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Save for your trip … or finance them

Saving up to go on vacation is a wise move. All it takes is making a plan and sticking to it.

  • Deposit a set amount on a regular basis into a savings account you can call your “vacation account”.
  • Put all your spare change and any money you receive as gifts in a piggy bank until you can deposit it into your “vacation account”.
  • Stay within your vacation budget. Pay as much as you can ahead of time and decide in advance how much you want to spend (lodging, food, excursions, souvenirs). Don’t spend any more than that.

Vous n’avez pas pu épargner avant les vacances?

How do you plan to pay for your vacation?

People generally pay for their holidays with credit cards, tax refunds or savings. Since the last of these choices is the wisest, you might find savings by instalments useful.

Will you make one trip or several outings? Take the time to draw up a budget so your holidays don’t become a drain on your finances.

This exercise will help you decide on the type of accommodation you’ll choose, which, is always the most expensive part of the trip, along with transportation. Be sure to calculate your food, entertainment and purchases and allow some leeway for unexpected expenses.

Generally, the average price of renting a room is half as much in a small establishment as in a large one (with at least 200 rooms).

Family packages are also a good choice. Modest-income families can take pleasant and inexpensive vacations.

The Province of Ontario Travel Information Centres can help you plan your vacation.

Les options de financement

Make a realistic budget for your trip:

  • What will you do?
  • Where will you go?
  • How will you travel?

Don’t have enough savings to pay for your trip now but have plenty of time to prepare it?

Savings by instalments can help you gradually accumulate the funds you need before you go. If you invest in a TFSA, you will reach your goal more quickly since your savings will grow in a tax shelter.

Short on both cash and time?

These financing options are available to you:

Budget

Suggested financing tool
Planning a trip over $12,500
Planning a trip under $12,500

Prefer the convenience and advantages of a credit card?

See Credit Card

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