is any. Don’t hide your budget for the summer, but look at it during the holiday and adjust your spending if necessary.
3. Plan and compare. Careful planning and comparing options can save you a pretty penny. If you’re heading out on a trip, consider whether you’re prepared to pay for a hassle-free package deal or save by finding travel and accommodation options yourself. For children, a trip to an amusement park can be the highlight of the summer, but even then you can save by making small choices: for example, bringing your own water bottles or snacks.
4. Keep the common sense. During the winter, many people strictly refrain from extra impulse shopping. During the holidays, discipline can be forgotten. A few euros can go unnoticed when you’re shopping for clothes, drinks, snacks and other purchases, big or small. It’s also worth making room in your holiday budget for smaller impulse purchases.
5. Think beyond the holiday. When you add up your summer spending, also think about what happens after the holiday. Will starting school require new purchases? Does your wardrobe need updating? “Autumn shopping” can already be done at summer sales, often at lower prices.

Read the full story on the LähiTapiola website!

As a member of YTK Worklife, you have access to comprehensive leisure accident insurance, professional liability insurance and legal expenses insurance from LähiTapiola. Find out more!