Traditionally the last week of July and the first week of August are two of the busiest vacation weeks in the summer. Canadians count on warm weather and lots of sunshine during their holidays. Family vacations can put a dent in our finances if the holiday is an unplanned expense. It’s really tempting to use credit to cover the cost. However you don’t have to go into debt to have a terrific summer vacation.
Putting money aside for vacations should be an integral part of your annual household budgeting process. Remember, a budget is a living document that can be adjusted to accommodate an area you may have missed like your family holiday. The goal is to reallocate the funds you have and not incur any debt.
Consolidated Credit offers you these summer savings strategies to keep spending in check:
- Pay with cash to avoid the after vacation credit card bill blues.
- The internet is a good source for coupons, 2-for-1 deals and group buys.
- Got kids? Assign a dollar value for each vacation day and involve them in the planning – any money left over at the end is theirs to save for the next holiday.
- It’s always fun to stay in a hotel – rates are known to be less expensive Monday through Thursday than on weekends.
- Look for ‘meal deals’ at restaurants. Toronto has Summerlicious and is a great way to experience some of the city’s best eateries at reduced prices.
- Gas and parking can be very costly as you explore the different areas of your destination – check out public transportation offers for family pay-one-price travel passes.
- Going on a day trip? Pack a picnic lunch and snacks for healthy meal alternatives to offset the high cost of fast food.
- Redeem reward points for theme parks, hotel stays, car rentals or movies.
- Pay-what-you-can or free admission may be available at local attractions.
A successful holiday starts with a cost effective plan and ends with money left in the bank!