Vacations are often perceived as a budget killer, but they do not have to be. If a week at Disney World or a jaunt to a classy beach resort is already on the radar, you’re probably looking at a serious expenditure and careful, long term planning would have gone into making this a reality. However, many families face the possibility of going into debt while taking the much anticipated holiday.
To the uninitiated, the first rule of thumb for planning a vacation is to prepare a budget and identify the expenses so you are aware how much you are spending – From booking reservations to toothbrushes and medicine, everything adds up. Make a checklist of all of the financial needs if the vacation is overseas (airfare, car expenses, hotel, sightseeing etc). Will this vacation be a family outing or will it be you and your significant other? Next, factor in when you will be going. In three months? Next year? Answering these questions will help you allocate time and money in the most efficient way while on vacation.