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The word vacation doesn’t sound cheap and yes it is not. Everything about going on a vacation screams you have to spend money to have fun and that is entirely true. So you wonder how you can manage money on vacation. Except if I plan on not having a great time. Whatever your thought might be on this you are right. That is why vacationing involves a lot of planning and saving money for it. You are going with the intention of having fun and nothing can stop.
With all of the above being said and is very right. I would like you to know that even though a vacation is not cheap it is also very possible to manage money while on it.
What makes a vacation great?
What might make your vacation great might not make mine great. Hence, this is a tough question. However, there are some essentials things that make a vacation and definitely the reasons you are planning on one or already own one.
So I would just be listing what those things are in my opinion and I know you would agree on a lot of them.
- Eating new cuisines makes a vacation great. The number one reason I want to travel the world is to taste new food. Things I never knew I can eat.
- Seeing beautiful places and experiencing new cultures
- Doing new things the regular you would never do
- Having fun every single day. You wake up with fun on your mind and go to sleep with fun on your mind.
The number one and only practical way to manage money on a vacation
Every fun activity on a vacation comes with a price tag. If you are going to be frugal on vacation then you might get stressed and the aim of relaxing and having a good time might be defeated. So the question is this. What is the number one way to manage money while on vacation and not miss out on having a great vacation? The simple answer is this. Differentiate between wants and needs or best said what a necessity to make a vacation unforgettable is.
When it comes to budgeting and managing money in personal finance there is a rule of knowing what your needs and wants are. This knowledge alone helps you manage money properly. Let me show you how it works for a vacation.
How does it work?
Before I explain how it works, I would like to say you are reading this because you don’t have all the money in the world. Hence, these tips are very frugal and might make you look cheap. But you are not.
- Spend on what is important and be cheap on what’s not. Instead of spending so much on fine dining. How about you eat local and street food. From the best street food places of course. Remember you are there to have an experience like never before
- All you need is a nice hotel in a safe location. You don’t have to spend so much on a hotel. Rather spend more on the activities that will make your vacation unforgettable.
- If you must spend on a hotel get a room that has a mini kitchen that will allow you to make breakfast. Fry some eggs and bacon, toast some bread and make your own coffee. Hotel food is outrageously expensive. Since you would be out having fun lunch and dinner can be gotten outside. We all know that it saves money to make a meal than to buy it. So make your breakfast and worry about the rest later.
- You don’t have to always get value for your money. You would be killing the fun with that mentality. However, when you have a last-minute thought or change of mind concerning an activity. It is okay to cancel. It is not wise to go a day without doing fun things, so if you were going to spend $50 on doing that thing. Find something that will cost you the same and do it.
Other ways to manage money on Vacation
There is no doubt you are out to have the best time of your life. Please don’t overdo it. Don’t overdo the activities by having lots of things to do every day. You will be tired and will spend money you don’t have to.
Do things in groups. If you get the chance to travel with friends and made some friends. Try some activities together. Some activities come with discounts when done in groups.
Pick a few destinations to go and see. You can’t see the whole of Italy in six days. Carefully select the best places you want to see. If you pick too many places you would end up too tired to enjoy them. Which means your money got wasted.
When buying souvenirs for friends and family. Buy things that don’t involve sizes. Things like clothes or shoes. Except you are one hundred per cent sure you know the person’s size. Else you would end up wasting money if the person can’t wear them. Buy things like bracelets, earrings, necklaces, and nice home décor.
Managing money on vacation might sound like a not so fun thing to do. However, it is important to be in control of your money even when you are having a great time. What’s important is that you don’t get too carried away that you miss out on the fun.
Plan ahead of time and know what matters on the vacation and spend only or mostly on that. If all you want to do is relax and forget about your crazy life. Then spend on anything that will make you relax.
I don’t know what hack stood out the most for you. But I would like to know so please drop a comment.