Article | Budgeting
Tips to Help Vacation on a Budget
Vacations don’t have to break your bank. Check out our tips to help you relax without worry.
Summer is here! And with that, it’s time to start thinking about vacations. Planning a vacation is never nearly as fun as taking one, and we know financing one is even less so that’s why we’ve compiled some tips so you can vacation on a budget.
Before we jump in, let’s review the tips we are talking about today:
- Create a vacation savings account
- Plan out your schedule
- Find free or low-cost activities
- Explore your backyard
- Use alternatives for transportation and lodging
- Pay ahead
Create a Vacation Savings Account
Vacations cost money. But just because they do, that doesn’t mean they have to break your bank. By setting up a savings account designated for vacations, the money you’ve set aside will only be for your trip. You’ll really keep the stress away the next time you travel with this tip.
Plan Out Your Schedule
When thinking about where to go and what to do, it’s a good idea to map out your vacation. Consider costs from hotel stays, how you will travel and the activities that you want to do. Once you have these details decided, you can break out how much each item will cost and what you are willing to spend. Creating a budget for your vacation and knowing what you can afford will help you to achieve your goals with ease.
Find Free or Low-Cost Activities
Some cities offer more opportunities for free or low-cost activities than others. Take Washington, D.C. as an example for an affordable place to visit. Many of the museums there are free, and there is no cost to view many of the monuments. Locating an area that can offer low-cost attractions will help maximize your money and allow you to splurge in other areas like souvenirs, lodgings or food.
Explore Your Backyard
We don’t mean this one literally. But seeing what there is to do locally, or even in your surrounding areas, will allow for quick daytrips. Doing this can help save on the cost of lodgings and food as you can go home each day and pack your lunch during your trip.
Use Alternatives for Transportation or Lodging
By now most people are aware there are rental websites and services where you can rent someone’s house or a room while on vacation. These can potentially help save your wallet but remember to double check if these lodgings are less expensive than the available hotels. Another way to save funds is looking for alternative ways to travel. Consider taking a train or subway, for example. Some larger cities, like New York, can be expensive to stay in. If you find lodging in a more affordable surrounding area, you could use a train to get into the city.
If you can, get ahead of your monthly payments. Making a payment ahead for your car, home, or other financial responsibility will allow you to take off without worrying about bills while on vacation. Some jobs don’t offer paid time off, which means, no pay while you’re gone. By planning ahead for that dip in income, you can relax knowing everything has been taken care of. One other way you can pay ahead is literally paying ahead for your trip. Cruises or tours will allow you to book in advance, and you will be able to finance this ahead of time and pay it down or use the funds in your vacation savings account. While we can’t take away all the stress from planning and expensing a vacation, we hope this list has offered some ways to help alleviate the process. If you are looking for other ways to implement a budget in your life, check out our post on how to become financially fit!
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