Spring brings back the sun and is refreshening. People like to plan vacations during Spring Break to take advantage of the much-needed time off. However, those plans may never materialize because money can be a limiting factor. Worrying about money can definitely put a damper on your fun. If you live on a limited means, it doesn’t mean you have to stay home.
If you’re vigilant about saving money, you can have a great trip over Spring Break and not come back home broke. Take some time to plan your trip, budget your finances, and cut back on unnecessary expenditures during the months before your trip. You’ll be surprised at what you’ll have saved by the time you leave. That being said, here are some points to consider.
Budgeting basics
Take a realistic look at your finances to determine how much money you can afford to spend on Spring Break. Before you decide on a travel destination or plan family activities establish a budget to figure out what you can afford. A good rule of thumb is to not spend more than 5% of your annual income. When making a budget, don’t forget to consider transportation, accommodation, meals, sightseeing, shopping, and entertainment expenses.
Hidden costs
When creating a budget, make sure to think beyond the typical expenses. Exchange rates are a major consideration. Also, consider items like checked baggage fees, sales and hotel taxes, tips, and taxis. Travelling often comes with unexpected expenses. A good rule of thumb is to assume your trip will cost 10% more than you anticipated. Instead of scrambling for cash at the end of your trip, you may end up with a little extra to spend.
Start saving
Once your vacation has a price, figure out how much you’ll need to save. If you need some help setting aside some cash, there are lots of personal finance tools online that can help. Your Financial Advisor can be a great asset in assisting you. Another good idea is to set up a separate savings account to save for your holiday. With enough forethought, you can even arrange to have a small amount debited from the account you pay goes into at the time you are paid and put in that savings account. An immediate transfer won’t be missed and helps ensure your fun money is there when your ready to go.
Shop around
Now to decide on where to go. A great start to shopping around is to look for vacation deals and packages, both online and offline. Travel websites often feature airline, hotel or car rental coupons and promotions. Consider broadening your hotel search by exploring vacation rentals, private homes, or hostels. Airbnb is a popular option these days.
Booking directly with the hotel means you’re cutting that middle-man fee out, and if you book early enough, chances are you’ll get an even bigger discount. The longer you wait, the more you’ll pay. Just think supply and demand. Often you can find hotel deals closer to when the vacation date approaches and unbooked or cancelled rooms need to be filled.
Road Trips
Remember the family road trips when you were a kid? Well, maybe you still are a kid at heart. Even though gas isn’t cheap, driving to your destination is much less expensive than flying. If you’re traveling with family or friends, they can pitch in for gas, making it even less costly for you. And if you plan carefully, you can make lots of fun stops along the way to your destination.
Pack Everything
If you have to buy a camera, sunblock, or other common tourist items once you reach your destination, you will pay much more than you would have at home. Make a list so you don’t forget stuff like sunglasses, hat, clothes, sneakers, and sandals, and whatever else you need.
Get Groceries
Keep your food costs in check. Meals out can be one of the largest, and most underestimated, expense on a multi-day vacation. Stop by the grocery store and pick up at least enough food for breakfasts, lunches, and snacks to cut down on overpriced meals served at overcrowded restaurants. Bring a cooler along and shop for food that’s ready to eat or easily cooked at grocery stores. And if you’re staying at a hotel, take advantage of the continental breakfast if it’s offered.
Discover discounts
Before travelling consider signing up for discount websites at your destination and be on the lookout for great deals on restaurants and excursions. Often these sites offer two for one coupons, which can allow you to get more bang for your buck.
In addition to the coupon-filled brochures that can be found in hotel lobbies and visitor centers, most, if not all, of the Spring Break destinations may offer a discount pass which usually includes happy hour specials at various bars and clubs, plus a wide range of discounts at local stores and restaurants.
Membership points
If you belong to an auto club or have credit cards with particular travel benefits, see if they can be used to offset the cost of the trip, or to access deals and discounts at your destination.
Student IDs
If anyone in your travel party is a student, carrying student IDs can actually be very advantageous. A lot of clubs, restaurants, and attractions will give discounts to students in your group as they recognize you’re probably traveling on a budget.
Phone packages
If you are leaving the country with your mobile phone, avoid roaming charges by setting up a travel package with your service provider in advance.
Be flexible
Let’s face it, it’s harder to be flexible if you’re vacationing with children. If you can, travelling mid-week, or to smaller airports, can save you a bundle.
Protect yourself
When travelling, keep your passport, credit cards and other personal documents in a secure location. It’s also a good idea to have a record of credit card account numbers and telephone numbers (for reporting lost or stolen cards) with you as well.
Give your financial institution a heads up on where and when you’ll be travelling. This can help ensure that your card isn’t flagged for unusual activity and but also to have them watch for unusual activity.
Following these tips will help you enjoy Spring Break and not regret any financial decisions when you come back to reality. Once the financial planning is taken care of, you’ll be ready to kick back and enjoy your vacation. Like anything, a little foresight and homework will go a long way to making your Spring Break successful. It’s important to find that time to wind down and spend it with family and friends and is a great way to end the winter doldrums. Really, its just another way of Keeping Life Current.
