With mask mandates and occupancy limits easing and/or lifting, millions of Americans are looking forward to a summer getaway with more excitement than usual. Entertainment venues are opening, attractions are up and running again and for some, it’s been two years since they’ve enjoyed a real summer vacation.
While it’s great to get away for some fun in the sun, it’s important to stick to a budget, even when on vacation. An over-the-top vacay you can’t really afford can mean spending months catching up on credit card payments and paying high-interest rates that may make it not worth the price. This year, attack your vacation with a financial plan that you can actually keep by following the tips outlined below. Rethink your vacation Everyone needs a time-out from the daily grind, but for those who are struggling just to get through the month and don’t have any money socked away for vacation, it may be a good idea to consider an alternative to a conventional getaway that can provide an escape from real life without the prohibitive price tag.
Create a budget If you absolutely need to splurge on a real getaway, here’s how to create a realistic budget for your vacation.
Stick to your budget while on vacation Now comes the hard part: sticking to your budget while on vacation. Fortunately, with careful planning and willpower, this is not as difficult as it sounds. Here are some tips: First, consider using cash only while on vacation. You’ll be forced to stick to your budget with no way to overspend. If you’re anxious about traveling with limited funds, you can keep a card at the back of your wallet, but be sure to keep it strictly for emergencies. Also, make sure you have a plan to keep your cash secure at all times since cash is not recoverable if lost or stolen. Next, make reservations for whatever you can while you’re still at home. Think hotel, car rental, entertainment venues, and more. This way, you’ll leave fewer spending choices to make when you’re actually on vacation. Finally, keep a copy of your vacation budget handy for easy reference throughout your vacation. Pull out your budget for review whenever you come up against a spending challenge. Planning and sticking to a vacation budget will help make your time away so much more enjoyable. Instead of stressing over paying back sky-high credit card bills when all the fun is over, you can rest easy, knowing you’re covered and that you’re spending within a budget. This summer, enjoy the getaway of a lifetime, but don’t let your budget go on vacation. Your Turn: Share your best vacation-budget tips with us in the comments.
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