4 Tips to Deciding Whether to Splurge or Save on Vacation
Deciding whether to splurge or save on vacation is ultimately up to you, but there are ways to decide which items and activities are worth the splurge and those which you should consult your budget. Each vacation and each person is different.
While someone might choose to cook in their hotel, another might be a complete foodie who wants to try all of the local restaurants on their vacation. Making these decisions is not easy, but with a few tips, you can better decide whether or splurge or save on vacation.
1. Divide Your Trip Up
If you’re only visiting one place during your vacation, then this part is simple. If you’re visiting more than one location, it can get a bit more complicated. Create a list of each city, state, or country that you’ll visit.
Next, create a list of categories, including flights, accommodations like the best luxury hotels in Hawaii or Europe, for example, meals, transportation, and day-to-day expenses.
When it comes to figuring out where you’ll stay, take a close look at your budget because your accommodations will take up a big chunk of change. It’s important to choose your hotel based on the amount you want to spend and the activities you’ll be doing.
You may choose to find a hotel that’s not on the beach so that you can more easily partake in activities on the mainland if you don’t want to spend much time in the water. This can help you save tons of money as hotels on the beach are typically more expensive.
2. Create a List of Priorities
The best way to manage your budget and keep your finances under control for vacation is to create a list of priorities. This will essentially be your splurge vs. save list.
It’s important that you make sure you’re still able to enjoy the top reasons why you picked your destination in the first place. As you get lower down the list, consider things that may or may not fit into the budget but won’t break your heart if you aren’t able to do it. To take this a step further, label each item on your list as a splurge or save.
If you’re visiting a city known for its food, you may put dining at a particular restaurant in the splurge section while eating every other meal in the save section so that you can afford one very fancy meal.
Once you look at your splurge list, make sure to consult your budget to ensure that you can afford to splurge on those items. You may have to do additional research like going online and finding out the price to eat at a fancy restaurant versus somewhere less renowned for determining what activities need to be cut.
3. Fill in the Rest of Your Budget
The last bit of your budget should be those few things that make your trip possible, including airport transfers, additional transportation, souvenirs, trips, and travel insurance. While these aren’t the most fun items to take care of when it comes to spending your budget, they are necessary to plan for to keep your vacation as stress-free as possible.
When it comes to transportation, you may find that taking the bus around the city you’re visiting is much cheaper than a rental car. While you may have to wait for the bus in certain areas, you’ll be saving hundreds of dollars that can go to a more important splurge item.
4. Do Your Research
The best thing you can do when deciding whether or not to splurge or save on vacation is to do your research about the activities and places you’ll visit on your trip. For example, you might want to visit one restaurant because it’s world-renowned but find with a little research that there’s a better option that’s cheaper just down the road from where you’re staying. You may also find that certain times of day are cheaper for things like tours as many businesses provide cheaper tickets for events during the off-hours.
