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BDO St. Catharines

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St. Catharines, Ontario
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(905) 984-5424

How To Solve Your Summer Debt Dilemma

Ahh summer – the time to relax, unwind and enjoy life! But what about your financial priorities, like reducing your debt load? When the nice weather hits, it can be quite easy to focus less on things like debt repayment and more on our other priorities, like a super exciting summer road trip.

Choosing between the two options can be tricky. On one hand, it’s important to enjoy life and focus on experiences, something that travelling to a new place can certainly provide. On the other hand, you have to be financially responsible and determine whether your summer travel plans are actually feasible and won’t add more debt to the amount you already owe.

If it’s time to travel

If you are like Christine from The Wallet Diet and feel like traveling is the one thing you can’t live without, there are a few things that you should know. Firstly, it’s a good idea to really know how much debt you carry before planning your trip. This will help you determine whether your trip is actually financially feasible. An online debt calculator can help you quickly determine the total amount you will owe, as well as the amount of interest you will need to pay during the repayment process.

Once you’ve determined that it’s the right time to travel, it’s also really important to create a travel or vacation budget in order to keep your vacation spending on track. Make sure that you stick to the travel budget you’ve created. Barry Choi from Money We Have has some great tips on sticking to your summer vacation-spending plan. Check them out here.

If debt is your deal

If the amount of debt or type of debt (think high-interest, credit card debts) you carry prohibits you from traveling this summer, don’t despair. There are many ways to still enjoy the summer right here at home. As always, it’s a good idea to make a plan to work on paying down that debt that you owe. This will not only help you out financially, but having a plan to follow will also help you feel less stressed by your debt load.

Once you have a plan in place, its time to explore your options for summer fun in your own backyard. You might be surprised to learn about all the fun and free or low-cost activities that are available in St. Catharines and the Niagara Region throughout the summer months. Seeking out and experiencing these options will help you to enjoy your summer as well as allowing you to stick to your budget and your plan to reduce your debt load.

Will you be travelling this summer despite the debt you carry? Join the conversation and share your thoughts using hashtags #BudgetTravel, #DebtSolutions!

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