Financial Planning July 2019 | Budgeting for Vacation

While it’s so important to start saving early for the future, there are many other more immediate events that should be factored into your daily saving strategies to help you enjoy your hard-earned income today too.

How to Budget for Vacation

With the arrival of summer comes summer vacations, outdoor events, weekend trips, and impromptu outings. No matter how organized your budget may be, it’s the little extra “lifestyle” expenses that can quickly add up and are often the culprit of overspending. So how do we account for the limitless summer opportunities while staying within our not-so-limitless budgets? We plan ahead.

Think Annually

For parents, summer is the longest break they can count on each year where the kids will be out of school. But it’s not the only break. There is also Spring Break, Winter Break, and for some school districts, Fall Break. Not to mention a few 3-day weekends and national holidays where the opportunity to travel will present its self again. Making sure to think out all of your travel plans for the year will help you to better divide your travel savings and avoid spending your annual travel budget on one vacation.

Utilize Available Resources

Many credit card companies offer points, rewards, or miles to their customers when they spend a specific amount with their cards. Research which programs are available to you and which bonus options best fit your family’s travel preferences. Then, learn how to best maximize those benefits so that when the time comes to “cash in,” you’ll have the most available to assist in your adventure plans.

Have A Scalable Event List

Not all trips need to break the bank to be enjoyed by the family. Stay-cations, local museums, zoos, camping and other day trips can be just as memorable and a lot less expensive. Make a list of potential plans, both large and small, to reference back when breaking down your vacation budget. Then you can spread out the big expenses while surrounding them with smaller ones.

Maximize Off-Season Sales

Shopping for summer items in the summer can cost double versus doing the same shopping in the off-season. Kids grow quickly, so whatever you bought for this snow season might not fit next snow season. Instead of buying new at the start of the season when prices will be highest, plan ahead and buy at the end of a season when items are often marked down or discounted.

You work hard to save and provide for your family and lifestyle. You deserve to enjoy your hard work. A little knowledge can go a long way when it comes to successfully managing your finances. When you are confidently in control of your money, you can start enjoying your life instead of just saving for it.

Make sure your money is working as hard as you are.