Submitted by BECU.
• Research & Plan: Once you have chosen a potential destination, spend time looking into the costs of anything vacation-related. It’s not just the big-ticket items like hotels, meals and airfare that add up quickly, but also the smaller items like sunscreen and snacks. Are there side excursions to consider? Paid activities? Being realistic about your expectations will help ward off disappointment later. Also, consider looking into travel insurance in case plans fall through or unexpectedly change.
o Other tip: since hotels can be pricey, why not consider staying with friends or family? Not only will you get to spend some quality time together, but you’ll also get the added benefit of local recommendations from someone with firsthand knowledge.
• Dig for discounts: Explore travel websites, apps and other sources to see what vacation packages are available for your destination. Your financial institution may even offer great deals as well (for example, BECU offers member discounts with Passport Unlimited!). Or, consider fixing the majority of your own meals and limiting yourself to one restaurant meal per day to reduce food expenses. However, with any deal or discount, make sure you do your due diligence to ensure the offer and/or website is legitimate and isn’t actually a scam.
• Prioritize your wish list: After conducting your research, Black recommends prioritizing the big-ticket items and identifying where you want to invest. For example, are you interested in travelling internationally or domestically? Would you rather stay in a 5-star hotel or explore shared lodging? Ask yourself these types of questions beforehand to ensure you stay within your budget.
o Other tip: Staycations are another great option since you minimize the expenses that would have been spent on things like airfare and rental cars. Visit a hot new restaurant, explore a tourist attraction you loved as a kid or consider a midday sports event! There’s sure to be endless fun right in your own backyard! For example, visit your local farmer’s market, public library events or perhaps a neighborhood block party close by.
• Use budgeting tools: Once you have a set budget for your vacation, it’s important to stick with it. “When I go on vacation, I always use the envelope system to save money,” says Black. “I will designate a certain amount of money into an envelope for each day of my trip so I know just how much I am going to spend daily.” Apps like BECU’s Money Manager also help you set timely alerts and make you aware of when you might be going over your budget while on vacation.
