Keep summer finances on track

Throughout the province, the barbecues are fired, the campgrounds are busy and recreational vehicles are on the roads. These are sure signs summer is here. Summer holidays can be anything from a long weekend, a two-week vacation or the whole summer off.

Just living in the Okanagan feels like a vacation.

Here are tips to keep your finances on pace with your vacation plans, whether close to home or far away. Planning Anticipation and planning are half the fun of a holiday.

Between the internet and your travel agent, there is a wealth of current information about accommodation, tours, events, and restaurants.

Knowing how much things cost before you leave allows you to plan out your spending and ensure you have the money to enjoy your planned adventures. Look after money We have all heard stories about weary travellers arriving at their far off destinations only to find that their wallets, bank cards or cash are stolen or lost.

Take copies of your passport, credit cards and your driver’s licence.

Make sure you have the contact phone numbers available in the event of loss or theft.

Keep these electronic copies and papers in a separate place.

They are invaluable in assisting the replacement of funds or to supply proof of citizenship and credit details. Using bank cards Many countries have automatic bank machines that are compatible with Canadian access cards.

Find out if your bank has a branch or affiliate where you are visiting.

This means you can carry less cash and not worry about arriving in a foreign country after banks have closed for the day. In a foreign country Take a small amount of the foreign currency used in the countries you are travelling to.

This way you will have funds on hand for small purchases, taxis or meals.

If you use your credit or debit cards for payments, remember to factor in the cost of the exchange into the foreign currency.

This exchange rate is what the credit card company charges and is usually higher than currency exchange rates listed in the paper or on the internet. Monthly bills While you are away, monthly bills and mortgage payments still need to be made.

With telephone and online banking, you can arrange post-dated payments before you leave.

Not only does this keep your credit rating intact, but you can enjoy your holiday without worrying about late payments or having high interest charges accrue. Medical coverage When travelling outside of B.C., remember to check that your medical insurance covers you and your family. Obtain extra coverage if required. Travel to the United States means you are in a foreign country where medical services are very expensive.

Out-of-country medical insurance is a must.

Unforeseen events happen and could cause major disruptions to your vacation plans or travels.

The Boy Scouts and AMEX have it right – be prepared and don’t leave home without it. Automatic withdrawals Many people have RRSP, TFSA or other investment contribution amounts withdrawn each month.

Make sure you organize funds to keep adequate money in your accounts to cover these automatic payments.

This prevents unnecessary finance charges and ensures your purchases are made as planned. Enjoy yourself You have worked hard to earn your money so make sure you have some fun spending it.

Marion Wahl is a Kelowna-based chartered professional accountant. Reach her at info@wahlcga.com.