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vacation expenses

Research Is Everything

June 11, 2009

in Personal Finance

Going on vacation is something we all look forward to. But the planning phase isn’t always so much fun. We often get started with a good attitude, but when we see how much it’s going to cost, the sticker shock can really put a damper on things.

Too often, vacationers go directly through the airline, hotel or attraction to make reservations, and they assume that the prices are set in stone. But the truth is that they’re not. In most cases, there are better deals to be had. Finding them will take some work, but it could greatly reduce your vacation expenses.

Researching prices is much easier than it once was, because virtually all travel agencies have an online presence. And there are sites dedicated to finding the best deals on flights, hotels and admission to attractions. While there’s no one website that’s guaranteed to always have the best price on everything, the ability to see what a variety of providers have to offer from the comfort of your own home makes the process much easier.

There are many sites where one can find travel deals. Here are some of the most popular:

* Orbitz.com ? Orbitz features deals on vacation packages, hotels, travel, cruises and more. It is a popular site for booking flights because of the Price Assurance program. If you book a flight and another Orbitz customer books it at a lower price, you automatically receive a check for the difference.

* Hotwire.com ? This site features deals on the same items as Orbitz. It has a Trip Watcher feature that notifies vacationers when prices drop on the trips they are interested in.

* Expedia.com ? In addition to helping find the best prices on travel and accommodations, Expedia offers a number of tools to help travelers save money and get the most out of their vacation.

* CheapTickets.com ? This site offers many of the same features as other sites, but also has deals on tickets to concerts, theater, sports and other events.

* Priceline.com ? Priceline reportedly offers the best deals on luxury hotels. Customers can place bids on hotel rooms in various star classes, but they do not find out the name of the hotel until they buy.

Last Minute Deals

Those who are intent on visiting a certain destination often want to plan ahead to make sure they don’t miss out. This is important if you want to attend a special event such as a concert or festival. It can also be beneficial if you have to put in for time off work well in advance. But if you can be a little more flexible in your plans, you could save with last minute travel deals.

The aforementioned sites are excellent when it comes to finding last minute deals. When other travelers cancel their reservations, airlines and hotels often make those reservations available at discounted prices through such sites. So if you aren’t picky about where you go and don’t have to strictly adhere to a date, you could save a lot of money.

Finding deals on vacations is easier than ever. If you do your homework, you could book a trip at a fraction of the normal cost.

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Create a Vacation Budget and Stick to It

May 20, 2009

in Personal Finance

Taking a vacation is supposed to help alleviate stress, not add to it. But for those of us who do not have unlimited funds to work with, it can do just that. Planning fun for the whole family and providing for transportation, meals and accommodations can be tricky, and paying for it all can be even trickier.

We all know how important it is to have a household budget. But we tend to forget about budgeting when it comes to vacations. If we can create a vacation budget and follow it closely, it can help us enjoy our getaway without worrying about money.

How Much Can You Afford to Spend?

In order for a vacation budget to work, we must first determine how much we can afford to spend. If you have money set aside in a vacation fund, this might be the easy part. But if you’re working with money from general savings or a tax refund, it will require some thought.

Spending every penny you have that isn’t required for bills on a vacation is not a good idea. Having an emergency fund is important for any family. If you already have plenty of money put away for emergencies and the bills are paid, using your tax refund for a trip isn’t such a bad thing. Otherwise, take care of the more important stuff before you allocate funds for vacationing.

If you just have a savings account but haven’t decided how you will use the money, resist the urge to spend it all on a vacation. Setting some money aside for a rainy day will do you a lot more good than hitting all of the hottest spots on your trip. The general rule is to have at least enough money put back to pay all of your expenses for at least three months. If you’re nowhere near that point, try to keep enough to at least have a good start toward that.

What to Include in Your Budget

Vacation expenses have a way of sneaking up on us. And that’s exactly why a budget is so important. It forces us to consider all possible expenses and account for them so that there are no surprises. Here are the basic expenses you’ll need to account for:

* Transportation ? This could be airfare, bus, or train fare, or gas for a road trip. If you’re not taking your own vehicle, you’ll probably also need to rent a car when you reach your destination. And then there’s the gas you’ll use while you’re there.

* Accommodations ? Unless you’re doing an at-home vacation or staying with a friend or relative, you’ll have to pay for a place to stay.

* Food ? You have to eat while you’re on vacation. Some packages include a meal plan, but if yours doesn’t, you’ll need to budget for your meals. You can save money by taking your own food to prepare if you rent a place with a kitchen.

* Entertainment ? This is a biggie. You have to pay to get in to the beach, amusement park, or whatever other attraction you’re visiting. But there may be times when you or other family members want to do something else, so be sure to account for that as well.

* Shopping ? When most people go on vacation, they come home with souvenirs. So it’s important to set aside some money for them.

Money should not be a constant worry when you’re on vacation. If you set a budget and stick to it, it doesn’t have to be.

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