Whether you plan to travel to the lake, Europe or across Canada, learn how to budget for your next vacation.
When you plan and book a vacation, you probably factor only the three big expenses into your travel budget: transportation (airfare/car rental), accommodations (hotel or vacation home), and sightseeing (attractions and entertainment). And if you’re really on the ball, you may factor life insurance for you and life insurance for your spouse into the equation too.
But if you’ve ever looked at your credit card statement after returning from a trip, you know that vacations tend to eat up much more money than you expect them to. Why? Because there are many smaller vacation expenses that most people don’t anticipate in advance. Here’s what you should remember to budget for when you plan your next vacation:
Food
It’s so easy to go over budget when you’re eating out for practically every meal. And when we say “every meal,” we really mean it. Think about all of the breakfasts, snacks, lunches, afternoon treats (you know you can’t resist that ice cream), dinners, and drinks.
In addition to budgeting for all of this good food you’re going to eat, you can save money with a few tricks. Pack snacks instead of buying them at a pricey tourist trap, and purchase breakfast and lunch items at a grocery store. Enjoying the local food is part of going on vacation. But this doesn’t have to mean splurging on every meal.
Exchange fees
You may not think twice about whipping out your credit card to buy those Mickey Mouse ears at Disney World. But remember that most credit card companies charge an extra 2.5% whenever you purchase in a foreign currency. Keep more of that money in your wallet by looking into affordable money exchange options before heading out.
Baggage fees
Smaller vacation expenses start to add up even before you’ve left your home turf (thank you, airlines). Checked baggage fees seem to go up every few years, and they can quickly add up for a family on a roundtrip flight.
Activities
You probably aren’t going on vacation to just sit in your hotel room and do nothing. Whether you have your heart set on visiting the Louvre, going to the top of the Empire State Building in New York, or going on that gondola ride in Venice, make sure you’re budgeting for the fees.
If you’re traveling to a new destination, you’ll probably want to see and do as much as you can. That’s why it’s important to leave room in your budget for spontaneous activities.
Ground transportation
When flying to your destination, the journey isn’t over when you finally get off your flight. Instead, you’ll need to take public transportation, a shuttle, or a taxi to get to your hotel. Transportation fares can be steep in some cities, so be sure to look up these costs in advance and plan accordingly.
Gifts
Whether you enjoy buying gifts on vacation or do it just for the sake of reciprocity, don’t forget to budget for them. And while you’re at it, include a line for souvenirs too. (Your friends and family shouldn’t be the only ones getting spoiled!)
A little advance planning goes a long way
Failing to add something to your vacation budget may not break the bank. But it’ll hurt when your expenses eventually add up (which they inevitably will). And there’s nothing worse than financial stress when you’re on vacation. Prevent it from ruining your trip by taking the time to plan in advance.
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When planning your upcoming vacation, it's important to consider all aspects of your travel plans, including unforeseen circumstances that may arise during your trip. One important consideration is non-medical life insurance, which can provide peace of mind in case of unexpected events such as trip cancellations, lost luggage or flight delays. While this type of insurance is not always necessary, it can be a valuable investment for travelers who want to protect themselves and their loved ones.
A critical illness insurance policy is also something you should likely include in your budget if you or a loved one have a sickness that could be potentially lethal. This will allow for you to have a solid financial foundation in any circumstances.
And last but not least, whether you're traveling domestically or abroad, unexpected accidents or illnesses can happen at any time. Thus, choosing life insurance which is best tailored to your needs can go a long way! Visit PolicyMe to find some of the best rates on term 20 life insurance policies and for the best rates for term life insurance in Canada.
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