How To Easily Budget For Your Next Vacation

When it comes to travel, the mere mention of a “vacation budget” can bring out a rollercoaster of emotions. If you’ve ever said the sentence, “I can’t afford to take a vacation,” you’re definitely not alone.

Statistics say that 74% of Americans have gone into debt to pay for a vacation. No wonder the idea of planning a vacation can seem like giant, stressful task.

Luckily, it doesn’t have to be. Trying to find just the right vacation, at the right budget, is the type of thing that we help our Clients with every day. Of course we want to help you plan the perfect vacation. But, we also don’t want you to be faced with mountain of debt once your vacation is over.

So, for this post, we’re doing things a little different. Instead of telling you all the ways you can pay your next vacation, we’re going to give you a realistic approach to coming up with a vacation budget. After all, the goal is to minimize as much stress as possible. And what’s more stressful than realizing you spent way too much on your last vacation because you didn’t plan well enough.

Set Realistic Expectations

Before you settle on an amount for your vacation budget, do the research. Understand the average costs of accommodation, meals, transportation, and activities. This will give you an idea of how much you’ll need to save.

Be honest with yourself about what your expectations are. Remember, the goal isn’t to get the cheapest vacation. It’s to make sure your budget matches your expectations for your trip.

Don’t get me wrong…there’s nothing wrong with a low budget vacation. But, you need to understand what type of vacation your budget gets you.

If you’re looking for a Grand Floridian vacation, don’t expect to get it on an All-Stars budget. Unless you have some friends in high places, it doesn’t work that way. If you want a trip that’s a little more upscale, be prepared to pay a little bit more. Otherwise, you’re only going to set yourself up for disappointment.

How Much Can You Save Per Month?

If you haven’t already been putting money aside for a vacation, start now. The biggest reason people go into debt is because they didn’t figure out how to save before that final payment was due. So, they end up putting the balance on a credit card…and ultimately end up paying a lot more in the long run.

The easiest way to figure out if you can save enough by your travel dates is to simply do the math.

If you have a travel date in mind, divide your vacation budget (minus whatever you’ve already saved) by the number of months you have until final payment is due. If that number is higher than what you can put towards your vacation budget each month, you may want to consider pushing your trip back.

Budget	Months Until Final Payment Is Due	How Much You’ll Need To Save
$3000	6	$500 per month / $250 per bi-weekly
$3000	8	$375 per month / $187.50 per bi-weekly
$3000	10	$300 per month / $150 per bi-weekly

With the exception of Alaskan Cruises, which has a very specific timeline, travel is available all year long. I know it’s disappointing, but there’s typically no reason you can’t push your trip back a few months to give yourself more time to save up.

Book A Vacation Package

If you have the opportunity to book a vacation package, do it. Once you have have saved up enough for your deposit, pay it.

No one wants to go into debt to pay for a trip. That’s why you’ll see many people search many different suppliers. They’re trying to get the same vacation as someone else, but for a cheaper price. It sounds great, in theory. But, unless you have the money to pay for each part of your trip in full (which suppliers often require), prices and inventory will change.

I’ve seen many hearts crushed when they plan a trip this way. By the time you’ve finally saved enough to pay off your trip, you may find that hotels are booked up, ticket prices are up, and you’re left scrambling to find anything you an afford.

Take this as a lesson of “do as I say and not as I do.” Before our trip to Universal Studios Orlando, I found a fantastic deal of $99 per person on express passes. The problem was I couldn’t afford to buy them right away for my entire family. By the time I had saved up enough to get them, prices had jumped to $300 per person for the same exact day. We didn’t get them.

That’s why I love vacation packages. You secure tickets and a reservation at your favorite hotel without needing all of the money up front. If you’re planning a Disney vacation, you only need $200 to book your entire trip. Going to Universal Studios? You only need $50 per person. Of course, other destinations do vacation packages, as well.

As long as you’ve paid your deposit, it doesn’t matter if the prices go up. Your rates are locked in. Plus, lots of suppliers let you add new promos to your booking. So, your price will only go down. And that’s great news for your vacation budget.

Don’t Forget The “Extras”

In a previous post, we highlighted common things that can send a vacation budget spiraling out of control. In it, you’ll notice that we emphasized the need to account for everything.

These “extras” can include:

• emergencies / unexpected expenses
• souvenirs
• gifts for friends and family back home
• meals
• anything that can’t be paid for ahead of time

Only you know your spending habits. Are you an impulse buyer? Do you prefer nicer meals or do you like grabbing something from a food truck? Yes, these things are harder to budget. But, it should all be considered.

If you’re having a hard time estimating how much you should save, don’t hesitate to consult your Travel Advisor. We’re here to talk to you about what to expect and ensure your vacation budget is realistic and your planning is stress-free.

Got questions? Feeling a bit anxious? Not sure where to begin? We help families, just like yours.

Planning an entire vacation can be overwhelming. But, here’s the good news: we have the answers to the questions that have been stopping you from pulling the plug on your next vacation.

We understand the journey, the ups, and the downs. We’ve been through the training, made our fair share of mistakes, and learned valuable lessons from them. This is what makes us the perfect people to assist you.

From thoughtfully crafted itineraries to having direct access to your dedicated Travel Professional, our mission is to remove the stress from your vacation planning. With our simple 3-step process, we’re here to help you every step of the way, ensuring that your dream destination becomes an unforgettable reality.