Smart Tip! Planning for Summer Vacation Travel Expenses
School’s out for summer and it’s time to explore, relax, and enjoy this beautiful season! While you’re making your plans for summer fun, it’s important to have an honest conversation with your partner or yourself about your financial situation. At Brannen CPA Services, our goal is to provide honest advice and relevant insights so our clients can find the strength in their numbers. Remember, being smart about your finances, doesn’t mean you can’t have fun! In this article, we discuss how you can plan for summer vacation travel expenses and be mindful of your finances at the same time.
Make a Budget
Before you pack your bags and hop on a flight, make a summer budget for yourself. A budget is a plan, so empower yourself to plan for your financial goals along with your vacation goals. Perhaps you’ve saved some money for travel this summer…that’s great! Write down how much you want to spend on your vacation. List your expenses for the trip. Keep track of your spending while you travel so you stay on track. When you have a budget, you’re in charge of how you spend your money, which will help you relax and enjoy your trip!
Be Realistic
When you make your budget, be honest with yourself. Can you afford to eat out every meal? Is a fancy hotel the way to go or would an AirBnB be more cost-effective? If you know you’ll want to buy some souvenirs, do you need to save money elsewhere in your budget? Be smart and be realistic as you make your summer plans. Prioritizing your financial well-being is important, and knowing where you can splurge and where you need to save will help you make smart choices.
Pay Down Your Debt First
If you have large outstanding debts, you should pay those down before you make new purchases. Freeing yourself from debt is one of the best things you can do for your finances…it truly will feel like you’re on vacation when you no longer have it hanging over you! Even if you don’t have debt, make sure you stay on top of your monthly bills and have a plan to make the necessary payments before you go off-grid for your vacation week. You don’t want to deal with surprise fees or penalties when you get home and back to your real life.
If a big summer vacation just isn’t in your budget this year, why not lean into the joy of a staycation. Fortunately, we live in beautiful Maine, aka Vacationland, and there are myriad inexpensive ways to enjoy the summer both here and in neighboring New England states. If you have questions, please don’t hesitate to call our office. We love helping our clients thrive!