Yahoo Finance 4 Things Americans Will Spend the Most Money on This Summer
Summer is the time for vacations, cookouts, outdoor shopping trips and relaxation. However, with these summer activities comes potential budget strain for consumers. According to a 2018 study from LendEDU, summer is the second most expensive season, behind winter.
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GOBankingRates recently conducted a survey to see what Americans spend the most money on during the summer. Here’s what they said.
Food
According to the GOBankingRates survey, 33% of respondents plan on spending the most money on food purchases this summer. This can include groceries, dining out expenses and food for holiday cookouts. For those who planned or are planning to shop during Labor Day, Memorial Day and Fourth of July, the majority of respondents said they would spend most of their money on food for these holidays.
Along with inflation, the cost of dining out and groceries continues to grow. To save money on food expenses this summer, consider cooking at home or planning bulk meals ahead of time.
“If grabbing takeout happens a lot in your house because of hectic schedules, it would be worth taking some time over the weekend to batch cook and freeze some meals for the week,” said Todd Stearn, founder of The Money Manual.
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Gas
While some Americans plan on flying for travel this summer, many plan on driving to their destination. The survey found that 25% of Americans will spend the most money on gas this summer. Furthermore, while only 31% of those surveyed said they plan on flying for their vacation, more than half of respondents — 54% — say they plan on driving, instead.
Fortunately, there are several ways to save money on gas expenses this summer. This can include setting up a driving budget or utilizing apps like GasBuddy, which can provide rewards on gas or the cheapest gas prices near you.
“Set up a budget for your driving the way you do for your finances,” Stearn said. “Write down all your planned driving for the week. Then look for anywhere that multiple trips could be combined into one or where multiple people in your household could combine trips that were originally planned to be separate.”
Utilities
GOBankingRates found that 13% of respondents expect to spend the most money on utilities this summer. With the warmer weather, many utility bills, such as air conditioning and electricity, tend to go up for consumers.
Unplugging or shutting off appliances that aren’t in use can prevent phantom energy use during the summer and result in big savings on your utility bills.
“You can save around 3% on your electric bill for each degree higher you set your thermostat,” Stearn said. “Make sure no one’s leaving the fridge open too long, leaving lights on in unoccupied rooms or leaving the front door open to chat while saying goodbye. Things like that can put a significant dent in your electric bill.”
Plane Tickets
GOBankingRates found that 12% of survey respondents will spend the most money on plane tickets. Summer is the season for long getaways and destination vacations, and these trips often require flying. As noted above, the study also found that, for those who plan on traveling this summer, 31% plan to travel by plane.
Packing light, using rewards points and buying plane tickets during cheaper days or times are a few ways people can save money on airfare costs.
“If you have strong credit and are responsible with credit cards, a points and miles credit card with a big sign-up bonus could let you earn a free flight fast, if you put all your regular spending on it. Do the math first and make sure you won’t need to spend more than your normal monthly spending to earn the bonus in time for your trip,” Stearn said.
Survey methodology: GOBankingRates surveyed 999 Americans aged 18 and older from across the country on between May 3 and May 7, 2024, asking twenty-two different questions: (1) What will you spend the most on this summer?; (2) Has inflation impacted your summer vacation or travel plans this year?; (3) If you’re going on a vacation, how do you plan to travel? (select all that apply); (4) If you’re going on a vacation, where do you plan to stay? (select all that apply); (5) How much do you expect to spend on vacation this summer?; (6) What’s the best way to save money on vacation costs?; (7) If you are a parent, how much will you spend on summer activities/camps for your child(ren)?; (8) If you are a parent, how much will you spend on weekly child care costs this summer?; (9) Which retailer do you shop at most for your summertime needs?; (10) Which retailer do you think has the worst deals on summertime essentials?; (11) If you shop at Dollar Tree, what’s your summertime must-buy? (select all that apply); (12) If you shop at Costco, what’s your summertime must-buy? (select all that apply); (13) If you celebrate Memorial Day, how much money do you plan to spend?; (14) If you celebrate the Fourth of July, how much money do you plan to spend?; (15) If you celebrate Labor Day, how much money do you plan to spend?; (16) If you’re shopping during Memorial Day weekend, what are you planning to buy? (select all that apply); (17) If you’re shopping during the Fourth of July, what are you planning to buy? (select all that apply); (18) If you’re shopping during Labor Day weekend, what are you planning to buy? (select all that apply); (19) Do you plan on working a side hustle this summer to cover expenses?; (20) What are some ways you plan to save extra money this summer? (select all that apply); (21) How do you plan to build your wealth this summer? (select all that apply); and (22) Which summer purchase is worth every penny, in your opinion? (select all that apply). GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
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This article originally appeared on GOBankingRates.com: 4 Things Americans Will Spend the Most Money on This Summer
