By Rob Carrick | The Globe And Mail
Never have we needed a summer vacation more than in the year of the pandemic. Never has a true vacation – getting away from it all – been more out of reach.
Rules for vacation-related travel in the pandemic are evolving and differ from province to province. But it’s highly unlikely people will be leaving the country or even getting on a plane this summer for leisure travel. It’s not even clear whether travel between provinces will be feasible. Expect to hear the phrase “staycation” a lot.
If you’ve been saving bit by bit for your summer vacation, then you might have accumulated a sizable amount right now. The Two Cents blog recently looked at the options for your summer travel savings – either hold onto it for when you can travel again, or add it to your emergency savings fund.
The latter option makes a lot of sense if you don’t have enough cash to carry your household through three months or more of lost income. There is a lot of uncertainty ahead as the provinces try to open their economies again. Further job losses and income disruptions are possible. In the pandemic world, cash is king.
If you’re confident that your savings are adequate, here’s a thought. Take a modest staycation this year and target a deluxe vacation in summer 2021, or whenever possible in the future. What you sacrifice this year might help you celebrate the resumption of global travel in style.
By Rob Carrick | The Globe And Mail | Published May 26, 2020
The information contained is as of date of publication and may be subject to change. These articles are intended as general information only.
