Finance: Easy Ways to Keep Summer Spending in Check

By NextHome Staff
May 28, 2018
When we think about the most expensive time of year, the Holidays often come to mind. After all, Christmas gifts, holiday entertaining and travel to see family can be very costly. But what the average Canadian spends during the holidays is only a fraction of the average summer spending.This makes sense as the holidays are a few weeks long, whereas summer can go on for months. According to the latest BMO Summer Spending Survey, Canadians plan to spend an average of $5,605 during the summer months. Compare that to holiday spending. A PWC survey found Canadian consumers were planning to spend an average of $1,507 each during the 2017 Holiday season.As we head closer to summer here are a few ways to keep that summer spending under control.Keep Travel Close to Home The BMO summer spending survey finds Canadians expect to spend more than $2,000 on longer vacations and weekend trips this summer. You can bring this cost down significantly by simply taking trips that are closer to home. Wherever you live in Canada there are often amazing vacations spots only a few hours drive away. Start by drawing a radius around your home that shows all the places that are within 500 km of you. You can easily figure this out by using a site like freemaptools.ca. Road trips are much more cost effective than flying.Plan, Plan, PlanBenjamin Franklin famously said, “If you fail to plan, you are planning to fail! You should apply this to your summer spending plans as well. Map out now all social events you already have planned. Summer wedding, family vacation, dinner dates. Big and small, write all the events down, then attach a guesstimate of how much you believe each event will cost. The BMO survey shows Canadians spend more than $2700 on social outings, entertaining friends and family and general summer activities and entertainment. By mapping out your social calendar you can easily see where you might be over spending.You can tweak your spending now to keeps costs down, and maybe decline any invites early that might be out of your budget.Quality Over Quantity Focus on events that are most important to you. Summer spending can often get out of control when you start accepting every single invitation. What might end up happening is you find yourself spending money (and time) on people and things you don’t even enjoy. Now that is a total waste of money. Avoid all that by picking events that really mean something to you and your family and friends.Find it Free First Summers in Canada are synonymous with outdoor festivals. Many of them are free to attend. By visiting your town or city’s website you can find out all the events happening all summer. Find free fun first. Especially with smaller kids, the free events can work out better, as without a ticket there is no obligation to stay all day with a cranky toddler to get your “money’s worth.”Plan for Extra Childcare Parent’s often find themselves scrambling to get childcare for the summer months. Camps and short term child care options can be expensive. The best option is to take your own holiday during the summer months to bridge that gap. For the weeks when you need childcare, find city- run camps for the best value. Also check on your own condo message board to see what other families are doing for childcare over the summer.Summer is supposed to fun and spontaneous, but you don’t want it to leave you in debt by the end of the season. With some careful planning you can enjoy the entire summer without putting yourself in financial distress.Rubina Ahmed-Haq is a/journalist and personal finance expert. She is HPG’s Finance Editor. She regularly appears on CBC Radio and TV. She is a contributor on CTV Your Morning and Global Toronto. She has a BA from York University, received her post graduate/journalism diploma from Humber College and has completed the CSC.Follow her on Twitter @alwayssavemoney.

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