Remember when summer meant pure excitement and endless possibilities? As adults, we still crave those rejuvenating breaks, while also being mindful of our financial wellbeing. The good news? With some thoughtful planning, you can have both.

We understand that managing finances while creating meaningful experiences can be challenging. According to the Equifax Canada Market Pulse Consumer Quarterly Credit Trends, consumer debt in Canada reached $2.54 trillion in the third quarter of 2024, with credit card debt rising 9.4% compared to the same period in 2023.

At Alterna, we believe everyone deserves time to recharge – without financial stress. With some creative planning and flexibility, you can design a summer getaway that creates lasting memories while respecting your financial goals. Vacations are a good way to relax and recharge, offering a welcome break from the stress of hectic everyday life.


Creating Your Vacation Budget: The Foundation for Worry-Free Fun

Start your vacation planning with a clear picture of what's comfortable for your finances. This foundation gives you the freedom to enjoy your time away without worrying about the impact on your financial health. Be realistic with your household budget, accounting for your regular expenses and expected one-off costs this year, as well as regular cash flow and other potential income sources. Once you arrive at a figure, you'll know which destinations are feasible based on total costs for transportation and lodging, length of trip, desired activities, meals, etc.

Many of our members find success with a dedicated "vacation fund" – setting aside a comfortable amount each month builds excitement for your upcoming adventure while ensuring your other financial priorities stay on track. This approach transforms vacation saving from a financial burden into an enjoyable part of anticipating your getaway.

Smart Travel Strategies: Maximizing Enjoyment While Minimizing Costs

Being travel-savvy doesn't mean sacrificing enjoyment – often, it enhances your experience with more authentic connections and discoveries. For example, you might opt to book a hotel room or other vacation rental property that's more modest in size and amenities, but still comfortable enough. You'll spend much time away from your lodgings anyway, so reduce expenses by forgoing higher-end accommodations. As well, if you have the energy and desire, you can pack more activities into fewer days, which will lower your overall costs for lodging, food, etc.

Also consider coupons, promotions and other discounts. Businesses eager to capture tourist dollars may entice you with deals on activities, transportation, sightseeing, dining, shopping and more. Do your research to identify the best deals and ensure they're legitimate, and not too-good-to-be-true scams. Also make sure the offer is something you truly want, or ultimately it'll waste your money and precious vacation time.

To save money and avoid bigger crowds, consider travelling during the offseason, such as an Alaskan cruise in May, if your schedule permits. As well, consider booking your trip well in advance to snag a good price in exchange for your early commitment. On the other hand, last-minute deals may be attractively priced if you and your travel party have a sense of adventure and are flexible on where to go, and when. It's easy to compare vacation packages and deals online, so take advantage of the potential to save money.

Rediscovering Local Treasures: The Joy of Staycations

Some of the most meaningful experiences happen close to home. A thoughtfully planned staycation can offer all the benefits of travel – discovery, relaxation, and quality time – while supporting local businesses and reducing travel costs. Staying close to home allows you to check out your own area like a tourist, rather than your usual hectic routine of hustling from Point A to Point B to Point C without appreciating all that your region offers. Depending on where you live, you could spend nice time at the waterfront/beach, park, trails or campground. Maybe take in a show, game or exhibit, or try out a new restaurant. Just like a tourist, you can also use coupons and discounts to trim costs while exploring your community. If you're imaginative and bring a positive attitude, a staycation can be just as satisfying as a trip away – plus it's cost effective!

Whether you're planning an adventurous road trip, a relaxing beach getaway, or exploring your own community with fresh eyes, the Alterna team is here to help you create a vacation that brings joy without compromising your financial wellbeing. After all, that's what the good in banking is all about – supporting your life's meaningful moments while helping you build financial strength for the future.