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Keep Summer Vacation Spending Under Control

Start by determining how much your family has to spend on a vacation this summer.

Summer is here, so the family is ready to head out on that long-awaited family vacation. With a little planning and management, that family vacation does not need to drain the family bank account.

“No one wants to go broke going on vacation,” says Lori Scharmer, a family economics specialist for the North Dakota State University Extension Service. “If you’re willing to do a little research and planning, you could wind up saving a considerable amount of money.”

Start by determining how much your family has to spend on a vacation this summer. This will be the starting point for your family vacation planning.

Make family vacation planning a family activity. Bring the family together to talk about where you will go, what you will want to do and see once you get there, and how much it will cost.

Make a list. If you’re handy with a computer, create a spreadsheet and add up the cost of various expenses, such as hotels, meals, airplane or train tickets, park admission fees and kennel fees for a pet. Tally up all the expenses. Is the total within your budget? If not, start paring down the list until it fits within the amount of money your family has available.

Set up a tracking system for your spending while on vacation. You can use a simple notebook or computer spreadsheet, or find an app for your smartphone or tablet to help track expenses. If your children are old enough, have them help you with the tracking. It would be a great money management experience for them, plus they can help with choices to keep within the family vacation budget.

“The top three expenses on a vacation are transportation, lodging and food,” Scharmer says. “With a bit of planning and research, you can keep these expenses down and have more money for the fun stuff while on vacation.”

Tips to get you started:

Choose your method of travel by estimating the cost of flying, driving or taking the train.

  • If flying or taking the train, calculate the best ticket price times the number in your family. Add in airport parking, checked bag fees, car rental, taxicabs or public transportation once you arrive at your destination.
  • If driving, estimate your gas expense by figuring the total miles to drive divided by the average miles per gallon multiplied by the price of a gallon of gas. Add in the cost of lodging if you have to spend the night along the way. Also, figure in toll fees and parking.

Tactics for saving on vacation lodging:

  • Compare lodging prices on travel websites. Consider amenities, too. A complementary breakfast will help you save on meals. A pool can provide free entertainment for the kids. Hotel shuttles can cut down on your transportation costs.
  • You may find the best price by calling the hotel directly. Independent hotels and bed and breakfasts may not be on travel websites. Be willing to ask: What’s the best price you can offer? Do you have any special offers or discounts?
  • Use rewards, discounts or coupons. Look on travel and tourist sites or magazines for coupons.
  • Camping may be a less expensive lodging choice. The U.S. has many national and state parks that provide safe and affordable campsites.

Don’t let dining out eat a hole in the family vacation budget.

  • Plan to eat only one meal out a day. Pack foods such as granola bars, canned or dried fruits, and canned juices for breakfast, or select hotels that include a free continental breakfast.
  • Go out for lunch. Try making lunch your big meal of the day. Many restaurants offer the same menu items at lunch for a lower cost than the dinner menu. You can splurge at lunch and eat a smaller, less costly meal for dinner. Beverages can add to the cost, so consider sticking with the complementary water.
  • Eat like a local. Ask local residents about their favorite coffee shops, diners and restaurants. Restaurants that cater to locals may be a little farther away from the tourist scene, but they also usually have lower prices than restaurants that cater to tourists.
  • Eat in. Eat yogurt and fruit for breakfast. Have a picnic in the park or on the beach for lunch. If you stay in a condo, house or extended-stay motel that provides a kitchen, you can store food and prepare meals.

“Creating a plan, calculating expenses and tracking what you spend while on vacation can ensure that you’ll still be able to pay your regular bills when you return home,” Scharmer says. “It’s also a good way to decide where to splurge and where to cut corners.”

For more information about managing your finances, visit http://www.ag.ndsu.edu/money or contact your county NDSU Extension Service agent.


NDSU Agriculture Communication – June 21, 2013

Source:Lori Scharmer, (701) 857-7676, lori.scharmer@ndsu.edu
Editor:Rich Mattern, (701) 231-6136, richard.mattern@ndsu.edu
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