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Tips on Budgeting your Vacation/Staycation

Cyndy Batchelor, Financial Advisor

O’Farrell Wealth & Estate Planning | Assante Capital Management Ltd.

Tips on budgeting your vacation/staycation

Planning your vacation can be fun, yet stressful, if you are working within budgetary or travel restrictions. Many vacationers have turned to camping or have decided to create a backyard oasis, complete with a new inground pool. Is this right for you?

Here are a few financial tips to remember when planning your time vacation, or if you decide to invest in a camping trailer or complete some backyard enhancements.

  • Plan your vacation according to your budget. Pay for everything with cash (or debit in a pandemic!) and stick to what you can afford. Do not book the luxe hotel if your budget dictates the 3-star hotel. You could always choose one night at the fantasy location as a special treat.

  • Explore local attractions. Local parks, like the South Nation River, fishing sites, like Cass Bridge Conservation, Ouimet Farms in Vankleek Hill, and Golf at Cloverdale Links or Nationview. A day of outdoor family fun can be a great idea for budget friendly ways to spend summer days.

  • Take a road trip and make the drive a part of the experience. Pack your own snacks and entertainment for the trip. For meals try local establishments rather than chain restaurants.

  • If you are not a camper, but want to try it, rent a rustic cottage for a week. A $1,200 rental is a lot more manageable than spending $30,000 on a new camper.

  • Is it a phase or a lifestyle? If you are contemplating getting a loan for that trailer or taking a second mortgage for an inground pool, ask yourself the all-important question – is this something you can see yourself using for the next 20 years? Or will you be going back to destination travel when the restrictions are lifted?

  • Do not forget the other costs. Pools come with additional monthly maintenance costs for chemicals, accessories and hydro bills. Have you budgeted for this?

  • Remember, whether you are planning a staycation, a vacation, or a day trip, it is about relaxing and making memories, not about the dollars you spend. Have fun and enjoy your family!

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