Budgeting for a Vacation
Every year, millions of American workers have extra vacation days at the end of the year. Many people feel that a vacation is just out of budget for them. Here are some ways to make use of your vacation days without breaking the bank.
PLANNING YOUR VACATION
- Start by setting a maximum budget. This will narrow down the list of locations that are within your reach so you are not over extending your funds.
- When figuring out how much the vacation will cost, make sure to remember expenses such as meals and entertainment when you get to your destination, along with airfare, hotels, and transportation.
- In many cases, a vacation rental home may end up being cheaper than a hotel for a group. Make sure to consider this option seriously.
SAVING FOR YOUR VACATION
- Use a credit card that offers rewards. These rewards will potentially help you save on airfare and hotels.
- Save your change from everyday purchases and place it in a jar. After a long period of time this can be a good stash for spending money while on your trip.
- Trim your monthly budget by cutting out unnecessary spending when possible, for example, rent a movie at home instead of going to the theater.
OTHER VACATION OPTIONS
- The Staycation: Become a tourist in your own city. Explore the museums and attractions that separate your city from any place else.
- Visit family that is out of town. If you stay with them you save money on lodging and get a chance to strengthen connections with them.
- Pack a homemade lunch instead of buying fast food every day. Every dollar counts.
- Book flights and hotels as far in advance as possible to get the best price.
- Make a separate savings account for your vacation fund.
Sources: Capital One, Discover. The Health Tip of the Week is for educational purposes only. For additional information, consult your physician. Please feel free to copy and distribute this health resource.