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In this episode, we're talking about exactly how to plan and pay for your vacations without using debt. We'll also discuss practical tips for making your own family vacations a reality while staying within your financial means.
Key Points:

We had a client wanted to save $3,000 for a vacation in six weeks. By breaking down the goal into weekly amounts make & save in her side hustle, she realized the goal was achievable.
We had another client with six kids thought she couldn't afford a high school trip with her oldest child. Through budgeting and a year-long savings plan, she made it happen.

You have to count the cost first!

Many people avoid calculating the actual expenses of a vacation, leading to either under-budgeting for a trip or never going because it seems so out of reach. unrealistic expectations or missed opportunities.
Before hand, take the time to determine costs such as flights, hotels, food, transportation, activities and souvenirs. Get it on paper!

Embrace the Joy of Budgeting:

Budgeting allows you to prioritize experiences and make memories with your family. Why else are you working so hard!?
Once you know the details, you can set aside a portion of your income to travel and create a dedicated vacation savings bucket.
You can also set aside a monthly budget for family outings and activities.

Start Early and Plan Ahead:

Saving in advance allows you to cash flow your vacation and reduces the chances you'll use a credit card.
Create a timeline for your vacation and save money each month to meet your goal.
Research discounted flights, early booking offers and affordable accommodations to maximize your budget.

Make Trade-Offs:

Identify areas where you can cut back temporarily to free up money for your vacation fund.
Limit discretionary spending on non-essential items and redirect those funds towards your trip (temporarily if needed).
Involve your family in the process and encourage them to contribute to the vacation fund through small sacrifices.

Prioritize Experiences:

Focus on experiences rather than material possessions.
Instead of spending money on unnecessary items, save it for meaningful family adventures.
Look for free or low-cost activities and attractions in your destination to stretch your budget.

Budgeting for family vacations is an essential part of enjoying life and creating lasting memories. By counting the cost, embracing the joy of budgeting, starting early, making trade-offs, and prioritizing experiences, you can make your dream vacations a reality while reaching your other financial goals.
⁠Book a free 30 minute financial coaching session with us!⁠⁠⁠⁠⁠ ⁠
Email us any questions: info@myidealbalance.com
Interested in Coaching? We work 1:1 with clients to do everything we talk about in this show. If you’re interested, click this link to set up a FREE 30 minute free session with us. We’ll chat, get to know one another and see if coaching is a good option for you! There is no obligation whatsoever on this call, but we will give you some quick wins you can implement immediately to level up your money management!
⁠Book a free 30 minute financial coaching session with us!⁠⁠⁠⁠⁠ ⁠
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