As we head into summer, a recent survey reveals that many British Columbians are planning to reduce their spending this season.<\/p>\n
The survey<\/a>, conducted by TD, found that 34 per cent of B.C. residents plan to spend less. Among those, 56 per cent are putting that money towards daily needs like groceries, fuel, and housing.<\/p>\n \u201cWe\u2019re looking to be a little bit more economical as far as how our budgets are being spent,\u201d said Leslie Logan, a senior financial planner with TD Wealth, in an interview with Daily Hive.<\/p>\n This comes during a season when people might tend to spend more than they might otherwise, she explained.<\/p>\n \u201cEverything is just a little bit more exaggerated as far as spending goes in the summer,\u201d she said, adding that it is similar to spending surges during the winter holidays.<\/p>\n \u201cIf you\u2019ve invited people for a barbecue, you\u2019re paying a little bit more than your regular Wednesday night.\u201d<\/p>\n Logan attributed this shift to the \u201csheer cost of everything.\u201d<\/p>\n \u201cWe\u2019ve felt it, particularly after COVID, that everything has increased. And we\u2019re all feeling a little pinched across the country in our wallets \u2026 at the grocery store, at the pump, when we\u2019re booking a holiday, or even ordering something online,\u201d she said.<\/p>\n Further, with gas prices recently shooting up<\/a>, 48 per cent of British Columbians said that the high cost of fuel is impacting their travel decisions.<\/p>\n People struggling with the cost of living have been a consistent trend throughout the year<\/a>.<\/p>\n For example, a recent study from Wealthsimple found that B.C. parents are putting off saving for retirement due to high costs<\/a>, and another poll from Research Co. reported that people are changing their eating habits<\/a> because food is too expensive.<\/p>\n \u201cThings have increased, and they seem to be ever increasing, and the feeling that they\u2019ve increased is actually bigger than the actual monetary increase,\u201d said Logan.<\/p>\n \u201cWe\u2019re getting the headlines of it all the time. We\u2019re being bombarded. We\u2019re not just looking at our pocketbooks or the grocery store or wherever we\u2019re spending our money \u2014 but we\u2019re also hearing about it all the time.\u201d<\/p>\n What are the ways people are cutting down on spending this summer?<\/p>\n Logan said that some people are redirecting the money they might have spent on a trip abroad to expenses like housing, gas, and groceries.<\/p>\n But she added she doesn\u2019t necessarily think it\u2019s a bad thing, as many people are choosing to stay within Canada for their summer holidays this year.<\/p>\n \u201cYou don\u2019t have to break the bank to have a great summer,\u201d she said. \u201cIf you ask people about their favourite summer, most people are not going to say, \u2018This elaborate trip summer.\u2019 It\u2019s probably somewhere that they had as a kid, when they were just riding their bikes or spending time and connecting with family and friends.\u201d<\/p>\n She pointed out that some people \u2014 including herself \u2014 have decided to have a \u201990s summer, which she thinks could be a \u201cpotential key for a really low-cost great summer.\u201d A \u201990s summer is a trend where people cut down on screen time and aim to be more present and local.<\/p>\n Logan also reminded people aiming to stay on track with their financial goals that summer is a long period, even if it feels short. She suggested people consider making \u201ctrade-offs\u201d so that they can save up for the things they really want to do.<\/p>\n \u201cPerhaps take the public transportation instead of ride sharing [or] cook more at home. And then save up to be able to go, and to that great concert you\u2019ve been hoping to go [to] at the end of the summer.\u201d<\/p>\n Are you a Vancouverite who decided to have a \u201990s summer this year? Email vancouver@dailyhive.com and tell us your story.<\/p>\n","protected":false},"excerpt":{"rendered":"As we head into summer, a recent survey reveals that many British Columbians are planning to reduce their…\n","protected":false},"author":2,"featured_media":703706,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,133,131,132],"class_list":["post-703705","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-ca","tag-canada","tag-finance","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/703705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=703705"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/703705\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/703706"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=703705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=703705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=703705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}