Skimm Money: When “Fun Money” Doesn’t Feel So Fun

How the news affects your finances.

When “Fun Money” Doesn’t Feel So Fun

Concert tickets, happy hours, and all the pool floaties your Instagram heart desires. For every great summertime plan, there’s a dollar sign attached — and the risk of having another “summer of splurge.” That said, inflation isn’t going anywhere. So, how can you navigate balancing your budget and your “fun money” plans without “doom spending” or a nagging sense of guilt? While it’s important to build your savings and pay down debts, that doesn’t mean there isn’t room in your budget for that ice cream cone with sprinkles. The key is “creating the rule book for yourself,” says Shannah Game, a CFP and money trauma expert.

Your move:

• Find acceptance. The first step to dealing with spending stress is acknowledging that it exists, says Game.

• Go deeper. “You want to figure out where your feelings about money come from, so you can build a stronger foundation and healthier habits,” she says. Did your mom always say “no” to the ice cream truck because it was too expensive? Do you feel like you “shouldn’t” spend money unless your student loans are under control?

• Vocalize feelings. Chat with your friends about money angst, or opt for something more formal like financial therapy. This can help you sort through emotional baggage from past money trauma or find tools to reduce spending guilt and impulse buying.

• Start a “sinking fund.” These catchall funds are different from your emergency fund and are earmarked for non-regular expenses (think: a weekend getaway or spa day). Some banking apps allow you to funnel money into separate buckets designated for certain goals, so you can add a fixed amount to your “summer fun” bucket throughout the year to tamper guilt once it comes time to start spending.

• Find the free stuff. Sure, the fun stuff often requires $$, but many communities offer entertainment or outdoor activities, including festivals, block parties, or outdoor workouts that are entirely free. Or make your own fun with this list of 60 free summer activities.

The money stories everyone’s talking about.

Watching everyone frolic around Europe for the Eras Tour? Jump on the “tour tourism” bandwagon to buy overseas concert tickets for a fraction of the US price.

Is it burnout or "sandwich squeeze”? This is just the latest way your job could be bringing you down.

Staycation on your itinerary this summer? These low-cost home hacks will make your space feel like an Airbnb — minus the mystery locked closets.

Does retirement sound like heaven? Only 4% of retirees actually feel that way, and many point fingers at inflation (and relationship woes) as a reason why.

Even interest rates and inflation can’t stop families from shelling out cash for trips to Disney. Theme parks aren’t cheap. These 4 tips can help cut costs.

One act of financial self-care you can do in five minutes.

Swipe and scroll for some extra spending cash.

Your ideas are worth more than you think… or at least enough to cover your morning mocha. The next time you’re vegging out on the couch, why not turn your phone into a tiny ATM? Completing online surveys offered through sites such as Swagbucks and Survey Junkie can net you up to $5 each. Sure, it’s not enough to make a dent in your student loans, but it is a more lucrative way to spend 15 minutes than aimlessly scrolling. By the way, there are actual strategies to master this mini-side hustle: One woman makes $500 every month from surveys and rewards apps.