Summer may bring sunshine and free time, but it can also burn a hole in your wallet if you’re not careful.
Between impulsive online shopping, daily lunches out and rising transportation costs, it’s easy to lose track of your finances.
Wealth management advisor Charles Sachs has one message for South Floridians: Be intentional with your money. “It’s the middle of the summer, people have plenty of time on their hands and you know we have half a year left to be able to do things,” Sachs said, noting this is the perfect time to reassess your financial habits.
Rethink transportation and online shopping
One of the most common summer money traps, Sachs said, is online spending.
“Is it something you really need, you want, or is it just an impulse? Look, a great thing to do is to be able to buy things when you get good deals—not a great deal if these are things that you don’t need,” he cautioned.
Transportation is another area where expenses can add up quickly, especially in South Florida. Sachs offered a surprising statistic: “Most cars sit in your driveway at home or at work 98% of the time. So do you really need those two cars?”
The financial impact, he said, is significant. “It’s probably $20,000 a year just out of your pocket between insurance, fuel, all maintenance, all the things for a vehicle, not to mention the depreciation.”
Cut costs with meal prep and cash-only spending
Sachs is especially vocal about the money spent on daily lunches. “I’m a little bit crazy about what people spend on lunches,” he admitted. His solution: “Buy in bulk, meal prep, bring your stuff from home to be able to do that. Look, every once in a while, great to splurge, but have it in your budget.”
One of his most straightforward pieces of advice is to pay with cash.
“Put cash in your pocket. You can’t outspend the cash in your pocket,” he said. “If you say I’m going out tonight and I’m taking whatever it is, $50 or $100 in my pocket—once that’s spent, you’re going home, you’re not overspending.”
South Floridians share saving strategies
South Florida residents are also adjusting their spending habits.
“I have a budget and I try to keep to it. My manager just gave me the advice to spend; well, she spends $60 on groceries, so that’s like my new goal,” said local resident Emily Mensching.
Adam Rosen, a father of two, said his family is carefully managing costs. “We’re just, you know, watching our budget, balancing things out. Thankfully we both have full-time jobs and good jobs and lots of family support that help with the kids. We’re making it work. Things are harder now than they used to be.”
Miami shopper Janet Moses takes a strategic approach: “Everywhere in the world, I compare and contrast, all over the place, to make sure I’m getting the right deal as well, and I use a lot of coupon codes online, so that’s a great way to save.”
Start small, think long-term
For those thinking ahead, Sachs recommends consistent savings—even in small amounts.
“You could put as little as $5 every day into an interest-bearing account and in 30 or 40 years that could grow up to a million dollars or more,” he said.
With just a few practical shifts, you can enjoy summer without sacrificing your financial future.
