• How Much Should You Spend on Vacations? Ep #247

  • Jul 5 2024
  • Length: 16 mins
  • Podcast

How Much Should You Spend on Vacations? Ep #247 By cover art

How Much Should You Spend on Vacations? Ep #247

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  • Summary

  • I’m often asked how much a family should spend on vacations. While that is entirely personal, most experts recommend that 5–10% of your net income can be spent on vacations. Many factors may change this number. Maybe you have a large family or your kids are into expensive sports. You might not have that income to spend on a lavish vacation. But to spend any amount on a vacation, you need to budget. You can’t go into debt. So how do I do it? I’ll share a great strategy in this episode of Best in Wealth. [bctt tweet="✈️ How much should you spend on vacations? How do you budget for them? Learn more in this episode of Best in Wealth! #PersonalFinance #VacationPlanning #WealthManagement" username=""] Outline of This Episode
    • [1:04] We’re heading on vacation to Europe!
    • [2:38] How much you should spend on vacation
    • [6:48] How we budget for vacations
    • [8:20] Be aware of luxury creep
    • [10:02] Be aware of entitlement creep
    • [11:33] Don’t be a vacation scrooge

    How to budget for a vacation You can’t go into debt to purchase a vacation. I’ve done it. I had a great time. But when I got home, the guilt and regret sunk in. That’s why I firmly believe you need to have a spending plan. We set a monthly budget. Then, we have a separate spreadsheet that lists all of our non-monthly line items. It covers things like Christmas gifts, oil changes, car insurance, and vacations. All of these items are added up. If the number is $12,000, we divide it by 12, and save that money in our “escrow savings account.” Every time a non-standard monthly expense comes up, we use that money to pay for it. Those things won’t disrupt our budget. [bctt tweet="🗺️ How do you budget for a vacation? I share my family’s strategy in episode #247 of Best in Wealth! #PersonalFinance #VacationPlanning #WealthManagement" username=""] Be aware of luxury creep If you’re going to Disney, there are a lot of different hotels to choose from in Orlando, right? You can stay at the Holiday Inn and Suites or choose from numerous luxurious hotels and resorts. Don’t let yourself get lured in. Budget within your means. I spent a lot of time budgeting for our trip to Europe and I’ve saved for a couple of years. We’re working within our budget. When it’s all said and done, I’ll be proud. I’m getting to spend time with my family within the budget I’ve set. Be aware of entitlement creep Don’t let entitlement justify overspending on vacation. You’re grinding every day at your job. You’re exhausted being a parent. You deserve a vacation. But don’t spend too much because you “deserve” it. It will eat you up inside. It’s not about keeping up with the Joneses. Just because your neighbor stayed at a five-star hotel and waited on hand and foot doesn’t mean you should. Don’t allow yourself to be talked into something you can’t afford. You know who you are. You’re listening to a financial podcast. You’re a budgeter. But you can’t be afraid to take a vacation. A vacation is investing in your family, investing in improving your mental health, and investing in lasting memories. Remember, vacations with your loved ones are an appreciating asset. [bctt tweet="⭐ Don’t let entitlement justify overspending on vacation. You deserve a vacation. But let’s keep it within budget, shall we? Learn more in episode #247 of Best in Wealth! #PersonalFinance #VacationPlanning #WealthManagement" username=""] Connect With Scott Wellens
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