How to Budget For Your Summer Vacation

Top view tourist counting cash to spend during his luxury vacation, planning budget

Summer has officially begun! It’s time to fire up the grills, get the pool floats ready, and soak up the sun while it lasts.  

It’s also the time of the year that many choose to take vacations.  

Unfortunately, it is very easy to overspend on vacation which is why summer is known as the second most expensive season (following right behind winter).  

It’s normal to want to relax in the summer and enjoy your life, but that doesn’t mean you should stop budgeting for the next 3 months.  

If you’re looking to travel this summer, you don’t need to break the bank!  

Here are some tips to keep in mind while planning your dream vacation.  

  1. Find your destination  

Destinations vary in price at different points in the year. Making a list of places you’d like to visit is a great starting point. From there, you can research each of these destinations and see which ones would fit into your vacation budget and which ones will need to be saved for a different vacation.  

For example, vacations in the Caribbean typically cost less during June-November which is hurricane season. The reason for that is clear– since the weather won’t be great, it’s possible you won’t be able to do all the activities you want to do, and the vacation might even need to be canceled due to the weather.  

Once you find a destination that works for your budget, you can continue planning! 

  1. How are you getting to your destination? 

Getting to your vacation destination can be costly if you don’t plan properly.  

Whether you’re traveling domestically or internationally, air travel is usually the go-to mode of transportation, which can be expensive.  

The main tip for more affordable flights is to be flexible on travel days and times. Instead of trying to find flights for specific days, dates, or times, you can save money by planning your vacation around the cheapest flights. Typically, flying on a weekday is cheaper than a weekend so although that may mean using a few more days of PTO, it may be more beneficial financially! 

If your vacation destination is close enough for other modes of travel, consider driving or taking a train. If you choose to take a train, the same method can be used as mentioned above—be flexible when buying tickets to get the best deals! If you’re driving, map out the route ahead of time and plan when and where you will need to get gas so you can attempt to set a realistic budget. 

  1. Book your accommodations 

Next, decide where you are going to stay. Hotels and motels are usually the go-to choice, with motels typically being cheaper. Hotels are typically nicer than motels but can have a lot of fees that you may not know about. Hotels often charge for mini-bar and snacks, parking, early check-in or late check-out, and more.  

Airbnb is a newer option, where you can rent someone’s house or room. This will give you a homier location, and you can choose which Air BnB is best for your price range. You can choose the location of where you want to stay, what type of housing you’d like, and what amenities you want. If you choose to rent the whole space, you may have access to the kitchen which can help you save costs on food.  

It is important to add that Airbnb has many fees that can add up, sometimes making it more expensive than a hotel. These fees typically include a cleaning fee, additional guest fee, pet fee (if you’re bringing your furry friend along), and service fees.  

Similar to the flights, hotels, and Airbnbs can be more affordable during the week (instead of weekends) which will help reduce vacation costs.  

  1. Plan your meals 

What and where you are going to eat is important to budget out, too. Do you plan on eating all your meals out at restaurants? This will fill up your budget very quickly.  

As mentioned, some Airbnbs and hotels have kitchens or kitchenettes that will allow you to buy food at a grocery store and prepare meals instead of going out to eat. By buying some simple breakfast and snack items, you can lower your food costs while still leaving some money to go out to eat—after all, you’re on vacation and who wants to cook every meal when you want to relax? 

You can also save some money by researching local restaurants before your trip. By looking at menus (and menu price points), you can plan out where you will be eating for lunch and dinner and take the guesswork out of it; this allows you to get a rough estimate of how much you’ll spend each day on food, and realistically fit that into your budget.  

  1. Don’t overdo it on activities 

Finally, it’s time to plan out what you want to do on vacation! Are there any national parks to explore? Or maybe a theme park is more your style.  

Whatever you choose, it’s okay to cut back on activities and not participate in every tourist attraction at your destination! 

After doing your research, pick a few that you don’t want to miss out on and fit those into your budget. Travel sites such as Groupon or Travelzoo may have deals for your activities. 

Planning your vacation can be stressful and overwhelming with all the information, but it’s better to put in the work now so you aren’t stressed out while you’re on vacation. By planning and budgeting in detail before your trip, you’ll have a better understanding of how you’re spending your money on vacation and won’t be shocked by the credit card statements after the fact! 


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