Staying local for a vacation on a budget

Staying local for a vacation on a budget

CHARLOTTETOWN — Here’s a term I find annoying — staycation.It’s not a difficult idea to understand. Rather than go away for your vacation, you stay. But it’s also becoming a reality for me and the time I booked off work at the end of the month.It’s not so much that I can’t afford to go somewhere and rack up a bunch of debt.Up until a couple of weeks ago, I was planning a trip to Gros Morne National Park in Newfoundland. Ah, the fjords, the scenery, the rugged beauty … and the cost of getting there.The plan was to rent a car, take the 12-hour ferry from North Sydney to Port Aux Basques and then drive to Gros Morne.I priced a car rental with one company and I was looking at more than $300. When you add gas, the ferry (around $200 one way), odds and ends when I get there (like a boat tour) and accommodations, I’m guessing the cost is around $1, 500.I can do it, but I don’t want to rack up a credit card debt that’s going to take me a while to pay off.Joe White, financial advisor with White & Associates Financial Services Inc. in ....

But White explains that if we put that amount on a credit card, with payments of $210 a month at 19 per cent interest, we’re looking at paying off that debt in eight years and two months. Plus, with interest, we’re actually paying off $20, 432.A line of credit at eight-per-cent interest lowers the payback time to four years and 11 months at $210 a month. With interest, the total runs up to $12, 188.85.Now, you may be able to do the trip with your family for much less than $10, 000. Even so, the example helps illustrate the trouble you can run into paying for a trip you can’t afford.And, of course, as already mentioned, my trip to Newfoundland would only cost about $1, 500.I can pay it off, but I choose to be cheap.But maybe this is also a good opportunity to roam around the Maritimes and knock off a few other items on my bucket list, another term I find annoying.Mount Carleton Provincial Park in New Brunswick has been on the list for a while. From Moncton, it’s still a lengthy drive — a little more than four hours.Mount Carleton is the highest point in the Maritimes ....

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