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The most expensive season is here, according to a new CIBC report.

Who spends most on summer fun? Not who you might think


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    Leeanna McLean
    Digital Reporter

    Wednesday, July 1, 2015, 8:06 PM - The most expensive season is here, according to a new CIBC report.

    About half of Canadians surveyed in mid-June said they will need to dip into their savings or use their credit cards to make the most of the warm weather. Forty per cent spend more money in summer than during any other season, according to the online poll of 1,500 Canadians.



    "Summer can be filled with social events and family travel as Canadians try to make the most of the short-lived warm weather," Christina Kramer, Executive Vice President, Retail and Business Banking at CIBC said in a statement.

    Compared to other seasons, 36 per cent said they spend the most during the winter, while 17 per cent deemed spring as the costliest season.

    When asked about 2015's summer spending plans, 77 per cent said they haven't saved enough to pay for summer. About 30 per cent said they stick very closely to their summer budget, while less than 10 per cent said their budgets go out the window during the warm weather months.

    The average amount that Canadians plan to spend on summer fun is around $1,700 - which includes travel and day trips, dining, recreational activities and summer goods like barbeques and sports equipment.



    Atlantic Canada expects to spend the most this season with an average of $2,694, according to the poll findings. Ontario trails behind the east coast with $1,957. Respondents in Quebec were the most penny-wise, planning to spend an average of only $1,288.



    CIBC

    Canadians tend to underestimate how much they will spend on holidays and other seasonal events, noted Kramer.

    "It's important to avoid expensive creep - which happens when you spend a little more than you expect over a period of time, and end up with an unexpected credit card bill at the end of the summer," said Kramer. "Having a budget and sticking to it is the best way to enjoy the holidays worry free. Canadians should treat these expenses the same as all other and make them part of your overall annual financial plan."

    Source: CIBC

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