Every summer i get these very itchy bumps on the palms of my hands and the inner bend of my forarm. they have a water substance when busted open.

Red itchy skin bumps: This can be caused by contact dermatitis (allergy from contacting a skin irritant); rash occurs where skin touched something like poison ivy, harsh chemical or other allergen. Topical hydrocortisone cream twice daily for a few days is safe for closed skin (not open blisters). Prickly heat is also possible. Keep area clean, dry and cool. Spreading redness and blisters require a doctor check.