How to Afford Your Next Family Vacation

It’s easier than you think to build memories with your family without breaking the bank or going into debt. It’s a great way to unwind and reset your relationship with your family. Plus, it can strengthen your family’s bonds. But vacation isn’t just about the amount of time off you have. It’s also about having enough money to comfortably travel, which can get expensive quickly.

Budgeting for a Vacation

You might think having a budget for your trip makes it boring or stuffy. But sticking to a budget can make that dream trip a reality. You’ll also be able to enjoy yourself more since you won’t have to worry about taking on more debt or running out of money in your checking account. Have a maximum amount you want to spend. Some places are more expensive than others, and having a maximum budget helps you narrow down locations. You might set this based on your monthly budget. How much can you take out to set aside for your trip? Multiply that by the number of months until you want to travel.  It’s sometimes hard to set aside enough money each month, especially if you already have debt. Remember to resist the temptation to borrow more. Instead, look for ways to reduce your current debt. For example, do you have student loans? Refinancing them might let you save money, which you can then put toward your vacation savings. If you have family, see if you can stay with them. Consider taking a vacation and seeing your parents or in-laws. That’s a fun way to keep your relationship with them going. Plus, you might get some free babysitting from them. Camping is also inexpensive, especially if there are some campgrounds not too far from your home. If you have camping supplies, you might only have to pay to get there and for your food.

Picking Your Destination 

It’s tempting to look for inexpensive airfare and go wherever that takes you. Unfortunately, that’s not the best strategy since you might find yourself in an area with expensive lodgings. Don’t be tempted to pay for it until you have money available. Using travel planning sites can help you find interesting trips. Remember to consider transpiration costs. Just because the trip looks inexpensive doesn’t mean it will necessarily be cheap to get there, especially if you live on the other side of the country.

What If You Just Don’t Have the Money?

Even if you’re saving money through refinancing student loans, you might find that you just don’t have the budget for a traditional vacation, and that’s okay. That doesn’t mean you can’t have a meaningful time with your family. Consider having a staycation. Staying home saves a lot of money, and there are probably still plenty of free things to do in your hometown. Make it worthwhile, however. Plan to have easy meals that don’t require a lot of prep and clean your home before your staycation, so it really feels like you have a break.