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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.

Sean Cooper

Sean Cooper is the author of the new book, Burn Your Mortgage. He bought his first house when he was only 27 in Toronto and paid off his mortgage in just 3 years by age 30. An in-demand Personal Financial Journalist, Speaker and Money Coach, his articles and blogs have been featured in publications such as The Toronto Star, Globe and Mail, Financial Post, Tangerine: Forward Thinking blog and TheDot. You can follow him on Twitter @SeanCooperWrite.

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