Categorized | Living

Going on Vacation Without Ruining Your Finances

Planning a vacation is a lot of fun but when you step back and add up the costs, you may quickly find that a fun time can become one of the most stressful times in your life. Financial strain has plagued many Americans and with the addition of high gas prices, traveling may seem like something that you just will not be able to do. However with the right information you will easily be able to go on vacation without running your finances and enjoy your time away with your loved ones.

Plan For It

When you are considering a vacation give yourself plenty of time to really plan for it. You need to take 6 months or longer to plan for it and to save for it. Do not go into debt to go on a vacation. It will take you a long time to pay off the debt you incur just to go away for 3 days or a week. Instead you need to get a good estimation of the costs that you will incur on a vacation and then add about 10 to 20 percent to this and you will be able to have a budget. Now what you need to do is take time to set aside money from each paycheck until you have all of this money saved up so you can go on vacation. Having a vacation budget is one of the best ways in which you can enjoy going on a luxury vacation and not worrying about the costs as you know you have the money for it. Vacations are luxuries and should never be put in front of other things that you have like retirement planning or an emergency fund.

Find Discounts

One of the best ways to save money on vacations is to look for discounts where you can find them. Travel sites often offer great discounts on package vacation deals. This will save you a lot of money and may even allow you to stay at 5 star hotels that you likely wouldn’t be able to afford if you didn’t book from the travel site.

Choose a Destination You Can Afford

In order to enjoy a vacation, know your budget and look around for destinations that are in this price range. You must think practical and choose a destination that is affordable for your family’s needs. When you plan to travel may also impact the cost as hotel rates are higher at different times of the year. You must also consider how you will travel (air or car) as this can also impact the cost of your vacation. Booking early is a great way to save money on hotel and airfare. If you have flexible travel dates you may be able to get a great deal.

Be Strict

Once you have your budget in order, be strict on the money that is spent. You need to make sure you aren’t spending money on excess items that you don’t need. Avoid the souvenir stores if you did not build in a budget for it.

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