Taking a summer vacation is an expense that is a luxury for many Canadian families. It’s hard to save when money is tight! For my own family, we have needed a summer getaway, so we came up with a plan that would get us away enjoying Canada this summer for Canada’s 150th birthday.
What did we have to do?
Set a Goal
While you may not have the time to save big for an extravagant vacation this year, you can definitely plan for the future. How much money do you need? Where do you want to go? You will want to know how much a vacation to your ideal spot is going to cost. My teen and I thought of several places we wanted to visit and decided on some time in Niagara Falls for Canada Day. Can you just imagine the fireworks and the light show?
Take a look at hotel rooms, airfares, train fares and the like so you can set a realistic goal.
Look for Ways to Save and Earn
When trying to save money for something special like summer fun, you can find ways to save some and earn some. Bring the whole family in on the plan. Teenagers can pick up part-time jobs and learn to earn and save for something they really want to do. They can even help create the summer fun budget. My teen and I plotted our summer adventures a couple of months ago. Then we had to come up with a plan to earn and save.
Get a Separate Bank Account
It is easier to save for that special trip if you set up a separate bank account. Recently, we are liking the EQ Bank Savings Plus Account. With their current 2.30% interest rate and the fact that EQ Bank has no monthly fees, your savings can add up quickly. I suggest setting up an automatic payment between your main account and this savings account, that way you can save automagically. If you deposit a $20
bill every week for 12 months you have $1,040.00 saved for summer fun. Interest on this would be about $23. Would you miss $20 a week? Most of us would not and think it could be earning interest along the way as well.
I should let you know EQ bank is a digital bank that provides a great mobile banking experience that helps Canadians save more faster. When you are ready to spend your summer fun money you can simply transfer your money with 5 free Interac e-Transfers® a month and take advantage of the fact that the account has no minimum balance, no monthly fees and unlimited day to day transactions.
Set a Budget
We have set a budget for summer fun. Each week we know what is in the pot. There is money for our trip and there has been money set aside for our days at Canada’s Wonderland, the CNE and the local festivals we like to attend.
Now you may be a wee bit late to the game for this year but you can always start planning for next year now. Simply open that bank account and watch your savings soar as you plan for and get excited for the vacation ahead. In the meantime, plan a frugal summer of fun in the city where you live.
As a special treat for my readers to get your summer savings started, new accounts opened have the chance to win one of 10 $150 deposits into your new savings account! That’s equal to taking care of a hotel room for a night away.