Article Summer Vacation Isn`t All Fun In The Sun.Researchtopic: Investigating Factors that Promote Financial Security DuringSummer Vacations
Thisarticle provides insight on effective financial management during thesummer holidays. On the surface, many people consider the summer asan opportunity to enjoy sunny days, barbecues, relaxation on thebeach and bonfires. However, when summer sets in most individualsexperience financial anxiety.
Thisarticle gives an example of a survey conducted by Harris polls forthe American Institute of Certified Public Accountants (AICPA) in2014, from March 21st to March 23nd. According to the study carriedout it was discovered that summer spending is directly related togender. While most men budget for about $3,200, most females, on theother hand, quote their preferred estimates at about $2,800[ CITATION Ame14 l 1033 ].Paying with cash also was found to be an easier way to managespending compared to paying using credit cards. This survey wasundertaken as a means of educating AICPA members and consumerson ways of increasing their financial literacy. As a professionalassociation of accountants, the AICPA has the mandate to help peopleunderstand and manage their finances throughout life.
Additionally,various practices were recommended to help people avoid summer stress by managing their finances better. First, individuals are advised tocreate a budget for planned activities and related costs. Budgetingusually motivates individual’s to save up for the money they need.Another helpful tip is to look for discounts and cheaper outlets.Besides, individuals are also advised to fund the vacation by sellingunwanted items to raise money[ CITATION Ame14 l 1033 ].This article provided me with an interesting topic to research. Irealized that most people experience financial stress during thesummer due to the high spending experiences during that time.Considering that am aspiring to pursue a career in accounting, I needto familiarize myself with ways to help my clients manage theirfinances.
American Institute of Certified Public Accountants. Summer Vacation Isn`t All Fun in the Sun: Financial Stress Levels About Cost of Summer Rival End of Year Holiday Spending. 1 May 2014. 17 March 2017 <https://www.aicpa.org/press/pressreleases/2014/pages/summer-vacation-fun-in-the-sun.aspx>.