A Summer of Savings vs. A Summer of Revenge
by Kelsie Lenton, CFP, CLU, CHS
Pandemic is a word most Canadians are ready to stop hearing. We are looking forward to putting last year in our rear-view mirror, pushing down the accelerator and never looking back. With summer on way, case numbers are going down and the restrictions are lifting. It’s time for everyone to get back to enjoying the things in life we have been missing out on – things like visiting family, going to concerts and outdoor entertainment, or jumping on a plane for new adventures.
We are itching to get out and make this a summer to remember, but before you make this your financial “summer of revenge” by destroying all those good saving habits you created, try to keep a few things in mind:
- If you managed to save that emergency fund, don’t spend it! You never know when you might need it for an actual emergency.
- With regards to the money you have been saving each month, try to continue saving some, and only using parts of it for non-essential items to enjoy.
- Don’t deplete your tax-free savings or other savings accounts that you worked so hard to build up. Keep more and enjoy a little!
- When making big purchases like campers and boats – or maybe that reno you have been waiting on – think about the interest rate you are getting if you need to borrow a little more to make it happen. Is it fixed or variable? Interest rates will not stay this low forever, and a variable rate could turn out to be far more costly than you anticipated.
- With people now being allowed to get together this summer, take advantage of group trips to share the expense of travel and accommodation while making memories with those you love.
Here in Saskatchewan, we are fortunate to have such a supportive community. We really do stick together when times get tough. This last year has not been easy on most of us mentally or financially, but it has taught us to look out for each other a little more, to help our neighbors, and to make sure our older family members are safe and taken care of. It has also made us save more, be conscious of our spending and look after our families by making sure we are properly protected from the virus, especially through insurance. This has led to many of us spending on essential items only, allowing our cash flow to increase in ways many never thought was possible.
Remember that your “summer of revenge” doesn’t have to break the bank. It’s about getting out and making great memories that will last a lifetime. You can enjoy the hot summer days while exploring whichever of our great provinces you live in! It could include everything from camping in some of our beautiful provincial and regional parks to lounging at the lake or beach, fishing at one of the many amazing lakes we have or hiking through the countryside. There is something for everyone to enjoy!
Kelsie Lenton CFP, CLU, CHS is a Financial Advisor out of Saskatoon, SK. She enjoys travelling across the provinces to not only service her fantastic clients but to see the beauty and exploring new places that our provinces have to offer. She is an outdoor enthusiast who loves hiking, fishing, camping and gardening. When she is not working, she is most likely outside with her pups walking the trails or doing something that she loves.