Canadian Living – September 2019

CANADIAN LIVING SEPTEMBER 2019 | 51

Grow your savings

“Once you’ve put aside some savings,

consider investing them in a safe place,

but one which will allow them to grow,”

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about a Tax-Free Savings Account (TFSA)

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(GICs). She suggests avoiding high-risk

investments, where the losses could mean

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Do the math

To know exactly how much money to put

aside, you need a good idea of what your

trip will cost you. “Besides the price of the

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much you’ll spend on food, activities and last-

minute purchases,” explains Christiane Van-

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Life Financial. A travel agent can also help

you determine an accurate cost of your trip.

See where you can save

When travelling, certain savings are worth it, and others

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modations with a kitchen or kitchenette,” says Sophie

Reis, author and founder of the site for travelling parents,

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tions. “If possible, I would suggest modifying your travel

dates,” she adds. Finally, experts underline the importance

of having travel insurance.

Reread your policies

“Some insurance policies include international

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some travel coverage if you use it to pay for the trip,”

explains VanBolhuis. “Before leaving, get in touch

with your insurance company to see what’s included

in your coverage, and if there are any exclusions.

(You might already be covered and not even know

it.) It’s always better to know before you go to avoid

any unpleasant surprises,” she adds, noting that you

can also take a look at reward cards on which you

may have accumulated enough points to help you

save on the cost of your trip.

Plan ahead

Reis has a “travel” bank account,

where she puts aside a predeter-

mined amount from every pay-

cheque. “Once this savings plan is

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can guide you on how to optimize

your savings,” explains VanBolhuis.

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