A recent survey has found that Canadians plan to spend an average of $5,605 this summer, with the largest outlays being for vacations and socializing.

In a poll conducted by Pollara for BMO Bank of Montreal, respondents indicated that they plan to spend an average of $2,038 on longer vacations and weekend trips over the summer, while they will spend $1,160 on social outings and $1,006 to entertain friends and family at home. Other expenses include summer activities and entertainment ($522), home and garden improvements ($322), seasonal consumer goods ($227), and large purchases ($212).

The survey also revealed that many Canadians intend to push boat out a little, with 38% planning to "take a mental vacation from worrying about money" during the warmer months, and 42% admitting that they have not set a specific budget for summertime expenses. What's more, 49% of the respondents said that at the end of the summer they want to know they had fun “regardless of the cost.”

As for how they intend to pay for these expenses, BMO notes that most people plan to use credit cards, especially for out of town vacations (61%), social activities (49%), home and garden projects (43%), and entertaining (40%). Only 27% of the survey participants said they will not use credit cards for any of their summer spending.

“Summer can lead to the temptation to 'play now, budget later' - causing unpleasant surprises come the fall,” comments Nick Mastromarco, Managing Director of North American Retail Payments at BMO Bank of Montreal. “Even if having fun is the number one summer priority, budgeting can make a huge difference in preventing overspending.”