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Budgeting for Vacations

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KANSAS
posts: 929
reviews: 16
Budgeting for Vacations

Last night, my husband and I got into a serious conversation about vacations and the money which should be set aside. We are both curious how so many people on the forum take 3 and 4 vacations a year? We live a somewhat modest life. We both have good jobs. We don't have children or high car payments. Yet we struggle some years to make sure we have the funds to go on 1 nice vacation let alone 3 or 4. We would sure be interested to read your tips and tricks to budgeting multiple vacations.

Brandon, Canada
posts: 562
1. Re: Budgeting for Vacations

I think those that take 3 or 4 vac every year don't need to worry about the budget.

West Chester, PA
posts: 3,148
reviews: 33
2. Re: Budgeting for Vacations

We do budget. We "pay ourselves first". We both work and don't have kids. We prioritize and make sure we aren't using money on frivolous purchases (other than our vacations). We paid off our house at a fairly young age and only have 1 car payment since my husband has a company car. We always make sure we have a cushion in the event 1 or both of us loses our jobs. Going away together those 3-4 times a year keeps us sane and let's us rejuvenate.

Calgary, Canada
posts: 67
3. Re: Budgeting for Vacations

Budgeting is all about setting priorities which meet your specific needs. The person who takes 3 or 4 vacations a year may very well have to worry about allocating scarce resources amoung their intended expenses. I know people who travel about 5 months per year.....but they share one late model vehicle. I also now others who wonder how some can take a number of vacations per year while at the same time they each have a new BMW and Lexus which they trade up every second year.

It's all about priorities.

KANSAS
posts: 929
reviews: 16
4. Re: Budgeting for Vacations

That brings up another good point Gordon... My brother is a national Dr of Pharmacy for a vet supply company. He makes enough money he really does not need to budget. Where he struggles is getting time off work. I know other countries allow more time of than the US, but what is the norm people receive for vacation days?

Brandon, Canada
posts: 562
5. Re: Budgeting for Vacations

4 weeks for me.

KANSAS
posts: 929
reviews: 16
6. Re: Budgeting for Vacations

Thanks Pam. That is exactly what I was looking for. We have refinanced our house from a 30 to a 15 yr note. We have 10 years left. We also only have one car payment which is $158.00 per month. A basic Chevy works for me :-). I like the idea of setting back vacation money first.

West Chester, PA
posts: 3,148
reviews: 33
7. Re: Budgeting for Vacations

That's very country dependent. US typically starts at 2-3 weeks but after you've been at the company a while you can get up to 5 weeks (plus personal days). In my company's otter offices the norm is to start with 5-6 weeks.

8. Re: Budgeting for Vacations

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KANSAS
posts: 929
reviews: 16
9. Re: Budgeting for Vacations

Thanks Gordon... My husband gets 2 weeks. He can have more but it is without pay.

Tipperary, Ireland
posts: 2,341
reviews: 67
10. Re: Budgeting for Vacations

Sorry I had my post removed as I couldn't edit it in time.

So I was saying we booked this trip of ours in September and started putting money away into a savings account and paid it off last week or so. We will have a nice amount going on our trip but whatever we have left we will pay off our final bill we have before the world economy crashed around us(other than home mortgage) and when that's finished we will be saving for our wedding in Spain. We have been living without €100 a week which we pay into the account every Friday so quite used to not having it.

Before savings we would just have paid for any trip with a credit card/loan but now we save which is better because honestly we feel better about paying for it in hard currency than on the "never never".

This Cancun/Vegas trip is our "treat" for being good with money FINALLY!

We also have a 4 nighter in Spain in October which is a Wedding Location Scouting trip, paid for already out of the savings account.