Whether it’s just a short trip to a rental cottage or a long holiday in a far-off land, travel can be expensive. Between the cost of transportation and accommodation, there’s also how you spend your time while away that makes demands on your wallet. According to a new survey from Skyscanner.com, nearly two-thirds of Canadians intended on spending $5,000 on vacations last year. Americans, on the other hand, spend just over $3,000. Even those on a smaller budget, some 20 percent of those surveyed, admitted they planned on spending $1,000.
With this price tag, travel can leave you and your finances stressed. You can reduce how much pressure your trip puts on your budget by using these practical travel tips.
Use a budget to figure out what you can afford
Step one to planning an affordable vacation is knowing what affordable means to you. Your holiday relies on a lot of factors—from how much savings you have and how many paid vacation days you still have left to the strength of your currency and popularity of your destination. While some careful online sleuthing about the economy will answer your questions regarding the latter issues, only a budget can help you determine how your finances can cover a trip abroad.
You can use a guide or an app to help you make this budget, so don’t be discouraged if you aren’t sure what a good budget looks like. These resources will help you track your expenses and income properly, so you can uncover hidden savings in the way you spend your money. They can also help you accommodate poor travelling conditions. Like, let’s say the strength of the loonie. While it benefits Americans who travel to Canada, it hurts Canadians travelling America. Once you have this document in hand, you’ll be able to see what’s realistic for your funds. If you noticed you routinely rely on the best payday loans Canada has to offer, then expensive international travel may be out of your reach. Look to local trips or even staycation ideas if you apply for fast payday loans Ontario lenders like GoDay offer.
Prioritize your goals
If you absolutely have to visit the Great Wall of China within the next year, then you have to be ready to make sacrifices to get where you want to go. You can’t have the best of both worlds, where you spend extra cash on takeout, concerts, and other fun things at home if you expect to set aside enough savings for such a trip.
Though China is a popular destination, the sacrifices you need to make will be unique. Using your budget, you can brainstorm how you can prioritize your travel needs over your immediate wants. You can also find ways to organize your trip to save you the most amount of money — like by avoiding costly tourist traps for more affordable activities. If you’re having trouble jump-starting your brain, check in with a list of travel hacks that can save you money. With tips on the best way to book your flights and accommodations, they offer a comprehensive guide to budget vacations.
Travel can be expensive, but it doesn’t have to bust your budget. An organized approach to your trip this year is a great way to keep the expenses away. Whether you’re going on a last-minute summer adventure or planning for a winter retreat, plan properly to protect your budget from your wanderlust.