Do you feel like you start to spend more money when the sun starts shining? You’re not alone.
As the world opens up more and more by the day, you may find yourself outing more often regardless of today’s still uncertain health and economic climate.
Who doesn’t like the summer? Summer Fridays, days on the beach, vacations, concerts, events and dining, weddings, projects around the house and many other…reasons to spend money on.
One of the biggest summer financial strings is increased expenses for parents of school aged children including childcare, camps and activities.
Indeed, summer is the second most expensive season. It’s easy to feel overwhelmed.
While you may be excited to reunite with friends and family, and get back to normal, it’s important not to let your summer spending spiral out of control.
☀️Be smart about scheduling. You should choose the experiences that are most important to you and your family.
☀️Track your spending. Have a budget for each activity and stick to it.
☀️Have a credit card that offers rewards? Use it. This way you’ll be making those summer credit card purchases work in your favour (of course if you’re paying off your statement balances in full).
☀️Focus on free and low-cost activities like recreational sports and camping, joining in neighborhood events or simply going for a hike, bike ride, or taking a trip to the beach can be a great way to enjoy the warm summer weather at no cost at all.
☀️Profit from a garage or yard sale. Summer is a perfect time for it.
☀️Party at home. Take turns hosting to keep it interesting while saving money on bar tabs and gas costs. Potluck parties are the best.
Fun does not have to cost a lot of money.
Well, one of the reasons our pandemic credit card bills were likely much lower than our current ones is due to the fact we didn’t go anywhere.
Taking on debt to afford the summer is common. Whatever the case may be debt, saving and spending issues are personal matters. Maybe you haven’t taken a holiday for the last two years and now you’re willing to spend some of what you saved up from last year, or maybe just simply want to spend more this season.
People have this urge because they’ve been locked up for the past couple of years. They’re ready to get out there, ready to spend. People are well aware of upcoming rising mortgage payments and other economic pains hitting the average household come fall season but still want and deserve to have fun under the sun.
Let’s be honest, a little bit of summer is what the whole year is all about.
No matter what your plans are for the next few months, it’s still important to save for financial goals and pay down your debt.
Regardless of your current income level, high-interest credit cards and loans have the potential to eat up a big chunk of that income. Consolidating your high-interest debt can reduce monthly payments and free up cash for summertime activities.
We’re here to help with that, and so much more.
Have a wonderful summer ☀️
Best Regards,
🇨🇦 Canadian Debt Advisors
