No two words conjure up more joy than “family vacation”! It’s the perfect chance to sneak away from the office and pull the kids out of class for some good old family fun. Before you start checking out maps and booking your plane tickets, you need to put a plan into play.
Here are the 3 things to keep in mind to budget for your vacation:
Split Up Your Savings
Many people today make the mistake of only having a single account where all of their savings are deposited and withdrawn from. This can give people the wrong impression that the money in that account is fair game for whatever expenses they may have.
As a result, people might spend their savings on a trip and leave nothing for their emergency funds or retirement plans.
Avoid this fiscal fiasco by dividing your savings into smaller accounts with automatic deposits between them. This way, you can track your dedicated travel funds and don’t have to worry about draining other accounts.
Brainstorm Your Bills
Families planning a vacation may think they only need to budget for their travel and accommodation costs, but trips are full of hidden costs that might eat your savings if you don’t prepare.
Traveling abroad can be an expensive affair, especially if you’re planning to eat out at restaurants every night, visit tourist spots, or purchase souvenirs.
Before you even think of heading to the airport, sit down with your partner or adult family members to honestly assess how much you can spend on local food and entertainment.
Handle Your “Home Field” Expenses
Just because you’ve traveled outside of your city, province, or country doesn’t mean that life back at home grinds to a halt.
Mortgages still need to be paid, electricity and water bills need to be covered, and fridges may need to be restocked when you return.
Keep your home life moving smoothly by looking at your regular bills and checking to see if any important payment dates pass while you’re out of town so you can set aside money accordingly.
Family vacations create amazing memories that can last a lifetime but that doesn’t mean your bills should last forever too! Give our finance experts a call today at 780-842-3391 or visit us online to see how we can get you sight-seeing stress-free.