How to Reduce Debt and Still Have an Awesome Spring Break

Did you know that parents of young children are carrying the most debt? According to a Global News poll, Gen X parents are the ones carrying the highest consumer debt in Canada. They are also the most likely to be holding the largest mortgages and paying exorbitant childcare costs. With interest rates continuing to rise, parents of school-age children may not be as excited about spring break, worried that this extra spending may actually break their bank.

Our Spring Break Spending Poll from last year showed that parents planned to spend an average of $600 on spring break activities and that one in five parents would use credit to fund these activities. If the thought of the extra spending has you stressed out, here are some fun ways you can enjoy time with your kids during their school break without overspending:

1. Make a spring break budget – Gather your family and discuss ideas for activities and vacations, and build a spending plan to make them happen. By planning ahead, you will be able to save up for these activities and not have to rely on credit to take a vacation or have some fun as a family.

2. Look for free activities – Spring break doesn’t have to equal more consumer debt. Look for free, fun, family activities you can do such as playing outside, or putting on a play. You can also look for free activities in your area. Check out the City of Prince Albert’s calendar of events for some great free and low cost, family-friendly activities.

3. Reduce costs – If you’re looking for more ways to offset the costs of spring break, have a good look at all of your monthly spending and brainstorm ways to reduce costs, like not eating out as much or lowering your heat to save a few extra bucks. Making wiser decisions and spending less when possible can save you a lot of money.

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Your debt doesn’t have to affect your spring break plans, and you don’t need to add to your debt to have fun. Instead, find ways to reduce costs and enjoy this family fun time together.

Are you worried about the expenses and debt that can come along with spring break? Join the conversation and keep an eye out for my next column for more #DebtSolutions.