Summer is the perfect time to go on a family vacation. After all, the weather is nice, the days are long, and the kids have off from school. But budgeting for your vacation can take a lot out of you. How do you know how much you’ll need? How can you make sure you don’t get swept up in the fun and overspend? Planning ahead can help you set and stick to a vacation budget without skimping on the fun.
Forbes reports that most Americans have gone into debt to pay for a vacation. But given interest rates, accumulating debt just for a fun break probably isn’t worth it. Not only that, there are plenty of fun options that don’t require a lot of money. You can enjoy a camping trip, stay with a relative, or even make your time at home a staycation without racking up bills.
Consider what you are prepared to spend on your next vacation. Then, work backwards from there to determine what sorts of trips you can afford.
If you fly, your largest expenses will likely be your hotel stay, airfare, and car rental, so you’ll want to account for these costs first. Once you’ve calculated how much they will cost, you can start planning the little details.
With the remaining money in your budget, you can set aside funds to cover your food, souvenirs, and activities. Research your destination to find out how much meals are likely to cost. If you plan on visiting a lot of tourist sites, look into admission fees. While these expenses may seem insignificant, they can really add up. Preparing ahead of time can help you plan for the expense.
If calculating your expenses seems like too much work, you might also consider a vacation package. Set packages often already include flight and hotel, but some even include food and activities. This can take some of the guesswork out of budgeting for your vacation.
You can have a fabulous vacation regardless of your budget! Planning ahead can help you enjoy your trip rather than worrying about finances.
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