Travelers at Toronto's Pearson International Airport wait in the WestJet check-in section on June 29, 2024
As summer heats up, there's still plenty of time to plan a vacation and save some cash along the way. Canadians are feeling the pinch, with an average vacation cost of $4,241, and 94% believe these expenses are climbing. Despite inflation affecting travel plans for many last year, eight in ten Canadians are set on exploring beyond their province this year.
The cost of air travel alone spiked by 4.5% from April to May this year, driven by increased demand for travel and tours, particularly to the U.S. But fret not! Financial guru Robyn Thompson has some savvy tips to share, straight from her interview on CTV News' Your Morning:
First, shop smart. Thompson advises using travel apps to compare prices across different platforms. Prices can vary significantly, so it pays to do your research and even call airlines and hotels directly for the best deals.
Next, avoid peak travel times. While summer vacations are popular, Thompson suggests delaying your trip until September when prices tend to drop once kids are back in school.
Looking to pad your vacation fund? Thompson recommends starting a side hustle or decluttering your home and selling items you no longer need. You can also cash in on travel reward cards to earn points toward future trips.
Travelling with friends or family? Splitting costs for accommodations and meals can stretch your budget further. Thompson notes that sharing expenses, like renting a vacation home and cooking meals together, can significantly cut down on costs.
Lastly, prioritize what matters most to you during your trip. Decide where you're willing to splurge and where you're happy to save. Whether it's catching an early flight to save on costs or opting for a direct route despite the higher price, every choice impacts your overall budget.
With these practical tips, you can still enjoy a fantastic summer getaway without draining your bank account.
