Tips to save in Canada during midsummer
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5 Simple Tips to Save $2,000+ During Midsummer

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Publish date July 31, 2019 Views: 741 Comments: 0

Summer’s in full swing, so it’s time to kick back and enjoy sun, sand, and surf, with maybe a little bit of yardwork thrown in. No matter how you spend the sunny season, don’t let the heat make it feel like your wallet is also on fire. Now is as good a time as any to set a little extra money aside for financial goals, without sacrificing your fill of summer fun. These simple summer savings tips below can add as much as $2,000 (or more) to your bank account this year!

Stock Up on Seasonal Goods for Next Year

I was buying my baby some new pairs of socks when I noticed all children’s summer clothes were on clearance. The summer had just started, but the stores were already making room for fall wardrobe essentials! Since my rapidly-growing daughter’s clothes will no longer fit by next summer, I took the opportunity to stock up on shorts and t-shirts at a fraction of their regular price, one size up from what she’s wearing now. I spent only $100 on next year’s wardrobe, which would have easily cost me twice that if I’d waited until the spring.

But children’s clothing isn’t the only thing on sale right now. Mid-summer is a great time to buy patio furniture, camping gear, or outdoor sports accessories. It’s true you won’t have much opportunity to use them before the first snowfall, but that only means they’ll be in like-new condition when you bring them out next year. If there’s any large seasonal purchase you’ve been eyeing for a while, now is the time when you might get it at the best price!

Stay Cool; Stay on Budget

Staying cool in the summer in CanadaMy apartment doesn’t have air conditioning, because it always seems like such a frivolous purchase living in Canada where winter is the norm. That is, until July hits and I suddenly find myself willing to spend anything to get the temperature in my home under 25°C. But an air-conditioning unit can range from $300 to $3,000 (or more) depending on the size of your home, and will increase your electricity bill to boot! However, there is a simple solution that’s both frugal comfortable: leave home for somewhere cool.

Steer clear of air-conditioned places you’re likely to overspend, like shopping malls, and look for cheap or free venues instead. There are tons of awesome places to cool down in every city that don’t cost a dime, like outdoor community pools and splash parks, or even the local library. If you’re willing to spend a few dollars, art galleries and museums will have summer showings in wonderfully climate-controlled rooms. There are likely plenty of places in your neighborhood that let you beat the heat without breaking the bank—all you need to do is find them.

Make Your Summer Cocktails at Home

Save money by making summer cocktails at homePatio season is easily the biggest perk of warm weather, but the bill for drinking and dining out can add up fast. Thankfully, you can enjoy the summer sun from your own backyard or balcony and reduce your restaurant spending at the same time.

Take some time to look up your favorite cocktail or mocktail recipe so you can recreate your favorite patio drinks at home. You’ll likely find a single trip to the grocery store for all the ingredients will cost as much out of pocket as one evening out, except you’ll be stocked up until autumn! Invite your friends over to enjoy your new bartending skills, and tell them it’s a potluck. You’ll have a restaurant-worthy night-in for the fraction of the cost of a night-out, and you can do it again next week at no additional cost. If you skip going to a restaurant or bar once per week where you regularly spend $50-$60 per night out, you can save as much as $500 in one summer by staying home.

Waive Goodbye to Foreign Transaction Fees When Vacationing

No foreign transaction fees when vacationing

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Summer is a great time to escape with a vacation, but international travel often comes with too high of a price tag. After major purchases of flights, accommodations, and tourist activities, you’re probably looking for ways to keep the rest of your vacation budget on track when you’re spending abroad.

Credit cards are one of the safest and most convenient ways to pay for expenses when travelling, but only if you’re using the right one. Look for a credit card that waives foreign transaction fees, like the Scotia Gold Amex. When a card waives foreign transaction fees it means the cardholder merely pays the exchange rate when they make a purchase in a foreign currency, and nothing else on top of that. This gives you more money to spend on your adventures, and less to worry about in travel expenses.

Automate, Bundle and Optimize Services

Summer is the season for relaxation, but you can’t unwind if you’re constantly stressed about payments and due dates. Spend at least a few hours this summer looking for ways you can bundle and automate regular bills. For example, combining your TV and internet to one provider might reduce your bill for those services by only a little bit each month, but that adds up over time. Set your bill payment to be automatically withdrawn from your chequing account 3-5 business days before its due date, and you’ll never have to worry if you forgot an expense again!

And don’t forget to check for alternative providers on other expenses like home & auto insurance, or utilities. Spend a lazy summer afternoon comparison shopping on your phone while you lounge in the sun. Let your current cable company know you’ve found a better deal with a competitor and see if they offer you a discount to stay.

Don’t Take a Vacation from Your Financial Goals

The summer is a great time to look for ways to save money, which will help keep your finances on track all year round! From trimming expenses to looking for free local entertainment, you can easily find a way to pad your pockets with a few hundred extra dollars come fall. You might even want to direct the money you’re saving into a high-interest savings account for Christmas presents later this year.

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