Good morning,
I hope you’re doing well. Summer often brings the excitement of planning a well-earned getaway. But before you start packing, let’s talk about keeping your finances on track while enjoying your time off. Here are some common vacation spending pitfalls — and how to avoid them.
- Skipping the budget: It’s easy to get caught up in the excitement, but without a spending plan, costs can spiral. Outline your estimated expenses, including travel, accommodations, food, and entertainment, and stick to it.
- Relying on credit cards: Swiping now and worrying later can lead to months of unnecessary financial stress. If possible, use a prepaid travel fund rather than relying on high-interest credit cards.
- Overpaying for last-minute travel: Booking flights, hotels, and activities at the last minute can be costly. If flexibility allows, travel during off-peak seasons or use comparison sites to lock in deals well in advance.
- Underestimating daily expenses: Meals, transportation, and unexpected fees can add up quickly. Research average daily costs at your destination and set a realistic daily spending limit.
- Ignoring hidden costs: Resort fees, luggage charges, and international transaction fees can take you by surprise. Review the fine print when booking.
- Not having an emergency plan: A small travel fund for unexpected expenses can prevent financial stress if a flight is delayed, your car breaks down, or an urgent medical situation arises.
A well-planned vacation doesn’t have to mean financial strain. I hope you have a wonderful start to the summer season. And as always, reach out with any bankruptcy-related questions or needs.
Safe travels,
Sam Calvert
