Create a Spending Plan for Your Next Vacation

Plan Your Spending

In a recent post, The Five W’s of Vacation Planning you read some valuable tips. Now let’s talk about money. Traveling costs can quickly get out of hand. Planning is essential. Despite plans, vacations are unpredictable. So, make sure to budget in that unpredictability and create a spending plan. Don’t be tempted to overspend during your vacation. Plan your spending. Here are the Five W’s of creating a spending plan for your next adventure.

First, you decide where you’re going. Research information you need to have a great time.  Find out what’s the average temperature. What are the tourist attractions? When is the high season? Are there cultural expectations that you must follow? Is it a safe place to visit? Admittedly, there are more questions you can think of when completing your research.

Why & When

Why do you want to visit this location? How will the experience change your life or perspective? We all have a bucket list. Is there a specific landmark that draws your attention to the country or city? Reflect and think about what brings you to visit a specific location.

When are you going? Write down dates you want to travel. Are your travel dates flexible? Can you go during the off-season? Are deals available? The answers to these questions will affect your budget and spending plan.

Budget & Savings Plan

What is your budget amount? How much do you want to spend? Does the amount include airfare, hotel, food, transportation, tours, and souvenirs? Here’s where your spending plan begins to come together. Break down how much you want to spend for each category.

Airfare $_______ Hotel $_______  Food $_______  Transportation $_______ Tours $______  Souvenirs $__________  Other Expenses $______

Now, what is your saving plan? Write down how much you will save each month.


Who is going with you? Are you going solo or with a travel buddy? How many friends or family members will participate? Is each person responsible for their expenses? Write the names of each family member or travel buddy. It’s vital that each person traveling with you knows the costs they’re responsible for on the trip. Vacations are unpredictable, but you don’t want that type of surprise.

Create A Spending Plan

When you create your spending plan, research the cost of hotels and resorts. Check out the available dates. Calculate the value per night. Ask for any discounts such as AAA or AARP. Read reviews of the resorts on review sites like TripAdvisor. Read the good and bad reviews to get a balanced perspective. Travel Pirates, Groupon, and Living Social has affordable travel packets, also.

Use travel apps to find the most affordable airfare. You can search apps like Hopper, Expedia, Travelocity, CheapOair, Secret Flying or Google Flights. Research the different sites and compare airfares. Be flexible with your dates of travel.

Research Tours and Attractions

During your visit, you want to take tours and visit cultural attractions. Viator.com is a site that lists a variety of excursions. You search tours based on the desired location. They are rated and reviewed. Also, you can see the cost of the day trips and can pay and arrange each tour online. Other tour review sites are TripAdvisor and  MyTourReview. Write down possible tours and the price per person.

Your spending plan must include transportation costs. When visiting a city or country is transportation included in your package. You have several options: public transportation, cabs, Uber, or Lyft. Walking to some tourist attractions is free if it’s feasible.

Other Things to Consider

Other things to consider when creating a spending plan for your vacation are:

• Planning a daily budget
• Checking exchange rates and foreign fees
• Dine where the locals eat, not the tourist landmarks
• Don’t overpack. Heavy bags cost dollars
• Be flexible with dates to travel
• Spend within your means
• Use cash to help you stay on budget
• Use credit cards wisely
• Don’t buy timeshares on vacation
• Don’t take extra bags to fill up
• Don’t promise to bring back souvenirs for everyone you know!
• Budget with a cushion

Plan your spending. Download our spending plan template help you write a budget for your next vacation. Spending wisely makes for a happier holiday.