(TORONTO, ON) – It’s tough to justify spending big on a luxury vacation when money is tight. These money woes are causing Canadians to trade in “vacations” for ” staycations ” this summer.
A recent survey by the Bank of Montreal, found that Canadians will be spending less on travel in 2014:
- Travel budgets are decreasing 20% compared to last year (from $2,226 to $1,802)
- 33% of people say they will travel less this year than in 2013
- 23% are scaling back to save more while 19% are focusing on paying off debt
Jeff Schwartz, executive director of Consolidated Credit Counseling Services of Canada, says tough times are causing more modest travel plans –
“Canadians are tightening the drawstring on their swimsuit this year,” says Schwartz. “But I’m encouraged that people are choosing to focus on things like saving and paying off debt instead of paying for elaborate vacations.”
The BMO study states that although 81% of people still plan on doing some sort of travelling, they’ll be doing it closer to home –
- 55% plan on staying in their home province
- 26% will go out of province (a decline of 7% compared to 2013) and 30% will head to the United States (a drop of 34% from 2013)
- 19% are forgoing travelling all together
Consolidated Credit believes that a fun vacation doesn’t require you to go far. There are a variety of ways to enjoy yourself close to home, including:
- Hit the beach – The beach remains one of the most frugal vacation destinations you can find. If you live within driving distance, pack up the kids with some shovels and pails and head to the water. Splash around in the water, read a book and build some sandcastles. It’s both fun and frugal!
- Camping – Camping is a great way to spend quality family time without having to worry about the cost. A week at a campsite will cost as much or even less than one night at a fancy hotel. So, grab a tent, some marshmallows and your sleeping bags and head out into the Canadian wilderness – or just to your backyard.
- Bike ride/fruit picking/picnic combo – Here’s a great way to spend a full day. Grab a map and plot your course. Prepare a picnic lunch and throw it in a backpack. Bike out to a farm where you can pick your own strawberries or another type of fruit or vegetable. Then find a nice park where you can enjoy your hard-earned picnic lunch. This activity will do wonders for your health – both physical and financial!
“The goal of any vacation is that you acquire memories that will last a lifetime. Those memories are created not by the price of a plane ticket or the exotic location, but rather by the good times you share with your loved ones.” – says Schwartz.
About Consolidated Credit Counseling Services of Canada, Inc.:
Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance.
For more information or to request an interview with Jeffrey Schwartz, please contact:
Eric Spence, Public Relations Coordinator, Consolidated Credit Counseling Services of Canada, Inc., T: 416-915-7283 ext.1041, C: 416-731-5588, F: 416-915-5200, E: [email protected]