You’re probably excited about getting ready to go on a much-needed family vacation. Not so fast!
Do you actually know how much you need to save to have the best time possible? The last thing you want is to get to your destination and find out it is much more costly than you initially thought.
Why not take a look at my tips for how to figure out how much you need for a vacation?
Figure Out Your Cost Per Day
If you want to get down to the nitty-gritty, figure out how much you’ll plan to spend each day you’re on vacation.
The best way to do this is to break it down by category.
Here is an example of a single person and how you could break these categories down:
- Food costs – $30 a day
- Hotel costs – $50 a day
- Entertainment costs – $40 a day
- Transportation – $20 a day
- Presents and trinket costs – $20 a day
In total, you’d be spending about $160 each day. If that seems like too much, go over your list again and make cuts where applicable. By listing out these variables early on, you’ll be able to save your money instead of blowing it in one foul swoop.
Will you fly or will you drive? That is the question.
Plane tickets can be an astronomical cost if you don’t buy them at the proper time. You should read this article about when to buy your plane tickets and let me know what you think.
If you’re driving, make sure to put away a little money each month to pay for your gas. It may not seem like a significant expense, but gas can be one of the most expensive parts of traveling if you’re not prepared for what you’re spending.
Check out how to save on gas before your trip comes. You can save a lot of money by following these simple tips!
Decide early on what kind of transportation you’ll be taking and take these specific variables into account, so there are no surprises in your future.
Hotels can be really tricky in the financial department if you aren’t careful and prepared.
If you’re planning to go somewhere such as Disney World, decide early on if you’ll be staying on-site or at a cheaper hotel.
Of course, there are a variety of different hotel chains to choose from that all have different pricing, so it’s easy to find something in your range if you plan ahead.
Don’t leave this to the last second. Hotel prices tend to be much higher the closer you are to your trip. Book now and save the money needed to pay it off. You’ll be happy you did once it’s vacation time.
Here are some ways to save money on hotel rooms! Because, who doesn’t like to save money?!!
If you’re going on vacation, chances are, you’ll be enjoying some entertainment while you’re on holiday.
Entertainment is an incredibly massive factor in the expenses you’ll have. If you don’t start saving now and planning ahead for these costs, you’ll be more likely to spend money out of pocket.
Sit down and write out a list of everything entertainment-wise that you plan to do. Estimate the cost of each one, or look it up, and make sure those funds are built into your financial plan.
Here are some entertainment costs you might take into consideration:
- Eating out
- Shows and plays
- Presents for loved ones
It’s no secret that food is one of the more significant expenses that people run into on vacations.
Figure out how many meals you’ll be eating, where they will be taking place, and what kind of funds you’ll need for each.
For instance, if you’ll be eating fast food one night, put away ten more dollars, but if you’re going a fancier route, twenty dollars more a week might be a more appropriate figure to save.
If you’re planning to have a nice dinner every night, save a little more each week so you’ll have plenty of money allocated towards this category.
Break these categories up and save a little over time. Your food costs are sure to be paid off if you do it this way.
Use A Savings Calculator
A savings calculator is an excellent way to know how much you should be allocating each month for your vacation.
Don’t leave this up to guesswork. Vacations are expensive, and unless you know how much to put away each month, you likely won’t end up with the exact amount you need.
Check out this savings calculator to discover how much you should be putting away each month until you’re vacation time arrives.
Vacation spending isn’t as hard as everyone assumes. The critical thing to take away is that planning early is the way to go. Break everything down into smaller bits, so you don’t get overwhelmed and let me know where you stand.
I’d love to hear your responses and where you’re planning on vacationing!
YOUR TURN: Let me know in the comments below where you would like to go for a vacation!
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