The Easiest Way to Budget for Vacation
April 19, 2022 | Louis Tully
There are ways to budget for vacation that are both easy to follow and follow through with. Americans love their vacations, taking an average of four a year. Those trips come at a cost though. According to a Credit Donkey survey, the average vacation costs $1,145 — for one person. That means a family of four spends an average of $4,580 on one vacation.
Summer vacations tend to be the costliest at nearly $2,000. It doesn’t have to be that way. Here are some of the best ways to plan a trip without breaking the bank.
Budget For Vacation 101: Plan Early
It’s often easier said than done, but planning your vacation early allows you to budget more effectively. Pick a destination and outline all your expenses based on where you want to go and what you want to see. Include everything from the big expenses, such as transportation, food, and where to stay, to smaller items like souvenirs.
Be honest with estimates and go from there. Start looking for the best deals on flights or car rentals and take your time comparing costs for the biggest expenses. Accommodations such as a hotel or house rental will likely be the biggest cost, followed by flights.
Traveling during the week as opposed to the weekend is a good way to cut down costs, as is flying home on a Saturday. Similarly, hotels tend to offer lower rates on weekdays. It’s easy to budget for vacation when you plan it all out ahead of time.
Start Saving Now
Even if your trip is a year or more away, putting money aside each month to budget for vacation will make a vacation’s cost less daunting. This can be done either with an already existing savings account or with a new “vacation savings” fund.
Depending on your trip, it may also help to set certain savings benchmarks. For example, covering your future hotel stay by a certain month.
Cut Back on Expenses
That cup of coffee or expensive dinners out are among the many “extras” you should put on hold when budgeting for vacations. Review your general financial budget and pick a few expenses to cut back on or cut entirely from your typical expenses.
Get a Side Hustle
A part-time job or side gig that easily fits into your schedule can provide a little extra cash for your vacation fund or even pay for most of the trip. Many side hustles can easily fit into your monthly savings plan since you have the power to choose the hours you work and sometimes your pay rate.
Options range from freelance web design and selling handcrafted goods online to taking surveys for cash.
Get Creative with How You Earn Money
If you can’t fit in a side hustle, there are other ways to beef up savings with minimal effort. Sign up for a few apps that pay you for buying certain products, such as Ibotta or Fetch. You’ll earn a few dollars or more with every shopping trip at grocery stores, clothing outlets, and more.
There are also several credit cards that offer cashback on purchases big and small. Just be sure to pay the monthly balance in full to accrue the extra cash effectively. Better yet, find a credit card that also boasts travel rewards that go a long way in covering flights and accommodations when you budget for vacation.
And if you use the card during the vacation, you’ll already start saving for your next trip with the perks.
A Car Title Loan Can Help with a Financial Emergency
Creating a vacation budget is extremely difficult if you happen to be coping with a financial emergency at the time, such as an emergency room bill, not being able to cover rent or your mortgage, or a major car or home repair.
Before you leave on the vacation you worked so hard for, consider the option of a car title loan to dig yourself out of a financial emergency hole. A title loan uses your vehicle’s title as collateral in exchange for a loan to be paid off over time.
It can take as little as 30 minutes to qualify for a loan of up to $10,000 at New Mexico Title Loans, Inc.
That’s because we require fewer qualifications than other lenders and have streamlined the approval process. All you need is a driver’s license or state-issued identification, your vehicle for inspection, and the lien-free title to your vehicle.
It all starts online. Fill out the short title loan inquiry form on our homepage and a loan representative will give you a call to guide you through the rest of the process. Once you qualify and are approved for a loan amount, you receive your money the same day or the next business day.
Get Started Today
Maximize your vacation budget by taking care of a financial emergency with help from a title loan. Start the process online, give us a call, or visit one of our many locations near you today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.