The Lazy Days of Summer….but keep to your plan

As we celebrated July 1st earlier this week, we are reminded of the history of our country. It is the effective date of the Constitution Act, 1867, which united the three separate colonies of the Province of Canada, Nova Scotia, and New Brunswick into a single Dominion within the British Empire called Canada. It also represents the beginning of Summer when we spend time with friends and family, throw a backyard BBQ, and for our family it means countless hours at a baseball diamond. So, the last thing you want to be thinking about is money when you want to enjoy the lazy days of Summer.

With warmer weather, we all want to be outside, floating on the lake or hanging on a patio and as a result our cash flow plan can suffer. How do you keep the family entertained this Summer without blowing up your finances? Here are a few tips that can simplify your Summer finances.

Explore local attractions – Staycations

Have you heard friends say they are taking a staycation? This is a great way to unwind in the Summer without the stress of traveling. Think about all the attractions in your area that you can explore by staying home. The idea of a two-week trip down the Oregon Coast may sound appealing but it may not be financially feasible. Plan day trips to local attractions or take advantage of free or inexpensive parks and community events. These day trips will make lifelong memories, allowing for you and your kiddos to see things in your own backyard, and it won’t break the bank.

Go All-In

If you are planning a Summer Vacation away from home, consider an all-inclusive resort or a cruise. These are great getaways that offer something for everyone, and they are cost efficient. Most all-inclusive holiday packages include flights, accommodations meals and drinks so it is an easy holiday to plan and can be cash flow friendly.

Have a Summer bank account

While you are working on your Cash Flow Plan, consider setting up a separate bank account solely for your Summer spending. This is something we recommend to our teacher clients as having that “Summer” account will help ensure you are not overspending and using credit facilities for your Summer fun.

Being Spontaneous is fun……but

We all hear people telling us to plan and budget but being spontaneous is fun right! As much as we all want to take that last-minute holiday it can be disastrous to your Cash Flow Plan. Thinking about what you want to do and when can keep your finances on track. If you have that adventures side for last minute trips, make sure you look at discount sites like Sell off Vacations for best rates, or if you decide on that last-minute road trip make sure you ask for a deal. You never know unless you ask!

Go Green – save some green at the local markets

Fresh fruits and veggies reign supreme during the Summer months and the Okanagan has lots of local markets you can choose from at prices substantially less than the chain grocery stores.

Make it fun! Bring your kids to a U-pick that lets them pick their favorite fruits like strawberries, blueberries, cherry’s, peaches and more. The picking season is short so don’t miss out!

One final thought. Always contribute to your emergency fund. Emergencies don’t take vacations and unforeseen costs still happen when you and your family are enjoying the Summer months. Make sure your emergency fund is healthy to avoid any financial pitfalls and most important avoid using your emergency fund to pay for your vacation. You might need it if you fall out of your hammock while napping at the lake.

Whatever your Summer looks like, make it one for the memory books.

Do you need to tidy up your finances or are you looking for a second opinion? Please email information@zakuskowalchuk.com or call 778-215-7230 to set up a complimentary chat.

The information contained in this post is of general nature and should not be considered professional advice. Its accuracy or completeness is not guaranteed, and Zakus Kowalchuk LLP assumes no responsibility or liability.