When in Doubt, Vacation!
Are you tired of the never-ending cold, wind, snow, rain, the lack of sunshine? Do you find yourself daydreaming about summer vacation? You are not alone! If you are like me, thinking about warm summer days and can not wait to escape life for just a little, but are worried about your financials, I prepared a short guide for you. So don’t panic! With a little planning, you will be able to enjoy your vacation without breaking your wallet!
- Look at your overall financial goals.
Before you jump and book this dream destination vacation, look at your financial situation. What are your short- and long-term goals? An honest answer to this question will help you see the bigger picture. You will be able to save for vacation without compromising your financial goals.
- Create a Vacation budget and save in advance.
According to Skyscanner, 39% of US travelers have budgeted to spend more on travel in 2024 compared to 2023[1]. Consider all expenses, including transportation, accommodation, meals, activities, and miscellaneous costs. The average vacation cost for one person is around $1,986 for one week, according to BudgetYourTrip.com, but that number will vary depending on where you travel and what time of year you travel[2]. Be realistic about what you can afford, and how much time you need to save the money, and stick to your plan.
- Score early-bird deals, travel points, and discounts.
Planning can save you money! Many travel-related promotions and early-bird discounts are offered to those who plan and book their trips in advance. Look for discounts and deals on accommodation and activities to stretch your budget. Additionally, many discounts are offered if you pay for the trip in full upfront.
- Look for cost-effective destinations and avoid peak time.
Save money on your vacation by searching for places with lower living costs or favorable exchange rates. Explore nearby destinations to save on transportation. Plan your vacation during off-peak times for lower rates and less crowded attractions.
- Plan cost-effective activities.
After reaching your travel destination, it is important to adhere to your budget. Keep track of your expenses to stay within your financial limits. Conduct research to find free or inexpensive activities and attractions in the area. You can explore local markets, parks, and cultural events. Occasionally cooking your meals or having a picnic can also help you save money on dining expenses.
- Emergency Fund.
Having an emergency fund to cover unexpected expenses like medical emergencies or trip cancellations is important. In an emergency, this will ensure that your overall financial plan stays on track.
7. Have fun!
You work so hard to make this vacation happen! Enjoy yourself and your time away from home.
