What does summer mean for your family? Picnics at the beach, vacationing at the cottage or music festival road-tripping? Summer adventures can make for some wonderful memories, but they can also add up to serious debt if you’re not careful.
So why not skip the guilty conscience and drained bank account and find a better way to connect with your money before summer is over and it’s time to face the music?
You know the drill — those little excuses we all make to spend, even when we know we shouldn’t. Because it’s summer, right? Whether you justify a new kayak or paddleboard for the cottage or you’ve got your sights set on a cabin cruiser, if you can’t pay upfront, the outcome will be the same.
Most often, it’s the smaller purchases that add up fast — ice cream on the boardwalk, dinner and drinks with friends, those must-have concert tickets. The point is, ANY purchase you make without consideration can turn into that hard-to-pay-back debt. It can be incredibly difficult finding ways to spend less and save instead pays off more in the end.
So, before you tap that credit card again, here are some questions to ask yourself first:
Being part of a constantly connected society doesn’t give our brains much time to process everything that happens in a day. The problem is, once we start to detach from important decisions, the outcome can be negative. This is especially true when it comes to spending. All of us can improve our financial literacy in some way, to increase your awareness try these strategies before you spend:
To stay motivated, make a financial vision board that will remind you of your goals daily. And, if credit card debt is getting in the way, check out your debt repayment options here.
During the summer, there are plenty of opportunities to spend and Canadians expect to spend even more this summer due to higher costs. Make your purchases count while keeping your goals in mind. Think about all the upcoming expenses such as back-to-school shopping, Halloween, Thanksgiving and the December holidays (they’re closer than you think). Make an effort to ditch the debt and spend less now and you might not be singing the same old tune once January resolutions come around again.
How will you incorporate mindful spending? Connect with us on Twitter to share your thoughts #DebtSolutions #MindfulSpending #Budgeting
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