If you’re like many, you are thinking about your next getaway especially after a year like the last one. This doesn’t have to be necessarily an extravagant vacation, but maybe it is. There are a few things you should consider when budgeting and traveling in the upcoming months. See below:
1) Where Do You Want to Go and When?
Have you considered where you want to go, and how many months away this is? Do you have money saved for this? Or will you need to start now?
2) Plan far enough in Advance
The further in advance you plan your vacation, the lower the cost for things like airfare and lodging will be.
3) Has Your Financial Situation Changed from 1 year ago?
Many individuals were furloughed in 2020, due to COVID-19. Therefore, if your financial situation has drastically changed, then it very well could be worth considering the idea of a stay-cation this year and saving for a longer-term vacation goal.
4) Do you have a Spreadsheet or Budgeting App to plan with?
This is key. Having the right tools in place will make your savings goal very clear. For example, we provide our clients (who want access) to the RightCapital Budgeting App. This smart-tech budgeting app is for Advisors, and it can only be given to individual clients through a Registered Financial Advisor, like New Century. You can link your account to RightCapital and it will keep track of your monthly expenses and even automatically categorize them for you. Contact us if you want this application, it’s no cost to our clients.
5) Look for the best deals available. Consider using a Credit Card for Travel Points (but pay it off!)
You don’t want to go into debt over your vacation, but intentionally using a Credit Card to pay your travel expenses is intelligent, if you pay it off the same month. You will earn rewards points, possibly travel points, and other incentives that your bank offers.
Here’s an additional link I’ve included to an article by The Planning Center on tips for budgeting a summer vacation. These are some ideas to help you begin planning for your next vacation.
Contact me with any questions you have. Let’s aside 15-20 minutes and connect to discuss your financial goals for 2021 along with other updates or ideas that you may want to take advantage of.
Matt Ward, CRPC®