How do you and your family typically go about planning for a vacation? Is it always a spur of the moment thing, or do you spend time making plans and researching ideas? When it comes time to talk with our clients about their definition of inspired independence, being able to travel always makes the top 10 goals. This is especially true for those who are nearing retirement age.
When it comes to planning a family vacation, there are a few things to keep in mind to help make sure it is a success. Check out this video for some tips and tricks from Ben.
Clemson football coach, Dabo Sweeney once said,
"Never sacrifice what matters most, for the moment."
It's important to remember that, while having fun is important, we also need to keep in mind our long-term financial goals and not sacrifice everything we have worked for, for a fleeting moment.
To review and in addition to the tips in the video;
1. You need to develop a financial plan
By creating, and following, a general plan for your vacation, you will have an easier time sticking within your budget for the trip. That doesn't mean that you can do spontaneous events or make instant purchases for souvenirs. However; it does mean that you need to take some of those things into consideration. Know that you have certain spending habits, and include them as part of your budget. If you are the type to buy a bunch of things on a whim, maybe cut back on the number of attractions you visit to offset those costs.
2. Set up a travel savings account
Whether or not you have a vacation in the works or not, it is a good idea to develop a travel savings account if you are interested in doing a lot of traveling. Set a portion of each paycheck aside for the travel savings account so you can continually use it and adjust it as needed, depending on the next vacation you plan to take (e.g. a long weekend vs a two week, domestic vs international).
3. Pay up front
Studies have shown that by paying up front, people tend to be happier with the experiences while on vacation. While you still end up paying the same amount, by spreading out the bigger purchases, it reduces the stress involved with taking a big financial hit all at once.
4. Review your travels
Keep every receipt and, upon your return, review your trips experiences and expenses. By doing so, not only will you have a reminder of all of the fun experiences you had, you will also be able to find patterns of ways to save or spend money on future vacations.
For help developing a financial plan for your travels, contact a Waypoint Advisor today.
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