Summer 2022 was expected to be the season of revenge travel and enjoying life to the fullest. However, some of our bank accounts have had to tell us to slow down a bit. Depending on your money personality, finances can play a major factor in your plans for the season. Luckily, we spoke to some financial psychology experts who shared some suggestions of things to do in summer 2022, based on your money personality.
If you’re new to the topic, you might be wondering, what is a money personality? Similar to everyone having their own Enneagram and Myers–Briggs Type for their personality, they also have a money personality type that determines their attitude around saving, spending, and investing money. If you want to know yours, all you need to do is take a financial personality types test to determine which of the five money personality types fits you the best. Of course, you can also get a general idea of which one you are — a saver, big spender, debtor, investor, or shopper — after learning about the characteristics of the five money personality types.
If you’re wondering, why is it important to know your money personality, experts say that knowing your relationship to your finances can really play a part in every decision you make, including the things you want to do in the summer. With summer breezing on by, it’s time to make those dream plans come true before fall arrives.
For young people, managing your money for the first time can be daunting, especially when simply existing is expensive these days. But ensuring that your future self is financially secure — with enough fun funds to travel, enjoy life, and realize your dreams — is a form of self-care. It’s important to master your relationship with money, but where do you start? Gen Z finance influencer Taylor Price shares that you should first make an emergency fund. That way, you always have a little cash stored away where you can invest little by little with each paycheck. “Pay yourself first,” Price says. “You are valuing your future self by putting away some money towards savings and investments.”
It’s also important to pay pay your bills on time, especially credit cards. After you’ve covered your financial obligations, you should come up with a spending plan. Price likes to set up two plans; one budget for the weekend and one for the weekdays because it keeps her cash in check and allows her to have fun. “There are three main strategies for spending responsibly within the spending plan: bargain hunting, splurging on a well-deserved treat, and cultivating experience.”
The first strategy, bargain hunting, means spending money during sales or finding hacks to save on high price purchases like flights. You can also put your cash towards treating yourself on a reasonable splurge that you know you’ll get a lot of use and love out of. The last method, cultivating experience, is about spending on opportunities like travel, concerts, or lessons for a new skill — all of which enrich your life and benefit your overall wellness. These strategies introduce an intentional method of deciding where your hard-earned money goes, so you get the most out of it in the present and future.
Things To Do In Summer 2022 If You’re A Saver
Savers are inclined to stash their money away and sometimes face anxiety when it’s time to spend it. You can still take an amazing trip this summer without draining your savings, as long as you budget ahead. You can book a short weekend trip in a cool Airbnb and get a taste of a new city. If you’re craving a longer retreat, a road trip through the national parks or a train tour around Europe are great, cost-effective ways to see a ton of new sights in one go without breaking the bank.
You can stop, soak in the sights for free, and explore a variety of beautiful places. As long as you put money aside for gas and transportation, it’s an efficient travel strategy that gives you bang for your buck. Price recommends splitting the cost of an Airbnb with your travel companions and hosting a dinner party or backyard barbecue while you’re on vacay instead of eating out at a restaurant.
“If you’ve already met your savings goals or are on track to exceed them, make a plan for the excess,” Financial Behavior Specialist® Carrie Friedberg, SF Money Coach, says. “If you’re behind on savings goals, take a look around to identify and stop any leaks in spending, like unused subscriptions.”
Things To Do In Summer 2022 If You’re A Shopper
If you can’t help yourself to a shopping spree while you’re on vacation, consider finding your souvenirs and summer fashion at a vintage store, flea market, or yard sale. By shopping secondhand, you’ll find items that are super unique and tell the story of the town you’re visiting, plus prices are usually much lower than retail and it’s generally more sustainable. You can also take advantage of end-of-summer sales, like Labor Day, because you could find amazing local deals. If you’re traveling, make sure you’re shopping money makes sense with your spending plan for necessities like your hotel or food. Also, don’t buy more than you can carry, because if it can’t fit in your suitcase, that’s an extra airline cost that could get you on your way home.
Friedberg recommends “going debit-only for the summer or to consider a ‘No-Spend Day.’” Afterwards, you can reflect in a journal about how it went, and consider your emotional ties to money like wants and fears.
Things To Do In Summer 2022 If You’re A Debtor
“The key with the ‘debtor’ personality type is finding activities or trips that align with your values and make you feel good about your financial situation,” Price says. “For example, spending time with loved ones on a trip is always worth the expense — and it will make you feel better about money and your ability to earn it.” She advises if you struggle with credit card spending, eat at local restaurants where the price points are lower, instead of shelling out for an expensive dinner. You can also take shorter trips for just the weekend because they are much more affordable and will satisfy the change of scenery you’re craving.
You can totally skip the extravagant vacation and still have a great summer, of course. Friedberg says to focus on the things you enjoy that are free instead, like “nature, music, people who make us feel awesome about ourselves, writing, exercise, and laughter.”
Things To Do In Summer 2022 If You’re A Big Spender
If you most align with the “big spender” money personality type, consider reeling it in this summer so you have enough cash to last you through the rest of the year. Like the “savers,” a good idea is to take a trip with a lot of interesting stops and makes the most out of your budget. “Big spenders have an appreciation for the journey as much as they do the destination, so you can stop at interesting locations along the way,” says Price.
Wherever you land on vacation, there tends to be a lot of free cultural experiences in local institutions, like history and art museums. They’re usually there for the community to enjoy free of charge and often accept a small donation upon entry. You can also discover parks, hiking trails, and lookout points for free; all you need is some good weather and sneakers. “Big spenders often love experiencing new things in life,” Price says. “So this is a great way to learn something new and meet interesting people at the same time.”
Friedberg advises slowing down and practicing being more mindful. “Practice self-care by tuning into your feelings, and even the sensations in your body, before during and after an in-person or online shopping experience,” she says. “Keep a note on your phone or financial wellness journal to track the effect spending is having on your mind and body in the moment.”
Things To Do In Summer 2022 If You’re An Investor
Investor personality types may want to take advantage of their time off, and they tend to be in a secure financial position. If you’re an “investor” type, Price says you might want to “consider using summer as an opportunity to learn more about yourself and your goals for the future.” Why not register for a class to learn a new language, pick up an instrument, or even get a scuba dive certified before your next trip? You may feel like learning to code at home, getting into astronomy, or giving your garden a makeover for a beautiful harvest in the fall.
It’s also a good time to rack up more financial education. “Commit to studying a new area of investing that you’re curious about on Investopedia,” Friedberg suggests. “It has one of the best dictionaries of investing and personal finance terminology to spark some possibilities.”
Expert sources cited:
Carrie Friedberg, SF Money Coach, Financial Behavior Specialist®
Taylor Price, Gen Z finance influencer