A vacation or trip abroad is a time to make memories, but can also be a big drain on your pocket. A CIBC poll found that Canadians spent $2,500 on vacations on average, with a specific nod to the ever-popular March vacation period. With the average wage in Canada standing at $51,000, according to Workopolis, that’s a hefty after-tax chunk. When it comes to big family vacations in particular, or extended trips across the globe, your wallet can come under some hefty strain.
Travel is fraught with considerations. From defeating the stress of packing, to remembering those all-important passports, to managing travel restrictions. Money is the one thing you should be able to feel anxiety-free about, both before your trip and on vacation.
Raising money to pay for your dream vacation
When you’re planning your trip, you will be eager to stick to your budget. A few dollars over the limit can soon balloon as better, more extravagant holidays appear. Conversely, underestimating the cost of your jaunt can lead to vacation disappointment, as you are forced to accept lower standards than perhaps you’d planned for. There are a few options for maximizing the reach of your cash on the eve of a vacation booking. First off, you can look into raising extra cash straight off the bat. You could dip into savings if you make a promise to pay yourself back, look into a sustainable short term payment plan, or see if you could raise some extra cash from the gig economy. Alternatively, dive into the deals market. There are a myriad of great deals to be had on the internet, and for a wide range of resorts – you could be surprised. Multi-center packages are particularly popular, which is good news for intrepid travelers. Combine the two, and you could find a good quality vacation with some extra wiggle room for vacation spending.
Planning for the worst
A big cause for finding cash in short supply once you’re on vacation? Unforeseen circumstances. Illness, loss of luggage, and even geopolitical changes can ramp up the cost to your pocket. The easiest way to protect yourself is with comprehensive insurance. When looking for your insurer, look for good rates, but also their consumer reviews. According to the Travel Health Insurance Association, 55% didn’t recognize changes in their policy. More didn’t realize that most insurers will not pay out for injury if any sort of inebriation is involved. Be wise, always read your policy, and negotiate with insurers to make sure your exact priorities are catered for. It might cost more to cover individual circumstances, but it will be worth it in the long run – the same research from THIA found one hiker paid $10,000 a day for a broken leg when his policy didn’t cover his activities.
Finding savings on your trip
Finally, a nod to the savings you can make once you’re out there. Using sophisticated map technology on your smartphone it’s easy to find off-the-road places for food, drink, and accomodation. One Reddit user headed into the foothills of Thailand and found a 5-star hotel room for about $25. If you stay savvy and maintain your thirst for adventure, you can make your money last for longer.
A trip around the world is something that lasts a lifetime. Even a short vacation to somewhere different will last long in the memory. Don’t worry about money by following these tips, and keep your mind open to the joys of your trip.