How to Create a Vacation Budget
Taking a vacation is one of life’s great joys and offers a chance to explore new locations. However, a well-planned vacation requires more than just picking a destination and booking flights. Proper planning means enjoying your vacation without stressing about overspending or incurring debt.
1. Set a Budget.
Before you start planning, create a realistic budget. This will help you make good decisions about where to go, where to stay, and what activities you can afford.
Accommodation cost. Research the average cost of hotels, military lodging, or vacation rentals at your destination.
Transportation. Include airfare, rental cars, and public transportation.
Daily expenses. Cost of meals, entertainment, activities, and souvenirs.
2. Start Saving Early.
The earlier you can plan for vacation, the easier it will be to save for the trip, instead of incurring debt. Review your monthly budget and discover ways to save for vacation.
3. Research and Compare Prices.
Take the time to research and compare prices on all aspects.
Flights. Be flexible with travel dates and see if Space A is an option.
Discounts. Look for discounts on accommodation and activities.
4. Track your Expenses.
Monitor your expenses during the trip to ensure you are staying on budget.
Financial planning is critical to enjoying a stress-free and enjoyable vacation. With proper preparation, you can focus on creating wonderful memories and making the most of your vacation.
The Personal Financial Management team at your local installation can provide free financial education on a variety of topics, including home rentals and budgeting. Visit www.usmc-mccs.org/pfmp for assistance.