By Jasmin Brown - Licensed Insolvency Trustee

BDO First Call Debt Solutions

Can You Still Enjoy a Summer Getaway When You Have Debt?

Jun 27, 2019 | 9:47 AM

Summer has just arrived and you might be itching to book that vacation destination, but you are worried about your existing debt. What do you do? Book it anyway and deal with the resulting bills or spend your summer close to home? Let’s weigh out your options.

Have debt, will travel?

The reality is there is a difference between drowning in debt and carrying a balance. However, only you can be the judge of how well you are coping. Here are a few questions to ask yourself:

· Am I able to meet my financial responsibilities?

· Am I paying my bills on time?

FSIN

Chief Bobby Cameron re-elected for fourth term as FSIN Chief

6h ago

victim still sees no compensation

Sentencing issued in SaskPower vs. Blayne McKay

7h ago

Economy

Economy stalled in August, Q3 growth looks to fall short of Bank of Canada estimates

13h ago

· Am I regularly contributing to my long-term savings and emergency fund?

· Am I meeting my financial goals?

· Am I paying more than the minimum payments on my debts?

Be honest. Will the credit card charges from a vacation take you months to repay? If you know that a summer getaway would negatively impact your finances, it is best to delay it.

What should you do in the meantime?

If you honestly cannot afford a vacation, do not despair. Often it is all about balancing your needs and your wants. These strategies can help:

1. Take a break from social media. Research shows that what we see online can impact our mental health. This can be especially true if you are feeling like yours is the only family that is not enjoying a summer getaway.

2. Focus on your budget. Create a budget that will help you repay your debt load, streamline your spending and automate your bill payments. Consider using a money management app to help you keep track while you are on the go this summer.

3. List your goals. Delaying a vacation is not the end of the world. It will give you more time to plan ahead and make your next vacation that much sweeter! Keep your goals in mind so you always know why you are saving, and you will be less likely to lose focus.

Pack your budget

If you do decide to travel this summer, keep your budget in mind so you can skip the debt. There are thrifty ways to enjoy a summer vacation while staying within your budget. You could opt to camp or rent a cottage instead of paying for a pricey hotel. Drive instead of fly. And avoid currency exchange rates by choosing a Canadian destination.

Make a promise to yourself that you will keep on top of your finances while enjoying summer. And if your debt is feeling out of control, don’t be afraid to seek help. Visit the BDO First Call Debt Solutions website to check out your debt relief options or book a free consultation with a Licensed Insolvency Trustee. It is always best to deal with your debt before it becomes a bigger problem.