Don’t let summer vacation break the bank

Driven by vacations, social outings and entertaining at home, Canadians plan to spend an average of $5,605 during the summer – making it the most expensive season for 45% of people, says a BMO survey

Canadians expect to spend over $2,000 on longer vacations and weekend trips this summer. Summer socializing accounts for 39% of Canadians’ summer expenses; they plan to spend $1,160 on social outings and $1,006 on entertaining at home.

Read: Help clients better manage their finances

Instead of worrying about the expense, 38% of people surveyed say they take a mental vacation from worrying about money over the summer, and 42% haven’t set a summer budget.

Many people plan on paying for out of town vacations and other items using their credit cards. Only 26% of people won’t depend on credit to finance their summer splurges.

Top Summer Spending Categories
Longer vacations & weekend trips	$2,038
Social outings	$1,160
Entertaining friends and family at home	$1,006
Summer activities/entertainment	$522
Home & Garden Improvements	$322
Seasonal consumer goods	$227
Big purchases	$212

Read: Canadians will overspend this summer

Give your clients these tips to keep summer spending in check:

1. Use discounts and coupons. Many amusement parks, movie theatres and museums offer discounted prices on certain days of the week or during off-peak hours. Look for promotional coupons to popular attractions and check for group discounts when going with the whole family.

2. Budget. Creating a specific budget for the summer season that incorporates both every day and summer-fun expenses.

3. Use a rewards credit card. Maximize credit card usage by getting points or cash back. Consider redeeming some of those points to pay for entertainment.

4. Check up on spending. Regularly track spending against a budget, and make adjustments if spending too much.

Read: Canadians expect to pay $60K in mortgage interest