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Creating a Vacation Budget

Woman planning a vacation

When you’re living on a monthly budget, it can be difficult to factor in things like vacations. Because of how expensive getaways can be, you may even think that taking a trip is impossible in your situation. However, budgeting for a family trip isn’t as difficult as some think. By creating a vacation budget using our method, your dream trip could become a reality.

Plan As Early As You Can

The first step in any successful vacation endeavor is to begin planning and saving as early as possible. With the average cost of a vacation being $1,145 per person, you’re going to want to save as much as you can in the time before your departure. It’s for this reason that you should plan your trip far enough in advance that you give yourself time to save every possible penny. How much time that will take is entirely dependent on your financial situation, but even setting aside $180 a month will add up to $2,160 within that year.

Take Note of Your Large Expenses

Now that you’ve committed to saving the extra money, it’s time to determine how much are you going to need. That entirely depends on the costs of the major necessities. It’s crucial that you research the prices of things, such as transportation (both to your destination and once you arrive), lodging, and meals to make sure everything is taken care of while you’re there. You’re also going to want to figure out, as best you can, the upfront costs and fees that could sneak up on you throughout the trip—including taxes and baggage claim fees.

Once you know those costs, you should also begin researching some of the bigger entertainment costs of the area. Whether you want to save up for a sunset cruise or a couple of nights out at local establishments, knowing what you want to do ahead of time and how much it costs will guarantee that you get to enjoy those activities.

Know the Difference Between Funds and Spending Money

It’s also a good idea for you to save a little extra for all of the smaller things you wish to purchase or do while you’re on the trip. Since you can’t accurately estimate the prices for things like souvenir shopping and local attractions, it’s okay to not know how much those things will cost you. It’s important though that you keep any extra money separated from the funds you need to pay for the necessities. If you’re saving a little extra for those smaller purchases, be sure to make a note of how much extra there is so you don’t accidentally go over your budget.

Map It All Out

Keeping track of all the numbers can be difficult. It’s for this reason that you should keep track of your findings and calculations. Even carrying this chart with you on the trip might be beneficial to remind you that you have your limits. Above all else, it’s crucial that you stick to the budget if you want to have a worry-free trip.