5 Ways to Save This Summer

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5 Ways to Save This Summer

It’s official, summer is here! Like most parents you are probably looking for options to have fun, but not break the bank this the summer.  So what can we do to keep our kids active while enjoying quality family time, without having to re-mortgage our home?  

 Here are 5 ways to keep your family’s expenses low and still have fun this summer:

1.) Mix it Up to Manage Care Costs for Younger Kids

If your kids are younger, find a balance between more costly activities(e.g. camps), day trips, family time and free/low-cost fun. Visiting family in another city may be more appealing if you get to choose the activities that week. For tweens, you might want to consider skill-building courses, e.g. leadership, language, sports, arts or other programs that involve things that they’re passionate about. Be sure to ask a financial professional if your child’s camp qualifies as a income tax deduction.

2.) Save Money By Helping Your Teen to Pay It Forward

You might be surprised to find out that your teen would like to fit in some part-time or volunteer work during the summer. Help them look for opportunities close to home or close to your work so that their schedule can be accommodated more easily.

Any work experience they get will not only look great on their resume but boost their bottom line when it comes time to shop for back to school! Volunteer experience will help when when it is time to apply for scholarship and bursary applications as your teen considers their post-secondary plan.

3.) Break Out The S’mores

Whether you sleep out in the open or in an RV, camping is the perfect Canadian family vacation.  Consider borrowing or renting camping equipment if you want to try out the adventure before committing. When you’re ready to take the plunge, you can find a reasonably priced pre-loved tent or an RV that an SUV or van can tow.  You can take a pop-up tent trailer everywhere from provincial parks to family camping resorts with pools, arcades and playgrounds. With care, a good-quality tent or RV can provide many years of enjoyable memories.

For additional resources on Ontario Parks go to https://www.ontarioparks.com/en

4.) Hit The Road

A road trip is a good budget choice for a family or group of 2 or more. Gas prices are a bit higher this year but, you can bring along as much stuff as your car can hold, and you don’t have to deal with airports or car rentals. Whether you go to Toronto, Quebec City or PEI, the memories you’ll create by seeing, tasting and hearing Canada first-hand will be priceless. 

5.) Rent a Home Away From Home

Renting a cottage for a week is a time-honoured Canadian tradition, but you don’t have to limit yourself to pricey cottage country. Vacation rentals are available everywhere from the largest cities to the smallest towns. Having a kitchen means you can save money by picking up groceries and cooking and eating at least some meals on-site. Save even more by packing picnic lunches for day trips (you can do this when you’re camping, too). And save more still by renting a large enough place to share with another family or two.

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Jay Newton BA, CLU, CHS, EPC
Wealth Advisor
Newton Financial
Worldsource Financial Management Inc.

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*These posts are for educational purposes only and is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. Please consult an appropriate professional regarding your particular circumstances. Some of the information contained herein might be from sources believed to be reliable, however, we cannot guarantee that it is accurate or complete. The views expressed are those of the authors and writers only. Mutual Funds and Segregated Funds provided by the Fund Companies are offered through Worldsource Financial Management Inc., sponsoring mutual fund dealer. All other insurance products and related services are offered through Newton Financial Ltd.