Canadian summer seems to be finally on the horizon, and you know what that means!
Pool parties, barbecues, and lots of money spent doing all the fun things we couldn’t do when we were confined to our cozy abodes all winter.
While winter is reportedly the season when Canadians spend the most money, summer is time for family vacations, additional childcare costs when school is closed, and home maintenance projects, in addition to other causes for inflated activity budgets.
According to the latest Annual Summer Spending Survey from the Chartered Professional Accountants of Canada (CPA Canada), 31 percent of Canadians anticipate stress due to upcoming seasonal expenses.
To alleviate some of the stress, here are some ways to curb your spending when all you want to do is have some summertime fun.
Sure, you may be a foodie all-year-round, but something about warm weather and open patios makes going out to eat all that more appealing.
We can give you basic advice on how to save (drink water, look for happy hours and deals, stick to a budget, etc.), but we know when it comes to eating out, sometimes we like to indulge a bit more than usual.
So, instead, why not reward yourself for your inevitable restaurant spending?
The American Express Cobalt™ Credit Card offers five times the rewards points for purchases at eligible restaurants and bars. The $120 annual fee is payable in monthly increments of $10, making month-to-month budgeting easier too! Also, in the first year of card membership, you receive 2,500 bonus points per month, provided you spend at least $500 a month. And since there are almost no restrictions on eligible purchases, this is an attainable target. Points can be redeemed for travel, concert tickets, gift cards, merchandise, and more.
Supporting local feels great, but sometimes that fresh produce, those pastries or those handmade Tchotchkes may be a bit overpriced in comparison to your normal grocery budget. While this is understandable, here are a few ways to save while still supporting homegrown.
The CPA Canada survey also found 38 percent of Canadians said they expect to spend more on vacations and travel this year in comparison to last year. And while the average vacation spend was reported at $3,226, 12 percent of those who are planning vacations said they foresee themselves spending more than $5,000.
To pay for their holidays, 16 percent said they intend on borrowing money, with most opting to use a credit card (79 percent) and/or a line of credit (28 percent).
If you want to hop on a flight this summer, you may want to apply for a travel rewards credit card with a sign-up bonus (summer is right around the corner and you may want access to those rewards sooner, rather than later).
The RBC Visa Infinite‡ Avion® comes with no annual fee for the first year ($129 after that), along with 15,000 RBC Reward points upon approval. And the best part about the RBC Reward program is that you can redeem your points for travel bookings, with no black-out periods or airline-specific restrictions.
Also, this card provides you with savings on travel insurance, as it comes with medical and accident insurance in case you get sick or injured while abroad, auto rental collision insurance, flight delay insurance, lost luggage insurance and hotel/motel burglary insurance.
Need other ways to save on last-minute vacations? Try travelling mid-week. You may save more by travelling on a Tuesday, Wednesday or Thursday since people tend to book weekend departures. Also, be flexible with your destination. If you’re looking for specific accommodations at a specific location, you may be disappointed in the last-minute options. The cheapest last-minute offers may be for destinations you’ve never heard of before or they may not be all-inclusive – but with an open-mind, they could still be just as fun or relaxing.
Optionally, if you want to keep it local by heading to cottage country this summer, start saving from the moment you hit the road with a good gas rewards credit card.
The CPA Canada survey also revealed that 57 percent of Canadians were very concerned about increases in transportation fuel costs.
The Scotia Momentum® Visa Infinite* Card is a great cash-back option and it also won Best Card for Gas Rewards this year at our Best of Finance Awards. You get four percent cash-back on all gas station and grocery store purchases – and for a limited time, you can get 10 percent cash-back on all purchases in the first three months of card membership too!
The first year’s annual fee is waived, and $99 after that. Cash-back earned is applied to your account as a credit on an annual basis, giving you the freedom to use your rewards however you so please.
If live performances are your thing and you’re on the constant look out for circuit announcements, you probably already have tickets to the next festival with a crazy name.
Festival tickets can get pricey, but depending on the lineup, it may be somewhat worth the cost, rather than buying tickets to each artist or band’s performance.
So how does one save money without souring the experience?
For some, going to the club is a hard sell during Canadian winters. Who wants to wait in lines in -20 degree weather?
During the summer, however, nightlife may seem a bit more enticing. But before you go spending money on cover charges and overpriced drinks, here are a few ways to cut corners.