How to Create a Summer Budget that Eliminates DebtMay 30, 2018
Are you ready to go with your summer budget? With spending on the rise during the warmer months — a BMO survey from 2015 found the average monthly budget almost doubles during the summer months — it can be hard for parents to avoid debt. However, by making a budget and planning it now, it will be a lot easier to limit your spending when the kids are off and summer rolls around.
Here are a few tips for building your summer budget to help you avoid debt.
- Don’t give in to vacation FOMO. The fear of missing out, or FOMO, can run rampant during the summer months, when your social media is filled with pictures and video of other families enjoying their vacation. It’s hard sometimes, but ignoring this and focusing on what’s right for your family is a great way to refocus on sound financial decisions.
- Try some free summer activities. Yummy Mummy Club has 110 of these ready to go for you, as parents of young kids can fill their time with activities like building sand castles, making inukshuks, or raising tadpoles.
- Be a deal-hunter. There’s no shame in couponing during the summer, especially if you can nab discount tickets to shows or amusement parks on sites like Groupon or at Costco.
- Explore relief options for any existing debt. Debt can bring on a lot of stress and summer provides an opportunity to take a step back and research better ways to eliminate it. Try to set some time aside to meet with a Licensed Insolvency Trustee (LIT) if you’re looking for solutions. They can answer common debt questions and help prescribe a solution, such as a consolidation loan or something more formal like a consumer proposal.
For more tips on how to plan a debt-free summer when the family budget is tight, listen to this podcast with advice from BDO LITs. They get into topics like reviewing last year’s summer spending and financial hurdles parents may face this summer.