Tips for Budgeting a Family Vacation This Summer

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In just a few short weeks, summer will officially start and families across the country will flock to beaches, lakes, mountain resorts and other destinations to enjoy a vacation. While most vacations aren’t exactly cheap, there are several ways you can stay on budget. Below, we’ve shared a few tips from Mikey Rox of The Christian Science Monitor. Have fun!

  1. Estimate How Much You’ll Need: The best way to begin preparing your budget, according to Cox is to research the destination and get a feel for how much you’ll spend. Things to consider include average hotel rates, transportation costs, and how much you’ll spend on activities, meals and incidental expenses such as tolls, souvenirs, hotel paring surcharges, and pet boarding fees.
  2. Be Realistic About Your Budget: You may want to spend two weeks with the kids in Europe, but it’s important to stay within your means when planning a vacation. Unless you have a responsible repayment plan, it’s best not to finance a vacation on a credit card or line of credit.
  3. Set Up a Vacation Savings Account: Rox recommends opening a separate savings account specifically for your vacation money, “preferably with an online bank so you can earn a higher interest rate.” Then, set up an automatic transfer of an amount you can afford to the savings account on a weekly basis. After a few months, you’ll have a nice size pool of funds available that you can use for gas money or meals.
  4. Get Rid of Expenses Draining Your Pocket: Cut out “luxury services and include anything that you could live without for a few months or can do yourself” such as cleaning your house, weekly car washes, having the dog groomed, or getting a manicure or pedicure and put that money into your vacation fund.

For the rest of Rox’s tips, read his entire article here.

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