The month of April brings warming temperatures and with one more turn of the calendar, summer weather in Texas will be upon us. For many, summertime can also mean vacation time. The kids are out of school and the open roads, or the beaches, are calling. However, to go on vacation you must be able to afford it and it might be time to start planning that now. Regardless of the time of year you plan to take your vacation, this ALLIANCE article will give you the tools you need to plan out your vacation budget.
Set Your Budget
The obvious starting point to any vacation budget is to decide how much money you are going to spend. This could be money you already have saved, money you plan to save before it’s vacation time, or both! Regardless, it helps to set a firm number and stick with it. That number is going to impact how you decide to answer the questions in the following section and it might need to be adjusted. However, it is crucial that the money you allocate for your vacation budget does not detract from the money you need to live your everyday life. In some cases, it could make sense to obtain a vacation loan and ALLIANCE Credit Union does provide seasonal vacation loans for members.
Pick a Vacation & Plan
The second step of planning your vacation budget consists of asking yourself questions. The biggest one being: where am I going to go? Once you have your destination in mind, think about how long you want to stay there. The important thing to remember in this process is that we might have to alter our plans according to what we can afford. Most of us will find it difficult to save for a 2-week vacation to Hawaii in a matter of months, but over a long stretch of time that dream trip to the big island can be paid for.
So, you have the big questions answered: where are you going and for how long? Also, when are you going to go? Now that we have the big picture, it is time to get into the details. How are you going to get there? Where are you going to stay? What are you going to do while on vacation? These are the big-ticket items that are all going to be factored into your budget.
Time to go deeper. How much are you going to allocate towards food and beverage? Is there going to be money for any kind of vacation merchandise like t-shirts, beach towels, or even a bumper sticker? It is imperative that you try to think of every possible thing you could spend your hard-earned money on while on vacation. We would also recommend dedicating a small portion of the budget to miscellaneous or emergency funds. You never know if you might find an exciting excursion you didn’t plan for or even have to replace a blown tire.
Research and Calculate
A handwritten budget might be old school, but it still works. The budget can’t just live in your head. Put your budget in an excel sheet, a budget app on your phone, a whiteboard, or that piece of notebook paper. Once you find the medium of your liking, start looking into things. Check the cost of airfare or calculate the cost of gasoline. Try to over-estimate some of those travel costs. Inflation and global events are never going to be certainties.
Technology is your best friend in this phase. Most popular restaurants post their menu online and your food budget can be estimated using the help of that. Chain hotels are not your only options for lodging thanks to companies like Airbnb and local boutique hotels. This can all be investigated on the internet.
Ask Around
Lastly, before you close out your budget you need to ask someone else questions instead of just yourself. If you know of someone who has travelled where you want to go on vacation, ask them about their trip. Was their anything they wish they would or would not have done? Do they have any recommendation about the area and activities? Maybe you don’t know someone that has gone to your destination, but you do know someone who seems to be in a different place every weekend. They might even have some tips and tricks that suit your lifestyle and budget.
There are also hundreds of thousands of travel blogs on the internet. It goes without saying that someone has been where you are going before, and you can probably find helpful information about that place online! All this extra information will help you plan your vacation, which can help you plan your vacation budget.
Be Prepared
The most important part about planning any vacation budget is to be financially prepared. The perfect vacation is everyone’s goal, but it is important to have funds to cover the unexpected. It may be something as simple as toothpaste, or as big as car repairs, or an extra night in a hotel because of a missed flight. Having that breathing room will truly allow you to relax and enjoy your vacation. Regardless, ALLIANCE is here to help you with your financial needs when it comes to vacation. Be on the lookout for more information regarding vacation loans and if you have questions stop by one of our branches or call us today at 806-798-5554!
