So we are currently at the end of 2017—is it too soon to think about when you are going on vacation in 2018? Certainly not!
In fact, this is the best time for most families to think about when and where they will enjoy their vacation in 2018. While searching for a location and duration of time to spend getting away from it all, please be sure to financially plan for the trip.
Proper planning will allow you to pay for the trip only once instead of several times over. Sometimes families finance their vacation via credit cards. By doing this you could potentially be paying for your vacation several months after you return home.
When my wife and I were first married, we financed a vacation on a credit card. We didn’t have a lot of time to plan the vacation (maybe 60 days) and at that point we didn’t have the cash available. Because of this, the choice was either to use the card or not go on vacation. We decided to go! We thoroughly enjoyed the trip!
Long story short, we paid for that vacation up to four months after we had returned home. When all the expenses were added up (actual vacation amount plus interest paid) we had about 30% more than the cost of the vacation. Since then, we try to plan every vacation several months (at least six months) before we go. And please don’t use any other form of credit to finance your vacation (pay-day loans, vacation financing companies (yes they exist!)). Any external source of financing your vacation could result in even higher costs for you.
My advice to you is to plan well ahead for your vacation. With that in mind, it is a good idea to begin to put money away consistently to finance your family’s next vacation. Aim to have your vacation paid for in full (including spending money) before you leave for your destination. That is a vacation that you and your family will truly enjoy!
Happy planning and saving for that next vacation!