How to plan a budget-friendly family vacation – Kiplinger’s Personal Finance | Gmx Pharm

What’s up folks? It’s your boy, Brandon Copeland, aka Professor Cope, and you’re now tuned into another special of handling money.

On this episode of Cope’ing With Money, we talk about something I’m really excited to be doing more of, especially as I emerge from a pandemic: it’s travel. It’s planning that family vacation.

Planning your getaway in advance is not only less stressful, it will ultimately save you money. So today we’re going to talk about some money-saving tips to help you plan your next vacation.

Planning a budget-friendly family vacation

Create your budget

The first step in planning a vacation, whether for you or your family, is to figure out what the budget is.

Think of everything that goes into planning a vacation. It’s not just the flight there. It’s also the hotel, food, transportation and activities and everything else you will need. Make sure you have enough saved in the bank to spend on leisure while covering any upcoming expenses.

If you have a specific place in mind, take some time to browse some travel websites and find out the average cost of travel, accommodation, and any activities you want to do while on vacation. If you are planning a trip from scratch, you should definitely research some getaways within your budget and tailor the vacation that suits you best.

Know your reason for travel

With every financial decision we make, it’s important to understand our “why.” I always say “know yourself to create wealth” but you also need to know your reason for traveling. By focusing your vision on what you want to get out of your vacation, you can spend money where it matters and save money where it doesn’t.

For example, if you’re planning on lying on the beach all day, it might not be worth spending the extra money at this hotel with the large pool. If you’re a foodie who likes to eat out most nights, you probably don’t need to shell out money for an Airbnb with a full kitchen.

Find out what you want and focus your attention and money on those things, and those things specifically.

Set your schedule in advance

Next, let’s set your schedule in advance.

When you book in advance, you get better deals on travel, activities and accommodation. There are many savings you can make by planning your trip in advance.

For example, weekday flights are often cheaper than weekend flights. And some museums, galleries or parks offer free or reduced admission on certain days.

The more money you save by planning ahead, the more money you can spend on leisure and activities, as well as future expenses in your life after you return from vacation.

Use a travel rewards card

Well, that’s something I personally need to do better: using your travel rewards credit card.

Many credit cards offer increased reward points for travel or hotels. Since these purchases tend to be larger, this is a great way to earn back money you’re spending anyway.

Before opening a new card, check whether your existing card offers these advantages. Now you have to be careful when it comes to loans. Unpaid balances, annual fees or a drop in your credit score could, as we know, lead to more problems for you in the long run. So make sure we use this credit card wisely.

However, if you’re able to stick to a budget and use a card that works for you, this is a great way for you to save some extra money while spending on something you’ll enjoy .

Consider getting the job done

And one of the most overlooked things when thinking about a vacation is to roll up your sleeves and get to work.

I don’t have my sleeves on anymore, but they’re already rolled up. It is natural. It comes with the territory. While we see vacation as a break from our responsibilities, there are other ways to save money if you don’t mind getting to work.

Getting groceries and cooking yourself can save you a lot of money instead of eating out at restaurants all the time. You can also save money by taking public transportation instead of renting a car or taking Lyfts and Ubers from place to place. If you’re working remotely, you might even consider taking a day’s work into your vacation. This can save you a day or two of paid time off, while still allowing you to dive right back into a relaxing vacation right after you clock out.

Cope’s final thoughts

With preparation and planning, it’s easy for us to have a great family vacation without breaking the bank. And while I may be preparing specifically for summer, you can use these tips year-round to plan any vacation or trip you want to take. You can even save some extra cash by traveling to some of your favorite destinations during the off-season or off-peak hours.

As always, we are here to create the life we ​​want. We are here to make our dreams come true and enable the places we want to visit and the experiences and the people we want to see.

I look forward to you taking your vacation and I hope you share some pictures with your boy. As always, if you want to see more of my money features visit Kiplinger.com/Cope. In the meantime, stay safe, stay blessed and see you next time. Peace.

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