How to Take a Vacation Without Adding to Your DebtJun 27, 2018
If you’re taking a family vacation this summer, you’ll want to bring home lasting memories, not debt. That’s why our LITs are encouraging Canadians to plan ahead for their summer travel during this podcast episode. Here’s a preview of their advice:
- Budget like a pro
Without a budget, you’re likely to overspend and turn to credit cards to fill in the gaps. Plan ahead by creating a travel budget so you can project your expenses and keep your trip affordable. Use this travel calculator to estimate your costs.
- Do your homework
Don’t wing it. Check out travel sites, blogs or coupon sites that will give you cost-saving ideas. Plan out each attraction you want to see and compromise when necessary. Some easy ways to save are to book budget flights, drive to your destination and rent a house instead of hotel so you can cook meals yourself and save on food costs.
- Follow a budget while you travel
A budget is essential, but it’s only half the process. You’ll still want to track your spending while you travel to ensure you adhere to that budget you worked so hard to create.
- Don’t add to your debt!
Remember those debt relief goals you set in January? Keep them in your mind when planning your next adventure. Many Canadians are paying down record debt loads (especially in the GTA) so make sure you can afford your trip in cash. Think ahead to other expenses you’ll encounter this summer such as back-to-school shopping, entertainment or childcare. At the very least, if you do end up adding to your credit card debt while on vacation, you should be able to pay it back in one to two months.