How to stick to a budget on vacation

Home - Budgeting - How to stick to a budget on vacation

With the lockdowns over and the pandemic situation rapidly improving, many American families will hit the road this summer. Unfortunately, many of those same families are struggling with the financial fallout from the pandemic. You can still hit the road if the money’s tight. All you have to do is travel cheaply and stick to a budget.

7 Tips for Affordable Travel

Vacation’s don’t have to devastate your finances. In fact, a responsible, budgeted vacation will barely put a dent in them.. Keep these seven tips in mind to minimize your expenses.

Create a Budget Before Planning the Trip

Creating a budget ahead of time will make it easier to book an affordable vacation. Take a look at your finances and determine how much you can spend. Then, book hotels and flights that leave you well below your total budget. This will give you room for food, souvenirs, and other expenses during the trip.

Avoiding Using a Credit Card for Your Travel Expenses

It’s easy to get carried away when using a credit card on vacation. You’re in a good mood, living in the moment rather than worrying about the future. This is what makes vacations so delightful, but it also makes them financially dangerous. If you stick to using cash or a debit card, you won’t have to worry about finding a massive credit card bill waiting for you when you get home.

If You Do Use A Credit Card, Make It a Travel Card

While using credit cards on vacation is normally a bad idea, you can make an exception for travel cards. These often offer excellent rewards that make it easier to stay under your budget. They could also give you travel points that you can use for a later trip.

Stick to Daily Spending Limits

In addition to a general budget for the whole vacation, you should also set daily spending limits throughout the trip. These miniature budgets will be easier to remember as you’re going about your daily activities.

Try To Eat Fewer Meals in Restaurants

Eating out is one of the biggest expenses for most travelers. Food usually costs considerably more in a restaurant than it does at a grocery story. You can save bundles of money by preparing your own meals as much as possible. Even if you don’t have a kitchen where you’re staying, you can buy sandwich meat for picnics or bagels for breakfast.

Supply Your Own Alcoholic Beverages

If your group enjoys the occasional drink, then the alcohol purchases will add up quickly during the trip. Buying booze at a store and bringing it wherever you can is a better bet than opening nightly tabs at the bar.

Splurge on Experiences, Not Material Things

If you take the steps mentioned above and watch your spending, you should have the chance to splurge here and there while staying within your budget. When you do spend big, pay for experiences rather than material things. The memories you make at a rock concert or water park will prove far more valuable than some fancy souvenir that ends up stashed in a drawer.

The Big Picture: Be Smart, Make Your Spending Count

There’s no need to forego a vacation to meet your financial goals. If you take the strategies outlined here, you’ll have no trouble traveling on the cheap. Remember, it’s not the price tag that makes the vacation, but the intrinsic value of the memories created.

 

 

Get Started Today Download the 5 Core Chapters of the Book Profit First

Avoid the Top 10 Bookkeeping Mistakes

Our Mission

We empower small businesses by providing them a clear picture of the financial health of their business.

Contact Us

(800)560-6436
JMV Financial Services
P.O. Box 172844
Arlington, TX 76003
Fax: 866-531-8570
© Copyright 2020 JMV Financial Services