by William K.
The first thing you need to do is make sure that you can afford the vacation. That you have enough money to vacation. Making sure that you are going to be ok financially after the vacation is one of the most important factors that you have to take into account. According to doughroller.net “In 2017, 74% of people in a survey said they had gone into more debt because of the vacation they took.” We will cover Budgeting for the Vacation and Budgeting during the Vacation.
The first thing that you need to do is setting a maximum budget for yourself and or the group you are going with. You must begin basing this vacation and the bud getting for it based on your monthly budget. Meaning how much can you carve out 0f your monthly earnings to save up for this vacation. If you then multiply that figure by the amount of months till you are ready for that vacation that is going to be your budget. The other way you can find your max budget is annually. This is done by deciding what percentage of your annual income you want to place for your vacation and that will be your max budget. After finding your ax budget pick a destination. This is one of the biggest steps in your vacationing process. Never purchase too far in advance. Make sure that you are not buying a plane ticket simply because there is a deal when you are shopping and looking for options. Never purchase anything for that vacation unless you have your max budget done and know for a fact that you are going to commit to this destination. Making sure that your budget is in the right place for your vacation is the most essential part of planning a vacation.
The second thing we are going to cover is budgeting during the vacation. Budgeting during the vacation is a major asset that is needed to have a financially successful vacation. The first thing that you should take into consideration is tracking your spending daily. It is very easy to spend your money on things and in places that are things that are not needed. For example buying extra sunglasses or additional items like clothing or apparel is tolerable to an extent. Tracking your spending will give you an advantage in the long run. Another good alternative is carrying cash on you throughout the trip. This will remind you that you have only so much to spend that day. This forces you to spend it wisely. This is something that is going to set you up for success financially after that vacation. These 2 options are the best recommended by 2 very trusted websites doughroller.net and travel-made-simple.com
FInally, vacationing is something we all love to do and take part in. As kids we saw vacationing as just a trip that we just had fun during and not having to worry about money, travel, fees, and other things that can arise during the vacation. Now that we are getting older some of us will be having to worry about the fees and the expenses that come with vacationing. Having a vacation some may argue is necessary but vacationing is something that is needed to be planned months in advance. Budgeting for the vacation is one of if not the most important steps in the vacationing process. Next, making sure that you are also budgeting during the vacation is essential. Following these 2 steps are going to help you in having a vacation without debt. Remember budgeting is key when it comes to vacationing.
“How to Make a Travel Budget.” Travel Made Simple, 2 Mar. 2021, travel-made-simple.com/how-to-make-a-travel-budget/.
Doughroller.net, www.doughroller.net/smart-spending/budgeting-family-travel/.
Very interesting! I was really surprised when you said that 74 percent of people went in debt because of a vacation in 2017. I agree with you that as kids we just kind of went on the vacation and had a good time, but we never really noticed the money behind the scenes. As now that we are older we start to realize the immense cost of going on vacations. Saving before the vacation to make sure you actually have enough money should be common sense. But I guess most vacationers in 2017 just didn't get it. I agree that spending money while on vacation is just as important if not more than saving before. This is because it's really hard to say no to things when you're in the place of your dreams.
ReplyDeleteIt is important to budget vacation and makes sure you have enough money. Along with your article, I would add some things you can do to lower your expenses such as getting airplane miles from credit card benefits, traveling locally, and packing smart to avoid extra luggage charges. I liked reading your article, it gives awareness to overspending on vacations which is something we don't normally think about but can be detrimental to your bank account.
ReplyDeleteI loved the trick of bring cash & only letting yourself use that amount of cash that you brought. It's easy to get lost & forget about how much you are spending when you pay with a credit or debit card. Another thing my family does for budgeting on vacation is we don't go out to eat every day, instead we will have homemade meals & that saves so much money. I really liked this blog post & I will definitely help me in the future when I wanna go on a trip with friends!
ReplyDeleteI liked this alot because this is actually something I was debating with my parents with. I love vacationing so much now but alot of that is like what you said I don't have to worry about paying for it. What I was telling them is that if I wasn't making a crazy amount of money I feel like I would be really stressed to be spending that type of money. Yet again I think people think you need a crazy amount of money to travel which could be true but I have seen and some of my famous people I follow do it in the cheapest way possible and just sleep in the van they decked out and they just go on crazy adventures for so cheap most of those being outdoor and state parks. Most of the money they spend is on some tourist attraction things and gas. But it made me realize that I wouldn't need alot of money at all to vacation. Overall this was a very good blog and a very interesting topic to look into.
ReplyDeleteBeing tactical when budgeting for a vacation is imperative. Knowing when you are going on the trip is the first part. Obviously certain times of the year are cheaper for flights and renting so keep that in mind. But also during Christmas time when pay is a little higher. If you budget your money well, you could use some of that extra pay toward vacation. Sometimes you also have to consider is flying the best option or would it make sense to drive. Nevertheless, I agree that having a max budget in the beginning is the safest first step.
ReplyDeleteI rarely go on vacations so something like this is helpful for planning a vacation in the future.
ReplyDeleteI found it really surprising that 74% of people went into more debt because of a vacation. I was surprised by this because I thought of a vacation as something you do if you are in a solid financial spot. I think it is a good tip to never buy anything until your budget is finalized. You could get yourself into a lot of financial trouble if you buy something and then you realize that you’ll have a hard time paying for it while maintaining a budget that you set afterward. I think this was a very good post on how you still need to watch out for things like budgets even when you are on vacation.
ReplyDeleteYou did a great job with this piece. Before reading it I didn't know much about budgeting a vacation because I have not planned a vacation before. Now that I've read this, I can now use a couple of these tips to create a fun and affordable vacation in my future. I also like how you had quotes from your sources because it shows that you know what you are talking about. I think that most people who want to go on a vacation don't really think about saving money up for it or planning it out to not waste a lot of money and most people just wing it when it comes to vacations. By reading this post, I will be using some of the tips that you give to be able to create a affordable vacation in my future.
ReplyDeleteI really like that you included both a pre-trip and during trip tip for budgeting properly on vacation. It makes sense to carry cash each day of the trip so you don’t overspend. One thing I would like to know more about is vacationing on a small budget, like camping or going to airbnb’s, even hostels if they are available. I think many people want to go on trips but aren't sure how to have fun without much money, and there are a lot of options out there. My family always went camping when I was younger, and we would avoid big costs by spending the day hiking or kayaking, and then enjoying the city we were in later in the afternoon. Additionally, road trips can be a great way to enjoy a vacation without expensive hotels, restaurants, and tourist locations, as you can enjoy a few spots along the way but the majority of the trip is spent spending time with friends and family on the journey. I would love to see more information about going on a vacation without a large budget, but I love the tips you gave. Thanks for the information, William!
ReplyDeleteThere is a lot of great information on here. It is very important to always make sure you have enough money before you purchase something or maybe like going on a vacation.I didn't know too much about budgeting for a vacation so thank you for writing this.
ReplyDeleteI remember in a business class I took, one of our projects was budgeting and planning a vacation. I thought your post was very informal and learned taking a part of your monthly budget and putting it towards a vacation plan. My family loves to vacation and I feel like that is the same for a lot of people, but 74% of people going into more debt because of vacation is just absurd! These people need to read your blog and learn how to budget for their vacation. I will make sure I am not one of the 74% of people going into more debt because of vacation and budget my money with all of the tips and tricks you gave.
ReplyDeletehaha vacations are such a luxury but they come with quite price tag as well! I think that this tactic of budgeting can also be applied to daily life as well.
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