WATCH: Racking up summertime debt is easier than you think
Soaking up the summer? Make sure it doesn’t drain your wallet. According to a poll by CIBC, forty percent of Canadians say summer is the most expensive season of the year.
According to the poll, the average Canadian plans to spend more than 17-thousand dollars on things like travel, sporting equipment, dining out and entertainment. Ontario is the second highest province when it comes to spending behind Atlantic Canada while Quebec spends the least in the country.
Experts suggest putting away extra cash in the months leading up to summer. But even with money put away, many Canadians are still expected to rack up debt and dip into their savings.
“Surveys show that people in the winter are very targeted in their spending, they’re much more focused,” says personal finance expert Rubina Ahmed-Haq. “But in the summer time we tend to let it go, we are a little bit more laissez-faire about it because we want to enjoy ourselves after this terrible winter we’ve had.”
Unexpected trips and spontaneous social outings could translate to hundreds of extra dollars every week. Experts suggest creating a budget and sticking to it. Looking for deals and coupons and free community events at the park or library could also help you save money while entertaining kids home for summer break.
“Find the free stuff first, especially the day to day stuff and you’re going to save yourself a lot of money,” said Ahmed-Haq.
Ahmed-Haq says there are many ways to enjoy the summer sun without your wallet getting burned. Shoppers outside of Square One mall in Mississauga say they spend their money on food and shopping but try to prioritize their expenses.
“The most important is the most important and if its not, then don’t buy it,” said one woman. Another shopper said a budget is key. “I set a limit for myself like weekly limits. Like, I’m going to spend like fifty bucks this weekend,” she said.
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