National Plan for Vacation Day | Budgeting a Vacation with a Bank Account
Everyone needs a vacation to recharge or to break the day-to-day routine. Taking time off reduces stress and gived you a better outlook on life.
Are you dreaming of a sandy beach, warm tropical air and then look outside...ugh snow. January 30th is National Plan for Vacation Day, your daydream can be a reality with the right planning.
Planning vacation doesn’t have to be a painful. Here are three easy steps to make it happen:
- Plan ahead and book your transportation and hotel in advance. Early planning is key, especially for popular destinations or peak travel times which can book up quickly.
- Shop for airline fares. Keep your eyes peeled for specials offered by airlines, they can cut ticket prices in half. Be flexible with flight times to keep costs lower. Flying midweek and off-season helps save money.
- Budget for your vacation spending. You don't want to overspend and have sticker shock after the vacation is done. Credit Card bills can add up quickly, be sure you have a set budget and put money away each week to help pay for that dream vacation without regret.
- Create a vacation daily cash allowance - Usually you invest ahead of time for hotel, airfare, and transportation, set a budget for the little things that add up. Food, drinks, activities, shopping need to be accounted for, set a budget and add 10% for emergencies and unexpected expenses on your trip.
- Traveling abroad? Make sure to account for foreign exchange, not all money is worth the same. You will most likely get the best exchange rate at your destination.
- Using your debit card? Contact your financial institution to check that the destination country doesn't have a block. Letting your financial institution know about your travel plans also eliminates a red flag on your account. Check GFA's Debit Card Restrictions before your trip to assure usage of your card in other countries.
- Don't be surprised by fees, contact your credit card company and financial institution to find out about foreign transaction fees.
Follow these steps and you will vacationing care-free in no time.