Vacations don’t have to be super expensive if you don’t want it to be. Affordable vacations do exist, you just have to know where to look and have a realistic plan.
Here are the steps you need to take in order to properly budget for a vacation.
Think about how much you want to spend.
This includes everything: food, hotel, transportation, souvenirs, activities, and so on. There are certain questions that you need to ask yourself:
- How much will food cost?
- Can you cook some meals in your hotel room, or will you be going out to eat for every meal?
- How long will you be on vacation for?
- Are you looking for an all-inclusive vacation?
- Will you fly or drive?
- Do you like to go on excursions?
- When will you be going on your trip? Peak seasons are always more expensive than slower seasons.
- Will you buy souvenirs? T-shirts, alcohols, snow globes, magnet, post cards, or anything else?
- Will you need a taxi?
- Will you need a rental car?
- How much will you tip? Don’t forget restaurants, bell boys, housekeeping, luggage help and so on.
Determine where you want to go.
One of the questions that you want to ask yourself in the above step is where you will travel to. Will you have a staycation (where you explore the city you currently live in), will you travel to another state, or will you travel to a new country?
Certain areas will cost much more than others, and you should research where you want to go so that you can have a good idea of how much a vacation to there would cost.
Figure out how much you need to save each month.
If your vacation is a year away, then you will have more time to save for it than if the trip were only 6 months away.
You should try to come up with a ballpark figure (overestimating is always helpful because expenses almost always come up on a vacation) and divide it by how many months you have until the trip is.
If your trip is 1 year away and you estimate that it will cost $2,400, then you need to save $200 each month.
When’s your next vacation?