Summer is approaching fast and retailers have been already busy advertising their seasonal goods for some time now. Are you preparing to buy a few new things to ring in the season? According to a BMO report released last week shows that the majority of Canadians will be looking to save money over the next few months.
The summer spending report, conducted by Pollara, shows that Canadians plan to spend an average of $3,978 on non-essential expenses (dining out, going to movies, sporting events, festivals, etc.), in addition to about $3,000 in travel.
Canadians understand and appreciate how short and sweet our summers can be. People want to make the most of their summer spending so their booking weekend trips, vacations, and day-today plans.
Fifty-six percent expect to spend the same amount this summer as last summer, 26% expect to increase their expenditures and 18% expect to spend less. Impulse spending will account for about $1,599 or $123 per week.
Increased spending aside, the BMO Summer Travel Survey says 79% of us will look for ways to save and maximize the value of our dollar over the summer months (59% of which plan to create a budget).
It’s probably a good thing since Canadians are facing record high household debt; half of us have been able to reduce our debt level in the last year, says a Harris/Decima poll for CIBC.
But most are cutting back on summertime spending by socializing at home (85%), staying in to watch movies (85%) and taking “staycations” (58%). Canadians are taking advantage of free local events more and more allowing their dollars to stretch even more.
So OCCA Consumer Debt Relief wants to know, are you saving or spending this Summer? If you are saving, what are you saving for? If you are spending, what are you planning to buy? We all can use your opinion.
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If you would like some help reorganizing a budget this summer, please check out our online budget tool. You can track your income and expenses so you know where you stand financially. The better you manage your finances the more you’ll enjoy a stress-free summer!.
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