Keep Your Budget in Mind When Planning a Vacation
Accel Members Financial Counseling Article
Vacations don't have to be expensive to be memorable and fun. Here are some suggestions to plan a successful vacation.
Create a vacation budget
Decide how much money you can afford for a summer vacation. Start by reviewing your income, expenses and debt obligations and setting aside money for emergency expenses. Then decide how much you can direct towards a summer vacation. This becomes the baseline amount for your travel, lodging, meals and amusement. Add up the estimated costs in advance before making final plans. Then, put away money each month into a savings account.
Involve your family
Once you've determined how much money you can afford for a vacation, decide how best to spend it. Include your family members to decide on where to go and what to do. If your budget is limited, consider an at-home vacation like a grand picnic with families, friends and neighbors. You could also host a pool party at a local pool or visit tourist attractions in your local area.
Research your vacation options
Us the Internet to get information on sightseeing, tourism attractions and discount travel and lodging. Ask travel agents for information on seasonal discounts. Read the latest travel guides available online, in newspapers and through local visitor and tourism associations. Get advice form friends and relatives who've traveled to places you plan to visit. They can help direct you to places that are fun and affordable.
Plan your itinerary in advance
Map out your daily activities and routes to ensure that you're staying on-course and on budget. Unplanned activities can often amount to unplanned spending. And before you know it you're budget will be busted.
Have a credit plan
Check credit card balances on your accounts well before you travel. Make sure they are paid off or under half the limit that you can charge. Credit cards are helpful on the road. They're safer than cash because they can be replaced if lost or stolen. But they can make it easy to overspend. Limit credit card cash advances. This is expensive cash because you could be assessed a flat fee and charged interest as of the date the advance is taken. If you need cash, use your ATM or debit card. Limit your charges to one or two credit cards and be sure to keep all receipts and record your charges in a ledger. Limit your charges to budgeted expenses. Pay off the credit card charges when you return form vacation using the amount that you saved for the vacation.
If you would like to discuss your vacation budget with someone, you can take advantage of the Accel program, a free financial education and counseling program of Coastal. Accel counselors are available Monday through Thursday 8 a.m. to 10 p.m. (EST), Friday 8 a.m. to 7 p.m. and Saturday from 9 a.m. to 1 p.m. To use this new service, simply call (877) 33A-CCEL (332-2235) or visit them on the web at www.accelservices.org .
