Canadian families will spend an average of $3,073 on summer travel this year, according to a recent study by BMO Financial Group. Ontarians, with average vacation spending set at $3,016, rank second behind British Columbians, who will spend $3,572. Quebecers will spend the least at $1,978. Through September of 2013, 83 per cent of Canadians plan on taking a vacation, the top travel destinations being the U.S., Europe, and Central and South America.
I look to my home province of Ontario for insight into what might happen if, for just this year alone, thanks to proper financial planning families decided to save some money by sticking close to home for a summer break. Would this mean making a huge sacrifice in terms of experiencing much-needed R&R over the summer months? Will spouses and kids fall into deep pits of depression, gloom, and boredom? The answer is not at all if you’ve got a handle on how to plan a “staycation” – otherwise known as taking your summer leisure locally on the cheap. [click to continue…]
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