Planning a Debt Free Summer Vacation

Planning a Debt Free Summer Vacation

Summer Vacation
Summer Vacation

A 2014 poll conducted by CIBC found that 55% of Canadians planned to take a summer vacation and spent on average $1,925 and that number will most likely increase this year.

With consumer credit card debt at an all time high it’s best to plan ahead to avoid going further in debt.  Here are a few tips to help you avoid using your credit card or line of credit to pay for that vacation:

  • Budget Sit down and figure out where you want to go and roughly how much it will cost. Take into consideration transportation, accommodations, meals and attractions.
  • Savings Set money aside from each pay or set up a payroll savings plan with your employer to have the money automatically deducted each pay.
  • Deals Use the internet and social media to search for travel deals, coupons, contests and give-aways. If you are not stuck on a particular hotel you may be able to get a better deal by booking at the last minute.
  • Memberships/Reward PointsUse credit card or reward card points towards the cost of airlines, car rentals, restaurants or entertainment. You may be entitled to additional discounts if you belong to CAA or a professional association.
  • Travel InsuranceConsider purchasing travel insurance in the event you have to cancel your vacation due to unforeseen circumstances such as a death in the family or illness.

If you did not start saving soon enough and don’t have enough money then you may want to consider delaying your trip to the following year.  Your vacation will be much more enjoyable if you know that it is paid for in advance.

For money management and debt repayment advice contact us today for a free consultation.  We offer telephone and face to face appointments at our Saint John, Moncton, FrederictonandCharlottetown offices.  Powell Associates Ltd. is alicensed insolvency trusteefocused on providing debt settlement, proposal and bankruptcy solutions forindividualsandbusinesses.