Vacationing on a Budget

Hoping to jet off on vacation with family and friends soon, but concerned your dollars won’t stretch far enough? Even though vacations are supposed to be a time for relaxation , they can quickly become a burden on the wallet if you aren’t careful. The good news is  vacations don’t have to be overly expensive! It’s possible to enjoy a great vacation on a budget by using these clever planning tips. 

Create a Strict Budget and Spending Plan  

Before you head out on vacation, you must have a strict, detailed trip budget and spending plan in place. These plans act as guardrails to keep costs from ballooning during the trip. To create your budget and spending plan, you should: 

• Decide how much you can afford to spend during the entire vacation 

• Break down your estimated daily expenses and set daily caps  

• Talk with friends or family who will be joining you  and determine what you’re willing to splurge on and where you might be able to cut back 

• Start saving early for your vacation and calculate how much you'll need to put away each week or month to reach your goal 

Choose Wallet-Friendly Options When Possible 

Another easy way to stay on track with your finances while vacationing is to opt for cheaper, more wallet-friendly choices whenever they’re available. Choose the frugal path by: 

• Booking your trip during the off-peak season where prices across the board may be cheaper 

• Avoiding touristy areas during peak season and vacationing in places off the beaten path 

• Planning a “staycation” at home instead of traveling far away if money is really tight 

• Looking for hotel deals that offer discounts if you stay multiple nights 

• Searching for cheap eats at your destination  that are easy on the wallet but still have great reviews 

• Cooking your own meals, if it’s possible in your accommodation 

Use Clever Strategies to Save More 

Finally, don’t forget to start saving before you leave! The more you pad your pockets early, the more relaxed you’ll feel with your finances during the trip. To save a little extra you can: 

• Set up an automatic bank transfer and put an extra $20 away each week 

• Switch to generic foods instead of name-brand ones and save the difference 

• Clip coupons and look for deals on necessary household items 

• Start a side hustle that can bring in some extra income and help you save a little more 

You don’t need to empty your wallet to have a good time on your next vacation! Vacationing on a budget is easier than you might think when you use these planning tips.