Watching Your Wallet: Create a budget for vacation spending
Summer trips an opportunity to teach children about saving
InvestigateTV - When planning your vacation, you likely accounted for big-ticket items like flights or housing, but according to experts, it’s the daily spending that could blow your budget. Cherry Dale a financial coach with the Virginia Credit Union, said creating a travel budget and planning for your family’s daily expenses is critical.
“Food costs, souvenir costs, travel costs per person across the board, have a conversation with the entire family before you go on vacation and lay out expectations,” Dale said. She said while booking your trip, keep an eye out for hotels that offer free breakfast.
Dale also pointed out vacations are a great time to teach your children about the value of money.
“You can make a plan for them to earn money before they go on vacation so when they go shopping for those souvenirs, they have at pocket money and they can feel good,” Dale said. “They have earned that income to be able to purchase those items.”
Including your entire family in the spending plan can make for a smoother, more relaxing, and budget-friendly holiday.
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