How can I be sure our vacation does not wreck our budget?
V-A-C-A-T-I-O-N … Is Georgia on your mind or destination undetermined? It is not too late to have a great vacation without debt depression.
With paper, pencil, computer and calendar find out the family’s expectations: where to go, what to do, when to go. Figure out how much you have to spend. Calculate possible expenses. Create a plan that is agreeable to all. Stick to the plan, then evaluate how the vacation affected your budget.
Know how much money you have to spend: Cash, savings, tax refund, low interest credit card or extra jobs. What do children and teens have for discretionary spending on the “extras” they always want on vacation? Perhaps their regular allowance could be used.
Make a plan. Have everyone work on it and agree to it. What are family and personal interests and preferences? Where can you go? What can you do? What is free? Washington, D.C. has many museums, government building monuments, etc. that are free, for example. Stay near a metro station at a lower-cost hotel and ride and walk to area attractions.
When to go? June and September are less in demand and rates may be better. Research special deals at resorts, hotels, airlines and tour packages. Get an idea of costs and dates for various locations and activities. Clear dates with everyone.
Hunt for deals that fit your budget and vacation expectations before you make decisions on vacation budget components: transportation, lodging, food, activities and incidentals.
Look for lodging where children stay free and there are other family-friendly amenities. Some resorts have planned activities for children and teens. Stay a mile from the beach rather than ocean front for less. Can you take day trips from home and eliminate lodging expenses?
Does the hotel have a refrigerator and microwave? Free breakfast? Save money by making lunch in the room and taking it with you. This is a great idea with preschoolers as their appetites are unpredictable. Purchase sodas, water and other beverages in grocery stores for 25 cents per serving verses $1 in vending machines. Save on snack items at the grocery, too.
With gasoline prices high, compare the cost of driving verses flying. Be sure to include lodging expenses on the road, too. You might spend about the same flying and have more time at your destination.
Still more vacation wants than financial resources? Can you reduce monthly expenses before and after your vacation event? Eat at home, be an energy miser (cooling home and heating water), reduce driving miles, cut out weekly leisure activity expenses (movies and ballgames), make do with what you have, eat up what’s in the pantry, refrigerator and freezer. Calculate the amount that could be made available. Need even more money? Consider parttime jobs, yard or garage sales to increase income.
Stick to the plan. Be sure everyone has agreed to it, and budget. Keep track of expenses everyday. Remind the children what they will pay for and what items and activities you will pay for.
When your vacation is over, evaluate your plan. Money left over? Begin a vacation savings account for next year. Save regularly. Include it as part of your family’s financial management system.
Joanne Cavis is a family and consumer science educator at the Columbus office of The University of Georgia Cooperative Extension.
