As you progress toward financial security, you will often find that you quickly fall into a routine. You will learn to be great at managing your money, sticking to your budget and saving. While it is easy to fall into a routine with your finances, you will find that it can be difficult to keep on top of financial goals when you aren’t in your usual situation. Going on vacation is an excellent example of a time when your personal finance routine may become a bit disrupted. Luckily, with a few easy tips, you can learn to master your finances whether at home or touring the country. I’m going on a vacation soon so I’ll be testing out these tips.
Look at Your Budget
Vacations are important. More important however is staying on top of your financial goals. Before planning a trip, first look at your budget. How much can you afford to spend? It is better to set the budget first and the destination second. This will ensure that you can afford the trip you are planning to take. It is better to know where you stand first, so you don’t get your heart set on something you can’t afford.
Plan, Plan, Plan
A great way to save money on a trip is to really take your time during the planning stages. Make sure you calculate all of your expected expenses, set aside money for unplanned expenses and consider food, gas and other necessities. You will also want to be really careful with your packing. It is easy to spend hundreds of dollars more on a vacation just because you forget important items at home. Having a plan will help you stick to your financial goals while travelling.
Most people lack self control. Don’t get carried away on your vacation. Carry cash and use it to pay all trip related expenses. This means gas, food and other expenses. Carrying credit cards while traveling makes it so much easier to splurge on a souvenir you can’t afford or to let loose and spend more than you were planning. Carrying cash also helps you to avoid expensive withdrawal fees if you can’t find an ATM from your bank nearby.
As you learn to manage your money, you will need to learn how to handle every situation. Don’t make the mistake of thinking that vacations are a time to forget about personal financial goals. A week of fun can ruin your financial progress if you don’t plan carefully and remember your budget.
What tips do you have to not go bankrupt on vacation?