vacation spending

Time for a break! You work hard. You deserve a vacation.

Experian just released a study showing that 68% of people overspend on vacations. That’s a lot of people that lose the thrill of vacation by struggling to pay for it later. Don’t be one of them.

How do you get the relaxation you want without paying for it later (both in credit card debt and stress)?

Here’s a foolproof way to do it:

Plan ahead and save in advance.

If you plan a vacation for July that will cost $2,000, starting in January, save $333 every month, earmarked for that purpose. Or start saving this summer for the big trip next summer.
It’s pretty simple. You just have to do it.

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Wouldn’t it be a relief to arrive home, relaxed and happy, knowing your happiness doesn’t end when the credit card statement arrives?  So pay as you go on your vacation, and relaxation will have a new meaning.

3 easy steps to getting a break.

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Saving for vacation is by far the way to go, but it IS summer right now, and what if you haven’t saved (of course, you will for next year!)

You still deserve a break. So here are 3 tips for not overspending on your vacation:

1. Get Real

Make a realistic vacation plan for what you can afford to spend. Then … stick to it. Sorry to say, but if you have $1,000 dollars, don’t plan a trip to Paris. There are many ways to have fun, so be creative with one that will fit your finances in the moment.

Don’t fall into the trap of “I don’t care what it costs, I deserve it”. If you are prone to overspending, use a prepaid debit card for a set vacation amount.

If you really don’t have the money, do yourself a favor and opt for a Staycation this year. There is so much to do in your own community that you never have time for. Pretend you are visiting and explore. Bike a new route, hike a new area, take day trips for new adventures.

Put a plan into place for travel next summer and you’ll have something to look forward to all year.

2. Do your Research.

Put the time into the details that end up saving you a lot.

  • Book a rental property instead of a hotel.
  • Use the kitchen instead of eating out for every meal.
  • Check out coupons and deals well before your travels.
  • Consider travel on off days to save on air fare.

You’d be surprised at how much you can save.

3. Have Fun. Make Memories.

Keep in mind that it is the experiences that count. Lavish spending is not what makes us happy. Don’t indulge your kids or yourselves with unnecessary purchases. Sane, smart money management which includes vacation spending will give you a lot more joy.

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3. Have Fun. Make Memories.

Keep in mind that it is the experiences that count. Lavish spending is not what makes us happy. Don’t indulge your kids or yourselves with unnecessary purchases. Sane, smart money management which includes vacation spending will give you a lot more joy.

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So get the break you deserve, but with mindful spending, the glow of your vacation won’t burn out when the credit card bill arrives.