Vacations are a great time to get away from work, relax, and see the world. Unfortunately, they can also be a costly endeavor. To ensure that you have a clear mind, plan well in advance and prepare for any unexpected costs. Follow these steps to be sure that your budget is not one of the things on your mind during your next all inclusive vacation:
1. Determine the price
Estimate your total cost by going to www.lastminutevacations.ca and searching your desired destination. Be sure to include additional costs for insurance and be aware that prices tend to be higher during the December and March holiday seasons. If you are unsure where you want to go, check out our travel guide for information on popular destinations.
2. Add discretionary spending money
Remember to include some extra money for day trips such as deep sea fishing, scuba diving, golf, etc. Also, be sure to budget money for tips for your bartenders, servers, and chambermaids. An extra $200-$500 per person should be enough to cover these costs.
3. Open a savings account
Start saving well in advance. The earlier you start putting money away the smaller your deposits will have to be. Many banks offer high interest savings accounts with no monthly fees. You can also set up automatic weekly or biweekly withdrawals to make your deposits painless.
4. Calculate Payments
The more frequent your payments, the less noticeable they will be. For example, take a scenario of a vacation that costs $1000, plus $500 for insurance and discretionary spending, with 6 months to save (26 weeks). You can make weekly payments of $57.70, or biweekly payments of $115.40. If you have the whole year to save you can cut these numbers in half!
Planning months in advance and setting up an automatic savings plan can ease the strain a vacation can have towards your pocket book. By following these steps you can have peace of mind knowing that your next vacation will be spent relaxing, not worrying about your budget.