A study conducted by the Chartered Professional Accountants of Canada (CPA Canada) has found that four out of ten people overspent this summer. However, three financial strategies helped many others stay on track.
The poll of more than 1000 Canadians found that 39% of the respondents spent more than they anticipated this past summer, with 29% going over their budgets by $1,000 or more. Asked where they went overboard, the top four areas were on yard work, transportation, home renovations, and dining out.
However, 42% of survey respondents did stick to a budget. CPA Canada says the top three strategies they used to keep within their means were:
- Being careful, watchful and limiting spending and only buying the necessities (cited by 45%)
- Following a plan or budget and keeping track of expenditures and savings (cited by 34%)
- Staying home, not going out and not travelling (cited by 12%)
“Those who were successful in managing their finances this summer all had one common element – discipline,” says Cairine Wilson, vice-president of corporate citizenship at CPA Canada. “Showing discipline and taking the time to track your spending is key if financial targets are to be met.”