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Personal Finance

This survey explains why you feel poorer in the summer

As the temperatures rise during summer, cooking our meals becomes much less appealing. Sitting outside in a backyard restaurant sipping on drinks with friends seems like a just reward after being cooped up indoors all winter. But one drink becomes drinks and appetizers for the table and suddenly we are hit with a triple-digit bill.

According to a new Capital One survey, this is a normal spending behavior, because we are more likely to spend money on dining out this summer than at any other time of the year.

We spend more on socializing during summer than any other season

The survey of 1,000 Americans found that eating out for dinner is a guilty pleasure for us during the summer months. When summer comes, so do the invitations to get out of the house and socialize. And those happy-hour get-togethers add up. On average, U.S. adults spend $305 more on socializing during the summer months than any other season.

Turns out, we like to spend our summer paychecks on dinners. Dining out was the top activity the majority of Americans —80%— said they would be doing this summer.

There’s another way to socialize that does not involve costly drinks and overpriced entrees. Fifty-four percent of Americans said they would prefer to host a dinner party for their friends than take out them all out for dinner on their dime. You can heed their fiscal advice. If you notice that you are overspending on drinks and eating, try hosting people over for a meal at your house. Your slim wallet will thank you.

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