Summer is the time to cut loose. Unfortunately, it can also mean cutting loose financially.
Those sunny months bring endless opportunities for traveling and socializing.
The biggest driver of summer overspending is the lack of a set budget for most things: holiday weekends, graduation parties, vacations, barbecues and family gatherings, summer camp, activities with the kids, and back to school shopping.
It's common for families to go on vacation and use a credit card, thinking they'll figure it out later instead of paying for it outright.
Bad move. "This leads to playing catch-up when summer is over and their regular income is not enough to cover the monthly bills plus the overspending from the summer," said Whitney Ditlow, a financial advisor with Northwestern Mutual.