Vacation Budgeting Tips

May 2021

Summer is finally upon us, and the expense of family vacations can be really scary. Here at Ascension Credit Union, we want to make sure that you get the most out of your money while you are planning to get away and relax with your family. Here are four tips budget better for your vacation.

Set a Maximum Budget

You’d think you’d want to plan your budget based on your location, but actually the opposite is true. Some places are just much more expensive to get to and stay in than others. So if you begin with your maximum budget, you can narrow down your list of destinations pretty easily.

Of course, it’s often an option to stay somewhere that’s generally expensive for a very low budget if you know how to find the right deals. But this can take a lot of time and knowhow. If you’re new to planning and budgeting for a vacation, you’re better off starting with your budget and then planning the details.

Pick a Destination

It can be tempting to sign up for cheap airfare sites and just let the cheap airfare lead you where it may. But this is a mistake, most of the time. For one, you may feel compelled to pay for airfare before you have money saved up for it just because there’s a great deal. And for another, you may wind up in a destination with cheap airfare and really expensive hotels.

The best option here is to simply Google “best vacations under [insert your budget here]”. This can be a great way to get ideas for budget-friendly trips that look interesting to you. Just be sure you account for travel fees to get to the location based on where you live. An east coast vacation spot might be cheap to stay in, but if you’re in California, it won’t be cheap to get to!

Plan for the Big Expenses

Once you select a destination, get a rough idea of the types of transportation and accommodation costs you can expect. Get a feel for how much you can expect to spend on flights, lodging, and transportation. You may be able to significantly cut costs by fixing many of your meals at your home-base, rather than eating out.

Essentially, the big expenses will include:

  • Travel to and from your destination

  • Accommodations, whether in a hotel, resort, guest home, etc.

  • Potentially transportation within your destination if you plan to rent a vehicle

Add the Little Things

Once you’ve written down the approximate costs of your major vacation expenses, take the time to look at all the smaller things you’ll need to spend money on. This could include, but isn’t necessarily limited to:

  • Meals, both prepared on site and dining out

  • Special gear

  • Public transportation

  • Administrative costs (passports, visas, etc.)

  • Entertainment (tickets to attractions, shows, etc.)

  • Gifts/souvenirs

  • Pet/home sitting while you’re gone

When you’re writing down these expenses, be reasonable about what things should actually cost. It’s better to over-plan than under-plan, so that you can go out to eat a few extra times when you don’t feel like cooking or allow your kids to buy souvenirs from their favorite shop. And be sure to write in a little extra money for “miscellaneous” expenses that will almost certainly crop up on your vacation.

Let Ascension Credit Union help you fulfill all of your family vacation needs. Call today at (225) 621-2800 or visit our website at ascensioncu.org to see how we can help you finance your summer getaway.

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