Most people are looking for ways to make their dollars stretch further to avoid inflation ruining their fun
It’s been a tough year for Canadians’ finances, but most people are determined not to allow the pressures of inflation derail their plans to have fun this summer.
A new poll by CIBC reveals that almost three quarters believe they will be able to live within their means even though almost all say they have been impacted by a rise in everyday costs.
Budgeting is key with eight in ten respondents indicating that they have a plan in place for the summer and even though most expect that their budget will be negatively impacted by rising costs, they plan to mitigate this by reducing everyday spending, searching for deals, putting off large purchases, and switching from brand names to lower-cost alternatives.
More than 4 in 10 said they plan to pay for their summer plans through their regular paycheque, suggesting that others will be dipping into savings or borrowing to fund the fun this year.
By stretching their dollars as far as possible, Canadians are prioritizing food and dining, travel, home or cottage expenses, and renovations and landscaping for their spending plans this summer, while looking to better manage dining out, clothing, and entertainment expenses.
Worse to come?
However, eight in ten poll participants are concerned about the economy worsening and three quarters are concerned about recession.
"Summertime is when Canadians typically spend the most money and given inflation and higher interest rates, it isn't surprising to learn that they are looking for ways to stretch their budget this season," said Carissa Lucreziano, Vice-President, Financial and Investment Advice, CIBC. "Creating your budget, looking for ways to make your dollar stretch further and getting to know the benefits associated with your credit card rewards program are a few easy ways to help you make the most of your money while still having a lot of fun this summer."
