Summer Fun on a Budget
by Terry Bennett, Money Coach, Mac’s Money Centre
Summer has finally arrived. For most of us it’s the time that we take our vacation. If you have children, it’s the perfect opportunity to spend time as a family and enjoy quality time together. If you are single, it’s time to travel or just kick back with friends.
With all of these things, summer can often put some real strain on the budget. So, here are some tips that can help you have a fabulous break without breaking the bank.
Like everything else, saving in advance is the best way to make sure your holiday doesn’t turn into debt. Planning your activities ahead of time will help you price out the cost. The addition of these expenses into your annual budget ensures that you have the funds ready when you need it. It’s easy. Take the total amount you expect to spend and divide it by the number of pay periods you have until the money is required. Set this money in a high interest savings account and pay off the credit card in full when the vacation bill comes due. You have earned interest throughout the year and you have saved interest by not incurring a credit card balance. You even collected loyalty points or cash back from your expenditures and they can be used for next year’s vacation.
Whatever you are doing, be it day trips or an extended holiday away from home, make sure you are getting the best deals. Check out websites that offer reduced rates, compare options or look for “bundles” that discount prices when you combine accommodation, rentals, attractions and airfare.
If you are a CAA member, take advantage of the member discounts on hotels and rentals. Remember, ask for the discount because it’s not always advertised. You might be able to leave your wallet at home if you can find an all-inclusive. Travelling on the off season can be substantially cheaper. A cruise in the summer? Why not?
Road trips can be a fun and more frugal option (unless gas prices go any higher). You can pack a cooler and travel a further distance with lunches, snacks and drinks readily available. Every province or state has interesting things to see as you travel throughout.
From museums and art galleries to stop to national parks and natural wonders, there are so many things to explore. Many of these activities are free or heavily subsidized. Check with the local Chamber of Commerce or Visitors Booth to get the best offers. Both the AAA and CAA offer free maps and fantastic ideas for adventures. Their paper tour books can be downloaded for your phone or tablet.
If you are travelling with kids you can use this as an opportunity to teach them about the value of money. Give each child an amount they can spend (either over the life of the holiday or daily) and let them decide on how they’d like to spend it. When the money is gone, so is their ability to make an independent decision about what they want. If they spend it frivolously or all at once, they will have learned a valuable lesson! This is a lesson that is more easily learned now rather than later as an adult. You can teach them that money isn’t infinite, and that planning and consideration is part of using your funds effectively.
If you prefer to stay at home, this doesn’t have to mean doing nothing. Your family members can each take turns picking a treat or activity that would be fun for them. You could make a special meal or dessert, have a games night, order in and watch a film on Netflix. Pitch a tent (make your own) and camp out in the backyard, make a bonfire and toast marshmallows. Do a DIY activity. Get creative. It’s the time spent with family and friends and the memories you’ll make that will be remembered.
If you are getting sick of being home, grab your bike (or rent one for the afternoon) and go for an adventure. Hike trails, go to the local community pool, visit the library and get some good books or movies for later. Even doing a chore, if you do it together, can be an outing. Get a treat at the nearby ice cream or fast food outlet and enjoy not working or going to school. If you can only do one big attraction, drive to a local one and get a day pass at the amusement park, golf course or water park.
If all this sounds like it would be difficult to plan, make a bucket list for the summer and have everyone put in their ideas. Here are some things you could ask to get the ball rolling.
· List your favorite things to do, what activities leave you happy and invigorated? How can you can build these into a summer plan?
· Are there any skills or subjects you’d like to learn about? How do we go about making this happen?
Once you have set up a list (and everyone has time to contribute ideas) set the priorities, cost them out and if you can’t do them all, select your top five choices. Once again, you children will learn that you can’t do/have it all. It takes compromise and making hard choices to make it all work. They’ll soon realize that these decisions can lead to wise choices.
