Vacation Budgeting
According to www.Canadiantourism.com, tourism spending in Canada totaled 57.5 billion in 2004, a 6.4% increase from 2003
Everyone needs a break now and then. But when your holiday leaves you with a stack of bills you can’t pay, it’s hardly relaxing! This guide is designed to help you plan a holiday that will leave you great memories, not excessive debt.
What Do You Really Want?
First, decide what kind of holiday you really want. Do you prefer to sightsee as much as possible or would you rather have a few days of doing as little as possible on your days off? Take the time to plan your itinerary so you get the most out of your time away and enjoy every minute.
Plan for Savings
Plan in advance so you’ll have time to save money for your trip. The better you plan your budget, the better your vacation. You will find our vacation planning worksheet at the end of this guide. Use it to help you develop your vacation spending plan.
If you have kids, make sure they have an opportunity to participate in the planning. Together, you can research destinations and costs. Set target goals for the amount you’d like to spend per day for activities, souvenirs, etc. and total your potential expenses for the trip. Kids may help look for discount coupons and internet specials, and together you can compare the cost and benefit of each aspect of the vacation.
Once you have a clear idea of what you plan to spend, start a vacation savings fund and set aside a specific amount each month or each paycheque. A small amount can go a long way if you plan carefully.
Membership clubs like CAA, Costco Travel Club and Sam’s Travel Club can often save you money on hotel stays, car rentals and complete vacations. The membership fee for one of these clubs is usually offset by the savings you’ll achieve.
Consider off-peak travel if possible. Go to a popular winter destination in the summer, or vice versa. If your schedule allows it, avoid traveling during school breaks or holidays. Not only will you likely save money, but your destination will be less crowded and you’ll likely get better service and accommodations.
36% of Canadian travelers claim shopping to be their first priority. (www.Canadiantourism.com)
If shopping is your idea of recreation, create a separate shopping budget and research the types of stores and items you’re hoping to find ahead of time. Otherwise your “bargains” may end up being very expensive once you figure in the other costs of your trip.
