Vacation Planning 101 – Saving for Your Vacation

As I am sitting here in my office thinking about my big Habitat for Humanity trip to Thailand in November my mind is thinking about the money I will need to budget for my travels. Although a majority of the funding is going to be paid through fundraising, I hope! I will be liable to pay for some of my trip and any outside travel I plan to do. I understand the longer I stay in Thailand post-build, the more money I will need to save before my November departure date. I’ve set a cash goal for what I want to have saved, but now I need to do 2 things to achieve my goal.

Spend less than I make

While this may sound like simple logic, having a budget in place to keep track of where I am spending money and ensuring some of the earnings I make get saved can be a difficult task. Debit and credit cards are popular payment choices these days and have taught me a little trick.  They leave a paper trail.  Now I have to do very little work to understand where I’m spending my money. I’ll work hard to cut back on little expenses like new clothes, going out during the Calgary Stampede, concerts and simply eating out less. What can you cut back on in your spending habits?

Set a realistic goal

Saving money for a vacation is a financially responsible decision as it will leave me with no debt upon my return and ensures I don’t run out of money while I’m away. In my case, the trip is currently 4months away and I’ve been saving for the past 2 months. 6 months of saving before my trip will allow me to put aside less per paycheque (12 paycheques between when I started and when I leave) compared to starting 3 months before I leave and being required to save double the amount in a shorter amount of time. Saving over a 6 month period seems like a long time, but I’ve set a goal in mind and it isn’t as stressful to think about saving every paycheque. How long before a vacation do you tend to start saving?

Want more vacation planning saving tips and techniques? Contact me today for your financial review and get vacationing sooner. We all know: Life’s brighter under the sun!

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