By Jasmin Brown, BDO Debt Solutions

Summer Spending

Jun 29, 2022 | 9:29 AM

“The views and opinions expressed in this article are those of the author and do not necessarily reflect the position of Pattison Media and this site.”

Now that the Covid-19 restrictions and lockdowns have lifted, people are prepared to get out and enjoy everything summer has to offer.

The polls are showing us that people are planning to spend money on experiences – things like outdoor recreation, leisure, travel and socializing.

Many larger scale events like concerts, festivals, and football games are also back on. There will be no shortage of things to do, but you will want to proceed with caution when it comes to summer spending.

Why proceed with caution?

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There are a few reasons to proceed with caution when it comes to spending:

· Inflation is at a 31-year high – this means that everything down to the backyard barbecue is going to cost more this year

· Household debt ratio is high – Canadians already owe $1.82 for every $1.00 of income earned

· Interest rates are increasing – this could make summer spending cost you even more if you incur debt to fund your activities

Budget & Tips

It is so important to plan ahead and track your spending to ensure that you don’t worsen your financial situation. A budget will be your most powerful tool when planning your summer spending. Start by figuring out what you have left over after your monthly bills are paid. Use some of these tips to save money this summer:

· Plan a staycation instead of travelling far distances

· Book early and on non-peak days if you do have to fly

· Use discount travel sites to find deals on hotel rooms

· Look for places to stay that include free breakfast

· Consider staying with friends and family

· Have a backyard barbecue and make it a potluck

· Pick up food at the grocery store and have a picnic instead of dining out while on the road or during your vacation

Resist the Fear of Missing Out (FOMO)

It is likely that there will be encouragement to spend all around you. You will see this in advertisements as well as on social media. Coupled with pent-up feelings of wanting to get out and enjoy summer, this could prove quite challenging for your finances.

Avoid comparing yourself to other people on social media, and don’t try to keep up! You only see the upside in a social media post. What you don’t see is any indication of affordability. If you struggle with FOMO, it may make sense to just unplug. Totally disconnect from your social media and allow yourself time to relax and enjoy making memories with friends and family.

We are all ready to get out and enjoy the summer. Just remember that you don’t have to break the bank to do it, and you don’t want to be paying for it long after it’s over. We know that many people are already struggling with affordability and debt challenges, and summer can just add more stress. The good news is that there is help available.

If you are having trouble making ends meet each month, finding the right debt solution can help. Visit the BDO Debt Solutions website for more information about bankruptcy, or call 1 855 BDO DEBT to book a free, no obligation consultation.

Jasmin Brown is a Senior Vice President overseeing the insolvency practice in Saskatchewan. She is committed to providing creative and practical debt solutions with empathy, understanding and professionalism to help people overcome their financial difficulties.