VANCOUVER (NEWS1130) – It looks like BC parents want to take their kids on summer vacation but they’re not saving enough money for it, according to a new survey.
There are roughly 16 weeks until August for parents to get saving for a debt-free family vacation this summer and one expert suggests parents should start putting money away now.
The problem is parents are not putting enough money away for stuff like taxes, fees, food and shopping — they’re only focusing on the plane ticket.
Diane Ormiston with TD says consider using your credit card for points or complimentary insurance as almost 10 per cent of all BC parents don’t save anything at all, instead using credit to make up the difference.
“Make purchases on a Visa, sort of using it responsibly and paying it off every month hopefully. It does allow families a way to earn travel rewards.”
Another good idea is to get your kids to put away some of their allowance every week to help pitch in.
“Get your kids involved and encourage them to save their allowance and all those fun things so they can buy some souvenirs when they’re on their vacation and actually sort of the same thing that their parents are doing.”
She says it helps out the entire family and teaches children a valuable lesson in saving money.
- 35 per cent of parents in British Columbia save only part of the cost and 9 per cent do not save anything at all, instead using credit to make up the difference.
- Parents in British Columbia ranked the top unbudgeted costs of a family vacation as shopping (50 per cent), taxes/fees (46 per cent) and food (45 per cent).
- BC parents already take advantage of the benefits their travel rewards credit card offers, as 50 per cent redeemed travel rewards in the past year.
- Forty-five per cent feel their travel rewards helped them afford travel in the past year.
- Thirty-nine per cen collect extra rewards prior to traveling.
- Twenty-nine per cen book vacations with their travel rewards credit card to take advantage of complimentary insurance.