Have you always wanted to take your kids on that once-in-a lifetime family vacation that will create lasting memories and have you doing things you didn’t know were possible? How about a family trip to Africa for a safari or to Alaska to take in breathtaking and dramatic glaciers, captivating wildlife, and awe-inspiring scenery? A trip to the Galapagos Islands provides one-of-kind up close adventures with some the Earth’s rarest creatures. Perhaps, you want to include grandparents or other family members to take part in a one-of-a-kind journey together.
More and more people are making family trips one of their top financial goals. Whatever your bucket list vacation is, you need to do some financial planning for your family’s trip whether it involves your immediate or extended family.
The good news is that it’s possible to save on your family vacation without having to log hours and hours of research, pull your kids out of school in order to take advantage of off-season travel, or stay in less-than-ideal accommodations.
A combination of excitement and relaxation
In order to make your bucket list family vacation a reality, start with a plan. Once-in-a-lifetime vacations can be costly, and so your plan should identify how you can come up with the additional money needed without borrowing money or over-extending yourself financially. Are there other budget items you can reduce in order to free up more money for this goal? Saving this additional money for your vacation well ahead of time should be a top priority, Set an automatic deposit into your vacation fund so the funds can build up over time Your financial institution can even set up an account into which you can have automatic contributions deposited from your paycheck or from a personal checking account.
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Ideally, you want to be able to pay for your vacation at least thirty days in advance. If you’re booking a cruise or vacation package, a deposit is required when you initially book your trip. If you can save up the full amount months prior to your departure, you will find that you’ll have more money available for excursions, souvenirs, and restaurants.
If you want to set a realistic budget for your vacation, you’ll need to quickly estimate the majority of your costs, including hotels, rental cars, airline tickets, or anything that can be booked with a flexible cancellation policy. Then, determine the total cost you’ll be responsible for when the booking is finalized.
No matter where you decide to take your vacation, it’s all about spending time with family and making memories that will last for a lifetime.
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With peace of mind
Whether it’s that once-in-a-lifetime family vacation or planning for retirement, financial planning addresses everything that affects your finances. Think of it as a roadmap for your financial life.
At Blankinship and Foster, a wealth management firm serving the San Diego community, we understand that each person’s situation is unique. Your financial goals and objectives are our top priority as we provide financial guidance on retirement and income planning, tax planning, estate planning, and much more.
If you’re looking for a wealth management firm in Southern California, at Blankinship and Foster we’re always striving to help make your life better. Contact us to learn more about what we can do to make your bucket list family vacation a reality.