Stay On Budget While Traveling This Summer: Essential Tips and Strategies

As summer approaches, many of us are planning our vacations and getting ready to hit the road or take to the skies. However, with the excitement of travel comes the risk of overspending and falling into financial trouble. In this article, we will provide you with tips on how to stay on budget when travelling this summer, as well as offer advice on why it’s a good idea to go on a spending diet when you return from your vacation.

Why It’s Easy to Overspend While Travelling

When we travel, we often let our guard down and allow ourselves to indulge in activities and purchases that we wouldn’t normally make at home. Whether it’s trying new foods, taking part in touristy activities, or purchasing souvenirs, it’s easy to get caught up in the excitement of being on holiday and forget about our financial responsibilities.

According to Kelley Keehn, founder of Money Wise Workplaces, "When we’re on vacation, we often let go of our budgeting habits and allow ourselves to splurge. However, this can lead to financial trouble when we return home and have to pay off the expenses accumulated during our trip."

Tip 1: Set a Budget Before You Leave

Before you start packing your bags, take some time to set a realistic budget for your trip. Consider all of the expenses that you will incur while travelling, including transportation costs, accommodation fees, food and drink expenses, and any activities or attractions that you plan to visit.

"It’s essential to create a budget before you leave," says Keehn. "This will help you stay on track and avoid overspending during your trip."

Tip 2: Track Your Expenses

Once you arrive at your destination, make sure to keep track of all of your expenses. Use a notebook or spreadsheet to record every purchase that you make, no matter how small it may seem.

"By tracking your expenses, you’ll be able to see exactly where your money is going and make adjustments as needed," explains Keehn.

Tip 3: Prioritize Your Spending

When travelling, it’s essential to prioritize your spending. Consider what activities or experiences are most important to you and allocate your budget accordingly.

"Don’t feel pressured to try every activity or eat at every restaurant that comes with a high price tag," advises Keehn. "Instead, focus on the things that truly matter to you and save money on the rest."

Tip 4: Use Cash

Using cash instead of credit cards can be an effective way to stick to your budget while travelling.

"When you use cash, you’re forced to think about every purchase before making it," explains Keehn. "This can help you avoid impulse buys and stay within your means."

Why You Should Go on a Spending Diet When You Return

While it’s essential to have fun and enjoy yourself while travelling, it’s also crucial to establish a budget when you return home.

"Going on a spending diet when you get back from your vacation can help you get back on track financially," says Keehn. "By cutting back on unnecessary expenses and focusing on savings, you’ll be able to rebuild your finances and avoid debt."

Tip 5: Review Your Finances

When you return home, take some time to review your finances. Consider what expenses were necessary during your trip and which ones could have been avoided.

"Reviewing your finances after a trip can help you identify areas where you went over budget," explains Keehn. "This will allow you to make adjustments for future trips and avoid financial trouble."

Conclusion

Staying on budget while travelling can be challenging, but with the right mindset and strategies, it’s achievable. By setting a budget before you leave, tracking your expenses, prioritizing your spending, using cash, and reviewing your finances after your trip, you’ll be able to enjoy your vacation without worrying about financial trouble.

"Remember, budgeting is not just about cutting back on expenses," says Keehn. "It’s also about making smart choices and being mindful of your spending habits."

By following these tips and maintaining a responsible approach to spending, you’ll be able to have a fun and financially stress-free vacation.

Additional Resources

• National Post ePaper: An electronic replica of the print edition to view on any device, share and comment on.
• Daily puzzles, including the New York Times Crossword.

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