Question

How are you going to manage your summer vacation budget. Make a plan for it

Answer 1

$\huge\mathbb{Answer}$

The summer vacation is a time-honored tradition for many families. The summer Vacation Budget is a tougher subject. We all look forward to a break and want to get the most out of our trip without breaking the bank. Here are 6 tips to help you before, during, and after your vacation.

$\huge\mathbb{Tips:-}$

• $\mathcal\red{Pay \:up \:front}$

✔ A study in the Journal of Consumer Research (April 2011 – Elizabeth Dunn, Daniel Gilbert & Timothy Wilson) shows that we are happier with purchases that we make up front, and then experience later.

• $\mathcal\red{Decide \:what’s \:important \:and \:spend}$

✔Our vacation budgets aren’t unlimited, so how can we make the most of our money? Spend on what is most important to you. If you’re a foodie, spend on dinners out and save on your hotel. If walking around and taking pictures is important, spend on a hotel in a great neighborhood (and a great camera too), and save on meals out by going to the grocery story and making sandwiches in your room or otherwise eating cheaply.

• $\mathcal\red{Don’t \:skip \:the \:extras}$

✔ It’s easy to think of what you’ve spent on the entire trip and stop yourself from spending another $10 or $20 on an experience. You’ll get more bang for your happiness buck if you make those small extra purchases. Plan and save for them in advance, but don’t skip those extras. Our Emotional Experiential Memory remembers these vacation expenses, often more fondly than everyday expenses.

• $\mathcal\red{Track \:what \:you’re \:spending}$

✔ This isn’t to beat yourself up about your spending after the fact. Rather, it serves as a really effective trip journal (what was the name of that great restaurant?) and an important planning tool for your next trip. By getting a sense of how much you’re spending now, you’ll be better able to plan effectively for your next trips.