The passing of the summer solstice means longer days and warmer weather, and sun-starved millennials are spending more than ever to amp up their summer fun. However, they're the only age group to do so, according to a recent survey from Tangerine.
According to the study, Canadians as a whole are typically less spendy in the summer months; 70% reported no plans to spend more than usual, with 81% expecting to spend $2,000 or less. Another 70 % stressed the importance of watching their budget.
This is in stark contrast to the under-30 crowd, who generally said they prioritize funds for fun over debt repayment or savings. Forty-two percent said they plan to spend more, compared to fewer than two in 10 (19%) of those over 35 years old.
Summer Money Suckers
So, where are millennials planning to spend their hard-earned money (rather than saving it, that is)?
- 62% plan to spend more on food, drinks and entertainment.
- 32% said they would book a vacation they can’t yet pay for.
- 33% said they would skip a bill payment to have more money for summer fun.
Stop Breaking Your Bank: 4 Frugal (and Fun) Activities
You don't have to commit these summer overspending sins to enjoy the season. While it would be nice to get away for a weeklong trip in the Bahamas, sometimes it’s just not affordable. Here are some free and low-cost activities that deliver plenty of fun for those on a tight budget.
Backyard Barbecue: If you have a spacious patio, why put it to good use and host a barbecue? A barbeque is a perfect time to catch up with friends and family. Rather than foot the entire food bill yourself, make it a potluck and ask guests to bring a dish of their own so everyone shares the cost.
Hit the Library: Are you looking to beat the summer heat? On those scorching hot and rainy days, get lost in a good book at your local library. Libraries aren’t just for books – you can find plenty of movies, CDs and audiobooks to enjoy.
Plan a Picnic: You don’t have to be Yogi Bear to enjoy a picnic basket. Pack a lunch, go to the dark and dine with Mother Nature. Not only are picnics great for family and friends, but they’re also a great way to go on a frugal date, as well.
Escape on a Daytrip: You don’t have to travel to Egypt to learn about the Pyramids when it's only a subway ride away at the Royal Ontario Museum. There are plenty of exhibits to enjoy – even for Millennials. If you’re looking for something a little more exciting, why not plan a daytrip to a small town you’ve never been to before? You’ll be surprised by what you discover.