What Type of Vacation Is Right for You (and Your Budget)?
Everybody needs a little time away, right?
Whether you’re flat broke or rolling in the Benjamins, sometimes you just need a little breather.
With summer on the way, you’re probably thinking about vacation options: Where do you want to go? How long can you stay there? And, oh yeah, how are you going to pay for it in the first place?
Smart questions to ask, right? So let’s take a look at what vacation you might be able to afford based on your budget:
The Staycation ($)
The vacation you put on the credit card follows you home. You go in June, but you’re still paying for it in January. It lingers in your mouth like the aftertaste from burnt toast. Tasty!
That’s why vacationing without debt is so important. So if you’re still battling your way through the debt snowball, we recommend the old-fashioned staycation. Whether it’s a hike at the local park, a picnic at the lake, or camping out in your backyard with the kids (or all the above!), you can have plenty of fun close to home.
Just keep in mind this is a temporary sacrifice. You’ll be out of debt in no time!
The Weekend Getaway ($$)
Now you take your vacationing up a notch. We’re not talking about anything extravagant. So if you’re paying for a butler named Winfred, you’re spending too much money. This is just a nice two to three day trip to somewhere within driving distance—maybe a nearby big city or beach.
As you budget for this, remember that you’re keeping it simple and affordable. This sort of trip is the perfect way to celebrate completing Baby Step 2. You might even call it your Goodbye Debt! party.
The Weeklong Getaway ($$$)
Look at you!
Disney World. The Pacific Coast. It’s all there for you and your family to enjoy.
With a plan and some intentional saving, you can make this vacation happen pretty easily.
Think of it this way: If you put away $500 a month for 10 months, you’ll have $5,000 to spend on your weeklong trip. That’s a nice little chunk of change to spend on relaxing and exploring.
How do you know when you’re ready for this trip? Once you’ve got a full emergency fund in place and you have started investing in retirement and your kids’ college funds, then you’re good to go.
Tell Mickey we said hello!
The Dream Vacation ($$$$)
Where’s it gonna be? Paris? Honolulu? Tuscany?
This is the vacation you’ve dreamed of all your life—the one you never thought you’d really get to experience. But that was way back before you knew how to budget and live on a plan.
These days, your investing plan is in full swing, and you’re completely out of debt, including the mortgage. Life is good. And since you’ve got this budgeting thing down, it’s time to go on the vacation of your dreams.
If that means a month in Paris, then go for it!
Bottom line: No matter where you go on vacation this summer—whether it’s down the street or across the world—make sure it fits within your EveryDollar budget. Don’t let your vacation follow you home.
What type of vacation will you take this summer?