Hey there! It's Talk About Money Tuesday, my favorite day of the week!🤑

While sorting through some papers last week, I ran across a mini-poster I got years ago that says: Dear Winter, I'm breaking up with you. It's time I see other seasons. Summer is hotter than you...

I laughed when I read it, as usual. But as much as I love summer, I can't overlook that it comes with a price tag, especially this year. All the trappings of summer vacations cost more — gas, airline tickets, hotels, restaurants, even the groceries families buy while staying at their favorite Airbnb.

When you factor in summer camps, childcare, last-minute outings, and small treats like ice cream and poolside snacks, it's easy to see how summer spending can tax the family budget.

All of this makes summer a great season to teach young people about money in real-world ways. The everyday moments of planning summer activities can help you introduce important lessons about prioritizing needs vs. wants, making thoughtful spending decisions, and more.

Money Stat

65%

High prices aren't enough to stop Americans from traveling this summer. But some people have decided to rethink their vacation itineraries. According to a U.S. News & World Report survey, 65% of people said rising costs made them switch up their summer getaway plans.

Among the adjustments they made were reducing their trip budget and cutting back on the number of trips they planned to take. About 30% of the group said they changed destinations to save money or canceled some or all of their planned summer trips.

The most frequently canceled destination was Las Vegas, followed by New York City and visits to national parks.

Get in the Zone

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Money skill: How to comparison shop for travel

Why it matters: Summer travel is full of choices — like flights, hotels, attractions, and even food — that can vary widely in cost. Teaching young people how to compare these options helps them see that prices aren't fixed and planning ahead can stretch a travel budget.

Try this: To help your kids build critical thinking around value and trade-offs, give them a behind-the-scenes view of what goes into planning a memorable (but within budget) vacation.

➡️ Compare options together before booking anything. Show your kids how flights times, hotel locations, or ticket packages can change the total cost of a trip.

➡️ Explain the trade-offs behind "cheaper" and "more expensive." A budget hotel may save money upfront, but it might mean longer drives to attractions. A pricier hotel closer to the action may cost more, but it saves time so families can make the most of their summer getaway. Talking through these trade-offs helps kids understand that value is more than price.

➡️ Let kids choose between two or three travel options. They can pick between activities or restaurants within a set budget, which makes comparison shopping feel real and gives them ownership of their spending choices.

➡️ Talk after the trip about what choices saved money and why. Highlighting those wins helps reinforce the habit for future travel.

Money Talks

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With rising prices changing the way families approach summer fun, here are three ways to start a conversation with your kids about how real-world money decisions shape summer plans:

1️⃣ Talk about comparing options before spending money. Ask your child: "If two hotels, attractions, or activities looked similar, how would you decide which one was the better deal? Follow up with, "Would you only look at the price, or would other factors matter too?" Point out that the cheapest option isn't always the best value if it requires more travel time or extra fees.

2️⃣ Discuss prioritizing spending. Ask, "If we couldn't do everything we wanted to this summer, how could we choose what's worth spending money on?" Explain that families often rank priorities and spend more on the experiences they value most. This helps youth think about summer as a season of intentional spending.

3️⃣ Explore how families adjust when prices go up. Ask, "If something we wanted became more expensive, how could we still enjoy summer without spending as much?" Talk about alternatives, such as choosing a different destination, taking a day trip, or finding free local activities. This helps kids see that creative and flexibility can go a long way when budgets are tight.

Loose Change

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🤫 First, "quiet quitting" took over the workplace. Now millennials are "quiet vacationing."

🎶 Nearly one in five Gen Z and millennials look to their playlist for vacation inspiration.

☹️ A dad decided to pay for his vacation with $10,000 he took from his 4-year-old son's savings account because "he won't know."

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'Til next time,

Audrey
​Founder &
Certified Financial Education Instructor​
The FinLit Zone

600 1st Ave, Ste 330 PMB 92768, Seattle, WA 98104-2246
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