Lack of funding is the usual reason that prevents you from reaching your dream vacation. No one can deny that travel is expensive, especially if you’re taking a large family with you. That said, it’s easy to get discouraged and give up your hope of experiencing that getaway trip of your dreams.
Traveling is both an opportunity and an investment. It is the best way to experience new things and learn about different cultures. This, in turn, strengthens the human spirit, develops one’s sense of self, and stimulates the mind. It is also an experience that you can share with your loved ones and deepen your emotional connection. This is what makes travel attractive and also the reason why people do not let the opportunity pass. That said, it is best to prepare for your dream travel now.
In putting your bucket-list vacation into motion, discipline is the key! Here are seven practical tips for budgeting your dream vacation. Some of these are surmounting financial hurdles, and most require mental adjustment.
Research the destination
Of course, knowing what you will need for the trip is a must. This will help you set your budget. You have to look up the flight, cab or hotel’s cost. Ask friends or family who have traveled to your dream destination for any information about the fees they incurred, from accommodations to activities. All the possible things you will need to spend the money on must be mapped out so nothing will catch you by surprise.
For travel destinations near house and lot communities near Metro Manila, check this article.
Set your Budget
After getting the information needed, you can set your budget. List down all the expenses for your trip. You can use a spreadsheet to categorize the expenditures. Determine where you can cut costs and where you might like to splurge. Here are some categories you’ll need to consider:
- Fuel if you’re driving
- Technology (wifi, sim cards, etc.)
Once you have the digits, stick to them no matter what. The budget will be your goal in saving.
Make a plan
Never plan a trip without money in mind. In deciding, continually evaluate your finances. You have to make a realistic and incremental plan for budgeting. Once you know your predetermined period to save realistically, start your saving plans.
Take this, for example: if you can save Php 500 per month, you’ll expect Php 6,000 for your yearly vacation. If you can stretch it to Php 1,000 per month, you will have 12,000. If you discover that your trip will cost you more than what you can save, you need to adjust your timeline or find another saving technique. You can opt to cut down your daily expenses. For example, instead of buying coffee worth Php 150 daily, you can save as much as Php 138 if you make your coffee. Keep in mind that you have to make an achievable step each day to achieve the goal.
Separate Bank Account for Travel
Open a savings account specifically for your travel goal. Allocating a specific budget for your travel goals encourages you to save after paying the bills, set aside a certain percentage of your monthly income for that. Make it a habit to consistently feed the account no matter how little it is.
Using a separate account will prevent you from touching your savings for your travel goal. If you want to resist the urge of embezzling the fund, never open an online bank account. This goal account is intended solely for your dream vacation, so make sure you don’t draw from it until there’s enough fund for your dream travel.
It’s also a good idea to have a penny bank where you can drop the extra change or coins instead of losing them then deposit at the end of the month. You will be surprised at how much it will add up to your dream vacation savings.
Use Budget Tool
Not a budget-keeper? Here’s the good news: technology can help you become one. This digital era of technology for convenience provides numerous free applications that allow you to track your spending. The smartphone app, Mint, for example, is a free all-in-one tool that tracks expenses and manages account balances. It even does as far as gently reminding you when bills come due. This app provides a custom Snapchat of your spending, which will keep you on track for significant, long-term expenses. You will be shocked by how much you spend each month on the items you didn’t think about (milk, tea, coffee, meal).
Examine all the things you spend your money on—bills, utilities, rent, food, leisure, clothes, or transportations. You can sort them into two categories: needs and wants. Ask yourself if you need those items or if your life is dependent on them. As a consumer, you don’t realize how much you shop out of habit.
For necessities like foodstuffs, you can buy them in bulk to lessen the price. Stop replacing items or appliances in your house if they are still working. Always remember to be mindful of the things you spend money on. This could take you away from your vacation.
Most people spend their money on small-ticket items they didn’t think twice about purchasing. Expenses like Php 150 milk tea, Php 200 dinner out, Php Php 40 soft drinks, Php 1,000 night out quickly add up without noticing. Prudently spend your money on things you need for survival and eliminate most of the unnecessary expenditures. Eventually, you will see that you have hundreds of extra cash in your pocket. Think about cutting out these tempting little splurges that will save you more than Php 1,390 a week. This could be money that can be saved for your dream vacation.
Stay Realistic and Inspired
Always remember that your little sacrifices are worthwhile, but you are just human. You and your family don’t have to sacrifice all the luxuries. You just have to be practical, no need to shut in to save for the big trip. Be responsible enough to decide on the outings or date you are planning with your family while saving for your dream vacation. You are saving for experience, but there are other things you can experience inside your community as well.
Keep the motivation and enthusiasm, always go back to the reasons for the sacrifices and adjustments. It’s all gonna be worth it when you achieve the goal you wanted.
These tips are up to you if you put them into practice. Travel can be a significant expense, but you can make it happen if you make it your priority.
Once you achieve your bucket list trip and after the long saving months, a staycation in your home might be your next goal. Indeed, there is no place like home. You can level up this experience by upgrading your interiors. You can discover new hobbies like baking, cooking, or gardening without leaving your house and lot.
Get those from Camella, the country’s trusted home builder that offers premium home options set in verdant communities. The brand offers a selection of available house and lots that you can safely breathe in. With more open spaces, you get to experience more memorable moments in your planned community. Check out Camella’s list of available house and lot offerings here.