Summertime is upon us and it’s time to take that long awaited vacation. However, summer vacations can be surprisingly expensive. Vacations and weekend getaways are something to look forward to and with careful planning they can fit into your spending plan.
Summer vacationers can avoid post-vacation sticker shock by estimating their expenses ahead of time and budgeting accordingly. Don’t wait until the credit card bills start rolling in to find out how much your vacation cost. Creating a vacation plan can result in a more relaxed vacation knowing you are not interfering with your ability to pay your bills on time.
If you are in charge of summer vacation planning, the following tips can help you look closely at your finances and develop a plan to continue the vacation tradition without breaking your bank.
• Make a vacation budget. The first step in vacation planning is to determine how much you have available to spend on a vacation and how much you can realistically save before the trip. This is the amount of money you will need for travel, lodging, food and entertainment.
• Involve family members in decision-making. Now that you know how much you can afford to spend, decide on the best way to use it. Ask family members where they want to go and what they want to do when they arrive.
• Do your vacation planning. Ask travel agents for information on special packages and seasonal discounts. Use travel websites like www.travelocity.com , www.tripadvisor.com and www.expedia.com to get rates on airline tickets, hotel rooms and car rentals. With energy prices where they are, driving vacations aren’t necessarily the cheapest alternative. At the same time, if you fly don’t forget to figure in the cost of a rental car.
If you are having difficulty planning for a summer vacation or your dream vacation, you may benefit from the help of a financial advisor. Comprehensive financial planning isn’t just about retirement or estate planning. It’s also about helping you to achieve goals, like dream vacations and weekend getaways.
For more information, please contact Rebecca Robins, CFP™, CPA at 661-222-2331. CA Insurance # 0D75745. Securities offered through Associated Securities Corp., Member: NASD/SIPC. Advisory Services offered through Associated Planners Investment Advisory, Inc., a Registered Investment Advisor.