Summer Vacation Planning When Money Is Tight

Summer often ushers in a more carefree financial attitude, but with lingering higher interest rates and the current geopolitical climate affecting household budgets, funds for summer fun might be limited, especially when also dealing with debt. When you are feeling financial strain, typical trips involving travel, lodging, and daily expenses might seem unrealistic. However, with careful planning and a focus on budget-friendly choices, a memorable summer without overspending is possible.

Before you start planning, consider your budget and the amount of money you have for summer essentials. These could include childcare or summer camps for your children, maintaining a flower or vegetable garden, or that annual road trip to see family at the cabin. Although there may not be much time left to save for these expenses, you might not need to pay for them all up front or all at once.

If you have teenagers who are interested in working during the summer, talk to them about how they would like to use the money they earn. Some may wish to save it for a car or postsecondary education, while others might prefer to spend it on their own summer activities.

Clarify your expectations and come to a mutual agreement on a plan. By establishing a practical household budget with everyone’s buy-in and steering clear of credit, you can truly relax without financial concerns or long-term regrets.

Once you know what you can afford, one of the wisest ways to enjoy a vacation on a budget is through a staycation: spending time at home or exploring nearby areas. This approach eliminates costly expenses such as airfare and hotels, freeing up funds for enjoyable activities. Staycations became popular during the pandemic and remain a practical choice, but the trick is to treat it like a true getaway by stepping away from work and routine chores. For families with young kids, setting up a tent in the backyard or visiting a special park can spark excitement. Those with teens might plan a hike or check out a local concert. Individuals or couples without kids may want to relax by a lake or try a cooking class. Many museums and attractions offer free or discounted days for locals, adding value without extra cost.

With a little creativity, you can make a staycation feel special and just as refreshing as a trip abroad. Plan activities ahead of time, look for ways to be a tourist in your hometown and stick to a schedule to mimic the structure of a traditional vacation. Getting everyone involved in the planning builds anticipation and ensures the experience suits all ages. Simple touches, such as hosting a themed dinner night or setting up a movie marathon can elevate the mood. For example, families with kids or teens could borrow a projector and create a backyard film festival, while kid-free time might include a spa night at home. The focus should be on relaxation and fun, leaving daily responsibilities behind for a true break.

Planning ahead, whether you want to spend time at home or away, can increase your savings and maximize your budget. Booking local activities or short-trip accommodations early often secures better rates. Deal-finding websites can uncover discounts on experiences such as dining or escape rooms. Opting for off-peak times at popular spots can mean lower costs and fewer crowds. If a short getaway is in your budget, look for last-minute deals on transport or lodging—though only if it fits your spending plan. A proactive approach ensures you get more out of your summer without overspending .

A memorable vacation does not depend on lavish spending, but rather on meaningful moments, so creativity can turn a modest budget into a fulfilling break. Families might enjoy free outings such as nature walks, browsing farmers’ markets, spending time with family, friends, or neighbours who are also staycationing, or volunteering together; teens may especially appreciate community projects. If one member of your household works out of town, determine if tagging along to save on transportation or lodging costs is possible. For individuals or couples, a day spent reading, pursuing a hobby, or savoring a meal at a local spot can be just as rewarding. The goal is to prioritize joy and connection over extravagance, ensuring a summer rich in memories rather than mountains of bills.

Engaging kids and teens in vacation planning not only makes the experience more fun but also teaches practical skills such as research, organization, leadership and teamwork. Start with a family brainstorming session where everyone shares ideas; younger kids can draw their suggestions while teens might research local events. Create a summer bucket list together, letting each person add a few of their must-do activities. Give older kids a specific role, such as planning an outing or event within a set budget, to build financial awareness. If you use a shared calendar or app to organize plans, leave time for spontaneity as you turn your plans into an epic family adventure.

• What to do if your debt consolidation loan application is denied
• Five tips to transform money into a tool instead of a temptation

In today’s economy, affordable summer vacation planning means rethinking the traditional getaway. Staycations, careful budgeting , trading off out-of-school care with neighbours and a focus on experiences over expenses allow families and individuals to enjoy a refreshing break without financial strain. Involving kids and teens adds engagement and learning to the mix. Whether it is backyard fun, outdoor adventures, or a quiet retreat, there are countless ways to make summer special. Best of all, you will return rested and connected, not weighed down by debt.

Mary Castillo is a Saskatoon-based credit counsellor at Credit Counselling Society, a non-profit organization that has helped Canadians manage debt since 1996.

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.