Taking a family vacation is one of the most common ways to celebrate breaks in school for kids or to see somewhere new. However, the average vacation price has risen drastically in recent years, meaning budgetary planning needs to occur before a trip. Gone are the days when a family could throw caution to the wind. Instead, use the following five considerations to start planning your next vacation. 

How Expensive is the Average Vacation?

Before diving into some of the most important categories to consider when planning a vacation budget, it’s important to understand how expensive the average vacation currently is. An average one-week vacation for a single person in the United States costs over $1,500, including accommodations, food, activities, and more. Naturally, this is no small price, so budgeting properly is important.

Tips for Building a Vacation Budget

Considering your potential trip from a cost perspective, you must consider a budget. To that end, there are several general tips anybody can keep in mind which may help with building out a budget:

  • Set up a dedicated savings accounts for trip funds that you deposit money into throughout the year
  • Set yourself a maximum budget so that you know what you can’t spend beyond
  • Research smart ways to save money ahead of a vacation for the particular destination you have in mind
  • Set a monthly savings goal for your vacation budget.
  • Start cutting back on current spending months in advance of your vacation.

Beyond the above general tips, there are five primary budget categories to remember when planning your vacation. Make decisions in each of the below so that you can find ways to save money.

5 Items to Plan Before Taking Off

As mentioned, there are five main areas to focus your budget planning on as you start to design your next vacation:

Accommodations

Accommodation cost is one of the biggest expenses associated with vacations. While everybody wants to stay in a five-star hotel, this isn’t a viable option for some. However, vacation rentals are a smart choice as they allow you to stay in someone’s home (without them there) and use their home’s amenities for a cheaper price. In many cases, these rentals can be found in popular destinations, with prominent vacation rentals in Vero Beach or Miami being examples. 

Food Options 

Another major category people tend to spend money in on vacations is food. Eating out can add up quickly, especially if your entire family is with you. Alternatively, consider purchasing the raw ingredients needed to make meals and simply cooking yourself. This can save you a large amount of money in the long run. 

Activities and Events

The activity cost associated with vacations is often far too much as there is no shortage of activities for children on vacations. Rather than spend when you get there, chat with your family ahead of time to find out what they want to do on vacation so that you can create a schedule and book activities in advance, thus staying within your budget. 

Planning a family vacation on a budget? Read on to learn how to save on accommodations, food, activities and more. Start planning your dream vacation today!

Travel Costs

Naturally, getting to your vacation destination is another major budget aspect. With $400 being considered a good deal for flights today, it’s clear that finding ways to save on travel is important. Consider using credit card reward points to reduce airline costs or drive to your destination if it is within reach and would be cheaper.

Spur of the Moment Expenditures

Finally, spur-of-the-moment expenses are the last category that makes up the bulk of the travel budget for many people. Whether it’s souvenirs, random activities, photos, or something else, try to limit your spending in this category so that you have more funds for the other parts of your trip. 

Plan the vacation of your dreams.

Regardless of your income level, the price associated with a vacation of decent length can be more than you’re willing to pay. However, building an effective budget can identify areas where you can cut costs on your vacation so that you can still take your trip. Don’t hesitate to build a budget to take your family on an exciting and fun vacation. 

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