Summer is back—and if you’re like everyone else in Canada, you couldn’t be more excited to get back to the things you love. Whether that’s getting away from it all, treating your family to a new toy, or undertaking renovations to enjoy fun in the sun from home, we’ve all got summer dreams we’d love to see come true. However, with the economic upheaval of the past years and the recent bumps at the pumps, it’s natural to be cagey at the thought of splurging.
The good news is, you’ve got options.
It comes down to taking stock of your budget. By taking a good look at what is financially feasible for you and doing your research, you can plan accordingly and make this summer your best yet. Here are a few ways to make it happen.
Hit the road—not a roadblock
After all that time stuck at home with nothing to do except binge-watch TV, everyone is eager to get out and enjoy summer. That pent-up demand is helping the tourism industry rebound, but it could impact your wallet. With inflation, tough competition for sought-after destinations, and staff shortages in the hospitality and airline industries, prices can often be higher than pre-pandemic. Domestic travel might offer a better bang for your buck. Look for places closer to home. From camping to cottage rentals to road trips farther afield, summer’s the ideal season to make a break for it—just consider affordable ways to make those plans a reality.
Do what floats your boat—and your budget
With warm weather comes a sense of freedom. Who doesn’t love that wind-in-your-hair feeling cruising around in a boat or on a jet-ski? Or exploring the great outdoors on a four-wheeler, bike, or in an RV? But there’s a lot to consider—like maintenance, storage and fuel. If you’re financing, you don’t want to forgo larger goals just to cover your payments. You’ll also want to determine whether a secured or unsecured loan or line of credit is right for you. The APR for an unsecured loan or line of credit may have higher percentage rates and shorter repayment terms, but you won’t have to put down any collateral upfront.
Summer makeovers—not takeovers
If you’re thinking about upgrading your home or backyard, there’s no better time than summer. The weather is good—so contractors can actually get down to work. Schedules (especially if you have kids) tend to be lighter, so you can consider staying elsewhere to escape the reno work. And with some advanced planning, you’ll have some time to relax and enjoy the finished product before “real” life begins again in the fall. Here again, you have financial options that can bring your vision to life.
If your summer plans could use some financial support, it is a good idea to get advice from an expert. They’ll discuss your options with you, tell you exactly what you need to get approved and help make this summer one to remember.