TORONTO — Shannae Ingleton Smith has a busy schedule this summer.
The Toronto influencer known online as @torontoshay and co-founder of talent agency Kensington Gray hosts two or three events each week, including some in New York and New Orleans.
“It’s a lot in terms of budget,” she said.
“Staying home during the pandemic was really great to wear a lot of loungewear, not wear a ton of makeup… It was great for my skin and for my pocket because I didn’t do too much shopping, but as events have had this resurgence, I find myself spending more.”
Where the last two years of the health crisis have been spent canceling or postponing weddings, showers, birthdays and other festivities, the decrease in serious cases of COVID-19 and the growing comfort with gatherings push many to make up for lost time. partying again.
But at the same time, inflation hit a 39-year high, driving up the cost of going out. Payments processor Moneris found the amount Canadians spent on beauty and hair salons in April rose 67% from last year.
Gayle Ramsay said the big question is, “How can you ever come back to these – whether it’s baby showers or weddings – and be able to give a gift and have the things you don’t? haven’t done in a while and at the same time, how are you managing costs with rising inflation?
The answer lies in a budget, said the head of day-to-day banking at BMO Financial Group.
If you have money set aside in advance for a busy summer, this helps manage costs, but also reveals areas where you may need to cut back, if you want to go to every event, a she declared.
To choose where to cut, Ramsay noted that some banks like BMO have services or account features that alert customers when they’re spending more than usual in a category.
If someone has multiple invitations and isn’t able to budget for each one, Shannon Kennedy recommends prioritizing which events to attend based on location, which can reduce travel costs.
Once you figure out which invitations to accept, there are also ways to save on your outfit, said the owner of Ottawa-based Kennedy Event Planning.
“There’s no shame in re-wearing a dress or a suit to two different events,” she said.
Ingleton Smith agrees.
“That dress you wore three years ago, nobody remembers,” she said. “It doesn’t matter if you posted it on Instagram or not.”
She scoured her closet for outfits she can wear again but with different jewelry, accessories, and even hairstyles.
Others recommend raiding a friend or family member’s closet if you want to vary your look. Some suggest turning to clothing or costume rental services, although consumers should be aware of membership fees and rental prices that can sometimes cost as much as a new dress.
If you’re traveling for an event, consider carpooling or staying with friends or family to cut hotel and gas prices, Ramsay said.
If neither is an option, look at the discounts you can get from loyalty programs you already subscribe to and consider redeeming the points you’ve accumulated for gas or plane tickets, a she added.
Ingleton Smith also recommended booking ahead, researching deals and being prepared for there to be more competition than there has been in the past two years for flights, cars rental and accommodation.
Although Ingleton Smith insists no one should ever go into debt or sacrifice paying their bills because of their social calendar, she said it’s important not to deprive yourself of pleasure either.
“Do you want to die happier knowing that you went to that villa in Mykonos with all your girlfriends and created memories that will last forever? Yeah, you will,” she said.
“If you come back with a little less money in your pocket, then maybe you’re working a little harder or doing a few extra things to earn some extra money to offset those extra expenses.”
This report from The Canadian Press was first published on July 14, 2022.
Tara Deschamps, The Canadian Press