How You Can Budget For Summer Vacation
You might not entertain the thought of saving for your summer holidays; well, it seems far so why to worry as we have more time to save for it. This is exactly the line of thought that you should avoid. We all know that it’s way better to save for what lies ahead, rather than scrimping when constrained with time.
How To Prepare For The Costs
Unlike the Christmas season, summer trips and activities can be costly as you expect. The wedding period follows throughout, camping excursions are difficult to relinquish, and a more clement climate makes us crave to explore more over the season. Besides, Canadians enjoy summer holidays; hence, budgeting has to be in place to suffice the leisure that you want to enjoy. Additionally, if you can’t save for your summer vacation, there are still plenty of ways to enjoy your summer without spending.
The question is: How do I prepare for the possible costs during the summer holidays?
Planning and Timeline
Budgeting can be intimidating, and it can feel like being on a straight jacket, hindering you from freely spending on your must-haves. However, planning and setting a timeline of the events that you’re involved in can help anticipate upcoming expenses. To plan for certain events and expenses along the way, you will have to review your schedule or calendar and scrutinize the possible costs at stake for such events.
The next step requires you to review your list and figure out the costs for each activity or event. You must map these expenses on your calendar, which will look similar to this:
Date Event Cost
June 22nd Brother Jacob’s Birthday $600
July 13th Trip to Quebec $1200
August 23rd Cousin Jack’s Wedding $500
Total Costs: $2,300
After you itemize the expenses, you should determine the timeline that relates to the occurrence of those events or activities. This will include the amount you set aside each week that is similar to the list below:
Date Event Cost Timeline (Weeks left) Weekly Savings
June 22nd Brother Jacob’s Birthday $600 10 $50
July 13th Trip to Quebec $1200 13 $90
August 23rd Cousin Jack’s Wedding $500 15 $40
Choose Gains and Automate Savings
For others, setting aside over $100 every week may not be feasible on their budget. An option would be saving for smaller amounts regularly or automate your transfers so that it can go straight to your savings. This way, you can surely put up money in your savings without excuses. Besides, having the right attitude towards saving ahead, allows you to freely gain control over your finances and fulfill your desires when summer comes.
As you’ve reviewed your finances and set your financial goals, you may be confounded with how you can come up with an action plan. The key to designing feasible action items is being realistic to your goals. If you can’t afford to go on a trip, you may find alternatives through exploring your local destinations. If still not feasible, why not choose staycation and look for ways and activities that you can do this summer without spending beyond your limit.
Lastly, knowing what you can do to save for your summer vacation or holidays will give hints on how to manage your finances better. As early, as now you should prepare to save for whatever plans you may have this summer. Staying on top of your finances will definitely allow you to enjoy the season without getting into debt.
CONSUMER PROPOSAL EXAMPLE
Example Unsecured Debts
|2||Credit card 1||$6,812|
Your Monthly Repayments Would Be
a Consumer proposal $748
(total contractual repayments)
a Consumer proposal $295
(total contractual repayments)
* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances.