Can you believe we are almost done the month of May! Summer is just around the corner which means the kids will be out of school. Now, what are you going to do with them? Well, you may be sending them to a sports camp or daycare but another thing a lot of families do is a summer family vacation!
In the past, Kyle and I usually used our vacation time to travel across the country to visit with our families during the holidays, but this year is the first year we booked a family vacation (which inspired this blog article)! We will be beach’n it up in Cape Cod and I am WICKED excited to just have down time with Kyle and our beautiful girl, Addison, who’s 2 ¼ years old.
However, I know from past vacations that winging it when it comes to the spending department is a recipe for disaster! We made this mistake when we traveled to San Francisco and needless to say, it was an expensive learning experience.
So, whether you are flying across the country or driving a few hours to a beach house, make sure you plan properly so you aren’t paying for it later like we did!
You don’t want to have a great trip with your family only to come back with more stress on how to pay for it!
Below are the tips and tricks I recommend to use before you travel and what to do during your trip!
Before Traveling
Plan out Expenses
Determine ahead of time ALL of your travel expenses you plan to make while on vacation (save by doing these things). So the obvious ones that you may already plan for are airfare, baggage fees, gas (if traveling by car), rental cars, lodging, excursions, etc. These are the big ticket items that a lot of people successfully plan out in advance. However, here’s a few things that people forget to budget for PRIOR to traveling.
Travel Day Expenses
A lot of families plan for the vacation itself, but a big category that is forgotten about is travel day expenses (to and from). These include expenses like food, drink, and in-flight entertainment. It doesn’t matter if you are traveling by air or by car, make sure you are budgeting for snacks, meals, and drinks because if you are traveling for more than a few hours, you’ll likely be buying a few of these items which can add up quickly!
Pet Sitters/Boarding
So you may have planned everything out to the “T” but guess who you forgot…..your dog, Benji. He may not be traveling with you, but make sure your budget includes how much his boarding or dog sitter is going to cost as it all falls under the same vacation expenses.
Other Hotel Fees
You may have reserved a hotel room for your vacation, but be careful of hidden costs that can throw your budget for a loop! First, if you plan to park your car (or a rental car) at the hotel, some will charge you for parking.
Another fee that a lot of people forget when staying at a resort are the resort fees. According to Wikipedia, the average resort fee is $24.93 per night which can add up quickly if you're staying there for a week long vacation!
Lastly, be aware that in-room snacks are not usually free. So even though you feel pampered by the hotel as they keep stocked your fridge with water, read the fine print! Those waters that you’ve been downing and housekeeping keeps stocking may not be free, which can lead to a hefty check-out bill!
So make the time to plan out your vacation properly as this is the most IMPORTANT STEP to stay afloat with your finances! Think about anything and everything you will be spending your money on to understand how much you need to save for this vacation!
Make saving for it EASY
Once you have a destination and a spending plan in place, make saving for it a breeze! First, determine the total amount budgeted for your vacation. Then determine how many months are remaining until your vacation begins, and divide your total amount by months remaining to know how much per month you need to save for a vacation. For example, if you started saving in May for your family camping trip scheduled at the end of August, and your total budget was $800, you would divide $800 by four months and determine you need to save $200/mo for your trip. Knowing how much to save per month for your trip gives you something to strive for in your monthly budget!
Take this one step further by creating a separate savings account LABELED as Family Vacation so that you don’t accidentally spend your vacation money on a new couch or something. To really make this step a breeze, set up automatic transfers so that you KNOW money is going into your account every month and your vacation WILL be paid for before you start it!
Look for Deals!
Ok, so you’ve determined where you want to go for your vacation and how much you need to save for this amazing vacation. Now let’s come in UNDER BUDGET! There is absolutely nothing wrong with searching websites like Groupon, Living Social, VRBO, and AirBnB for travel deals in the location you picked. In fact, not only is there nothing wrong with this, but I highly encourage it!
Imagine what it would feel like to plan and save for your family vacation, have a great trip, and then come home with EXTRA money that you didn’t spend! You could put that towards your money goals, or order take-out with it on the night you get back because NO ONE wants to cook after they just got home from vacation!
During Your Trip
Alright so you’ve saved, you’ve planned, you’ve packed your bags, and you’re finally traveling to your chosen destination. That’s got to be an amazing feeling so first off congrats on being on vacation! However, though it feels lovely to have freedom from the mundane stuff you deal with at home, be careful of having TOO MUCH freedom! You took the time to plan out your trip, right?
Don’t ruin the vacation budget with these things:
Crazy Spending
I know being on vacation feels great, and you feel invincible while you're traveling. Your phones are stashed so you can focus on making memories with your family.
The kids are smiling and life seems magical because everyone is getting along. So why not splurge on them by buying a new boogie board for the beach as well as new sand toys and water shoes? Oh and don’t forget a souvenir shirt for little Johnny right?
Well, I hate to break it to ya, but these are the dangers that people get into while they are on vacation. Let me tell you, DON’T FALL FOR IT! You spent the time to plan out and save for a stress-free vacation, so make sure you stick to what you budgeted for. If you budgeted for all those things mentioned above, GREAT! If not, then let it stay on the store shelf. I know you're feeling great now while on vacation, but don’t overspend and regret it later!
Paying Full Price
You don’t have to pay full price while you are out! If you are planning to do some activities or go out to eat at local restaurants, check out Groupon or Living Social for coupons in the area your staying in. This will save you a few bucks so that you can make the most of your vacation money!
Using the Credit Card
I don’t care how good you are at not overspending on your normal everyday outings. If you are on vacation, and there are good vibes in the air, you are at a higher risk of pulling out that credit card and unintentionally overspending. So why chance that?
Hide it! Don’t even bring it with you if you think you could use it.
Long story short, spend ONLY what you have saved for vacation! Don’t swipe with a credit card to pay for it and worry about it later because that will eat your money goals UP once you get home. You are on vacation because you need rest and relaxation. You can even pull cash out to ENSURE you don't overspend. Store the cash in awesome envelopes seen on my Resource Page and you'll be sure to stay within budget!
Do NOT come home to even more stress because you overspent on vacation!
Take Home Message:
So plan out your vacation, save for everything you think you'll spend on vacation, and enjoy your vacation! Then come home feeling refreshed and ready to conquer the rest of your summer with new energy and family memories that will last you a lifetime! After all, that's how you are supposed to feel after vacation!
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