Love traveling but hate how it blows your budget? Here's a a simple fix.
"We love and value travel, but we wanted to make sure we were being responsible," she said. They settled on 5 percent of their income, and sometimes pull money from other budgets and leverage credit card points and miles to make it work.
The Lennons found that regularly setting aside money for travel to a dedicated savings account has made it easier to book travel. Having the funds removes any doubt over whether it's a financially responsible decision."If there is something out of your ordinary spending routine, there is no way around budgeting," said Justin Sullivan, certified financial planner and investment market manager at PNC Wealth Management.
People often turn to credit cards to pay for trips, but when the weekend is over, "it's not worth it," Sullivan said. "It's such a reverse from how you felt on vacation."Sullivan's first advice is to budget for the obvious — flights, car rental, hotel, meals and entertainment. "People forget about other expenses, such as boarding your pet, which can be expensive," he said.
Don't automatically default to a hotel. "You can stay at someone's house using local apps, such as AirBnb," Sullivan said. You can save on restaurants by cooking a few meals yourself, and you might have a few nights in, watching a movie on TV and snacking on popcorn.The longer your planning, the more chances you'll have to build up some credit card points or hotel program rewards. Even one night in a hotel or one plane ticket can help save money.
In January, you pay for the flight. Throughout the year you can pay for the safari itself, perhaps lodging or land transfer expenses. Paying as you go helps avoid putting large purchases on your credit card and letting the interest pile up.
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