How to Make Your Funds Go Further: The Vacation Edition

Everyone needs a getaway of some sort, whether you’re planning to travel to the Caribbean or make a local trip, a vacation is good for the soul. It’s different scenery and it gives you a nice hiatus from everyday life. You may be planning to take a vacation within the next few months, but although we wish it could be, a vacation is not something that you can just wing it while there. You have to do some sort of planning, such as how long you plan to stay, where you’ll stay, and maybe you’ll create an itinerary but all of this planning tends to come down to one thing: budget. Your budget will most likely dictate how long you’ll stay for, if you’ll go for a 5 Star resort or not, and the type of activities you’ll include in your itinerary. To avoid overspending and lack of funds, as much as you plan what you’ll do while on vacation, it is much more important to plan your finances. So, let’s talk about ways that you can make your funds go further when planning for a vacation.

The first step is a non-negotiable, you must decide EXACTLY how much you want to spend for this vacation; this includes flight, hotel or stay accommodation, any other travel expenses such as taxis, food, possible excursions and you want to be sure that you leave room for the what ifs. By having a predetermined budget, this will make planning for your vacation that much easier and will keep you accountable to only spend within your budget. The predetermined budget might also just be that push you needed to save, because of course you want to enjoy your escape from reality as much as you can. What’s next?

Plan to Save

Now that you’ve decided on the details of your vacation and have decided on a budget, it’s now time to roll up your sleeves and get to saving. With a budget, you have an exact number or maybe just a ballpark of how much it’ll take for you to go on vacation. The earlier you get started, the better! It will give you more time to save to ensure that you have just enough to cover all expenses. Being prepared and saving for your trip will reduce any travel-related financial anxiety or stress you may have.

Pay with Points or Cash Back

If you use credit cards consistently and responsibly, there’s a chance you might’ve racked up enough points or cash back to send you on a trip! If you did, kudos to you. If not, look into travel reward credit cards if you are an avid traveler and maybe your next trip can be covered too. Even if you have earned enough credit card points, it is still important to budget and save money for any expenses you might incur while on your trip. Using points or cash back to pay for your travel expenses is advantageous because your rewards from prior purchases will essentially fund your current trip. Who doesn’t love rewards? I know I do!

Search for the Best Deal

If you’re not planning on going on vacation for a certain time frame and you have the room to be flexible, do so! Avoid vacationing around holiday weekends, to locations hosting events such as sports games, concerts and other peak periods. Now I know what you’re thinking, summer is a peak period, yes but that is where searching for the best deal will come in handy. When planning to go on a summer vacation, search for flights in advance offering early-bird specials and compare prices for different weeks. Another way to save is to search for travel packages to reduce the overall cost of your trip.

Vacations are a time to relax and be stress-free, and you’ll do just that if you plan accordingly. Strategies such as budgeting, using credit card points or cash back, and searching for the best deal is the recipe to a perfect vacation that will create memories to last a lifetime.