5 Tips to Stick to Your Vacation Budget

Sometimes, you look at a friend or family member’s no-expense-spared vacation and wish you could have that, too. Social media certainly makes it harder to keep up with the neighbors and their month-long trip to the south of France. You can enjoy a holiday, too, but it is better not to get into a lot of debt for the experience. Here are a few ways you can stop your vacation spending from ruining your reality.

1. Create a Budget

Going into a trip with a very clear idea of your expenses will help you to minimize unexpected purchases. Make sure you have covered all the basics you can expect on vacation:

• Proper Identification: Passports, visas
• Travel: Gasoline, airfare or killing time at the airport
• Lodging: Hotels, rentals or campgrounds, plus any extra fees for parking or services
• Food: Meals and snacks, or groceries if you plan to prepare your own food
• Activities: Entertainment and souvenirs, watching for upcharges once you get inside

Depending on where you go and what you want to do, this could cost a few hundred dollars or many thousands.

2. Choose Locations

Once you have a budget, you can research where you can go with your money. Location tends to dictate a lot of vacation costs, so take your time with this step. If you have less cash to work with, it can be tempting to choose something just because it is cheap. Talk with your family about what you all want from the vacation, and then select accordingly. You will be happier with a trip that ticks most of the boxes for everyone, even if it must be shorter or simpler.

3. Look for Deals

Although you can get discounts on almost any part of your vacation, start with the big-ticket items like travel and lodging. If you begin several months out, you can watch ticket prices and buy when airfare is cheapest. Booking far in advance does not always guarantee lower costs. Research the best options for lodging, whether that is camping, renting a condo, or staying in a hotel. You can often save hundreds of dollars by selecting something with only a slightly lower rating.

4. Plan the Itinerary

Most vacations have an air of spontaneity to them, but going where the wind takes you can be a fast way to balloon the total cost. Plan out as much as you can of each day, with a little cushion here and there for the unexpected. If you know you will go to a place that has a lot of extra charges for things, put them in the budget. This way, you are not caught off-guard.

5. Schedule Debt Payments

Many people use credit cards on vacation due to their convenience. Once you get back, you need to have a plan to pay it off. If you already have the money set aside, you can pay the bills as soon as you return home. Otherwise, divide it up into regular payments so you can pay off the debt quickly over the next few months.

Vacations are supposed to help you relax, but that can be difficult if it is costing you a fortune. By creating a budget and sticking to it, you avoid stress and ensure you can really kickback. Plus, you can pay your bills from the comfort of your couch with Online Bill-Pay.

We’re Here to Help!

If you have questions on budgeting or would like to learn more about the benefits of using a Personal Loan for your next vacation, stop by any branch or give us a call at 800.336.6309.

Each individual’s financial situation is unique, and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed.