Families of all ages will certainly be aiming to get a vacation on the calendar soon, especially with the weather warming constantly. However, a vacation isn’t something that can be taken without proper planning ahead of time. To figure out where to travel to for the vacation and to ensure that your family does not go bankrupt from the trip, utilize the following article as a guide.
Vacation Cost 101: The Driving Factors
The average one-week domestic vacation cost for a single person has risen to over $1,500 in recent years due to a variety of factors. Inflation and general increased demand for travel following the Covid-19 pandemic have caused prices to soar, but there are a few specific expense categories to blame for this shift. The costliest aspects of vacations today include:
- The food costs whether that be eating out or grocery shopping
- The activity costs on vacation which vary drastically depending on the type of activity
- The accommodation cost which has risen to a couple hundred dollars per night on average
- The transportation costs to the destination and then the costs associated with getting around that destination once you arrive
Considering each of the above factors can vary wildly depending on a person’s potential destination, it’s important to learn how to budget properly for the trip.
Budgeting Tips for a Vacation
Setting aside enough money to go on a multi-thousand-dollar vacation will not be easy, even in the cheapest cities around the world, but the following budget tips are an excellent starting point:
- Set up a dedicated travel savings account and deposit funds to it on a monthly basis
- Book as many of your activities in advance as possible
- Factor in both the small and large costs associated with your trip
- Create a timeline for your savings goals
- Travel during the off-season when there are fewer tourists
How to Decide on a Vacation Destination
Once you have built out a budget for your vacation, you can utilize the following tips to start settling on which vacation destination is best for you:
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Evaluate your current budget
First and foremost, consider the above budget that you have set yourself to determine which destinations are affordable for your travels. Take the maximum spend limit of that budget and compare it to the average cost of travel in that area. This can help a person only consider certain destinations that match their budget, allowing them to avoid accidentally traveling somewhere outside of the price range.
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Consider the activities you want to do
It’s impossible to build a vacation budget properly when you aren’t sure what you actually want to do while on vacation. Create a list of all the activities that you would like to partake in, such as a San Antonio river cruise on the Rio, separating them out into “must try” and “nice to try” so that you have priorities when choosing which to do.
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Think about the time of year
Depending on the time of the year, a person can save thousands of dollars potentially on their travels. Simply making the choice to travel during the off-season of the destination, as mentioned above, can result in less tourists and less demand for activities. This will naturally lower the cost of everything, including hotels.
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Look into different accommodations
On the topic of hotels, think about staying in alternative accommodations that are far cheaper than a standard hotel. Vacation rentals are an excellent option for short-term travelers and can provide a person with an entire home for the span of their trip, rather than just a simple hotel room. Be warned, however, that you should vet the website you are using for booking to avoid any potential scams.
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Take into account who is traveling
Finally, think about who will be traveling with you, if anyone at all. This will allow you to better narrow down the destinations around the world that offer something for everyone in your party. Rather than settling for a place that has no fun activities, you will be able to identify a destination everyone can enjoy.
The Bottom Line
There are a large number of potential destinations that a family or individual can consider traveling to for vacation. However, these destinations will not always be affordable depending on the budget a group has set for their vacation. Use some of the outlined tips from above to determine what your personal budget is for the trip, then consider it as a starting point for settling on your next vacation destination.