Debt Consolidation
“Vacation debt” is a term that I coined to describe the financial crunch you experience after a trip. If there's one thing that definitely isn't cheap, it's a vacation. The high prices of flights and hotels coupled with the down turning economy makes it very difficult to take a vacation without feeling after effects. This is especially true if you are taking family vacations.
Even though it is expensive, I still think traveling is something everyone should do. Traveling resets and re-energizes your mind and body, thus making you a better employee, friend, father, mother and person. Plus, you only live once and you should see as much as possible.
If you are planning on vacationing, there are some things you can do to make it more cost effective without cheapening the experience. Although some of these suggestions are cheaper than others, they all warrant some thought. Here are my steps for avoiding “vacation debt”.
1. Plan ahead of time.
The earlier you decide on a vacation spot and time of year for travel, the more affordable it will be. Often times, if you try to get hotels and flights at the last minute, you will have to pay a premium for it. You don't necessarily have to come up with vacation plans a year in advance, but the sooner the better. If you want to go on a spring break vacation, it isn't unheard of to do some online research as early as the preceding fall.
2. Be open to out of the ordinary vacation destinations.
Vacation mainstays like New York City, Cancun, Paris, Los Angeles and Miami can be a lot of fun and a terrific vacation, but they are also going to be the most expensive. When doing your research, keep unique, “under the radar” vacation destinations in mind. Think along the lines of interesting landmarks, historical sites, amusement parks or sporting events. A vacation to a lesser traveled locale can often times be just as fun as one of the big vacation destinations, but half the price!
3. Bundle your flight, hotel and rental.
The biggest suggestion for keeping your vacation from putting you in debt counseling or credit counseling is to bundle your vacation expenses. There are several websites out there that offer you huge discounts if you bundle your flight, hotel and car rental together. Not only is this cheaper, but it is easier than shopping for three different large expenses.
4. Save a percentage out of each paycheck toward the vacation.
Saving ahead can take a lot of the headaches away from vacationing. Just like you would save for a Christmas Club or other large expense, try to put something from each paycheck toward your vacation. Even if it is $10 per paycheck, that could cover a part of the trip. When a vacation is planned well in advance, this suggestion could make it very feasible.
