Showing posts with label vacation. Show all posts
Showing posts with label vacation. Show all posts

Friday, July 17, 2009

A change in my savings goals

An opportunity to visit a part of the United States I have not see before has arisen. My dad's mother's side of the family whose German relatives hosted the family reunion in Germany in 2007 is now looking to gather in Missouri in September 2010. While I have not committed myself to the trip, I am interested enough that I started looking at where I could save money for this trip. My reasoning is twofold:
  1. Saving money for this trip means it does not come out of my emergency funding nor steals from my other financial goals.

  2. If I decide against the trip, the money can be redistributed or used for other purposes.


The drawback to my savings plans: I have no idea how much I need for the trip. My mother suggested I aim for $500. Starting with that number, I carefully analyzed my spending plan and my current savings amounts. This is what I have decided:
$10 from my monthly cat care allocation (I have only one cat to care for)
$10 from my personal care allocation (my spending has decreased in this category)
$1 from my gift spending account (buying secondhand and making items has given me more breathing room here)
$10 from savings (I reduce the amount to savings by this amount every month)
$10 from house savings (I decrease my contributions by this amount each month)
$41 total

Since there are 13 months between now and September 2010, I estimate that I can save $533. That does not include money from extra checks (there are three between now and then) or any other sources. This is a good start for my vacation fund and an extra cushion if something else arises. I may change my mind after I see the estimated price tag for the family reunion but more savings will help fund my other financial goals.

What do you think of my changed plans?

Saturday, June 7, 2008

Vacation fantasy and money reality

One of my cousins announced that he and his fiancée were planning on getting married in Jamaica in April 2009, and we (his extended family) were all invited. With the magical e-mail address, information would be passed to us and we could learn all about the location and the expense for joining him and his future wife at this location. I have not been to Jamaica but it would be something different under the guise of attending a wedding. Therefore, I shared my e-mail address and waited for the information to arrive.

About a month later, an e-mail from an unknown person came to my inbox. Once I figured out the strange name was my cousin's fiancée, I clicked the link, waited forever for the image-heavy web page to load and then scrolled for what seemed like several minutes to get to the details. Turns out, there were no details and I had to submit information on the web page to get a quote for airfare and hotel, a couple's resort.

It has taken another five months, but I finally received the numbers involved in this destination wedding. From my location to the resort and back, including airfare, I could pay $3,400 to $4,000 per couple (depending on if the room has a garden view, ocean view or beach-side placement) or $1,700 to $2,000 per person. This may not seem like much, but does not include incidentals and spending money. Taking the larger number ($2,000) and dividing it by the number of pay periods between now and the wedding, I came up with the magical number of $85. This means I have to save $85 per paycheck between now and April 2009 to pay for this trip.

Broken down into the small number $85, this does not seem too intimidating. However, even if I gave up my entertainment money, my eating out allocation and most of my miscellaneous money, I would not fund even half this vacation. To fully fund this trip, I would need to cut my spending plan quite thin and steal money that I was sending to various savings accounts (general, house and car). Not only would I not be able to enjoy a meal with a friend without having to borrow against savings, but I would compromise my current savings goals. This seems quite short-sighted: make me feel pinched immediately and decrease funding of other items.

The $2,000 I could save for the vacation could also fund replacement windows or attic insulation, an investment in making my house more comfortable and energy efficient, something I could enjoy every day rather than once. I was really excited (and anxious) about my first overseas trip to Germany last year. I saved for 15 months and had more than enough money for my trip. I am glad I went and enjoyed the experience. This trip to Jamaica has not generated the same amount of excitement, and I have mixed feelings about weddings and family. The fantasy of a tropical trip is lovely but the financial realities are I am better off staying home and saving my money for other long-term goals.

Sunday, January 13, 2008

Planning for a frugal vacation

I confess I rarely take vacations. Truthfully, I enjoy taking time off, spending it at home and maybe getting a to-do project done. This may be unacceptable to some but I like to do it as there is little I have a burning desire to visit. My recent trip to Germany was partially happenstance. I would like to visit the United Kingdom, but not enough I pursued all my options. Three years ago, I did take the step of purchasing a passport so I had the option of leaving the United States without waiting for a passport to be printed. That came in handy planning the trip to Germany since my parents had to order their passport and waited over five months to get it with the backlog of many others needing to get it for travel to Canada and Mexico.

However, for those who want to get away, how can a vacation be made frugal? The first step involves planning. This planning portion includes saving the money for spending on the designated vacation, where to go, what sites to see and how to travel. Other than the trip to Germany, which I saved money each pay period to pay for my trip including airfare, hotel accommodations, fees, food and spending money, I had only one other vacation that required me to fly. I used the internet to find a good deal, visited a friend in Florida and stayed with her, saving on hotel costs, and asked to go to specific sights while in Florida. My budget was only $500, but I managed to keep it in that number with little difficulty.

Otherwise, my vacations were taken with my family and involved driving to local siteseeing spots. My dad was limited in the time and distance he could go for our vacations. He is a farmer and as such, is tied to the land. Our family vacations were never longer than a week, involved the entire family from when there were two children and up to five in one vehicle and meant a lot of planning. There was a camper early in the family vacation sagas, but later, my parents reserved a hotel room. And yes, two adults and five children slept in the same room during most vacations. Snacks were purchased prior to the trip, but Mom and Dad did take us children out to eat. It may have been McDonald's or Denny's but we ate as frugally as possible.

I know Mom and Dad also took a specific amount of cash along. Most sites did have entrance fees and I know the numbers multiplied by children could add up even with lower fees for children. I now appreciate learning about my state's history (and the sites in nearby states). I can talk to people about where I have been, but many residents have not even visited the sites of the Underground Railroad or villages of early settlers here in their home state. My family lives in the upper Midwest/Great Lakes area so we have even ventured into Canada on family vacation.

So what are the lessons my parents have for other families?
*Plan your route. My dad would examine maps for the routes between the sites my parents had chosen to visit. He would estimate time of arrival, make reservations for a budget motel for the night or nights we were staying in the area and bring the relevant maps and brochures along to ensure he drove us where we planning on going. Plus, he could plan for gas expenses with some idea of the miles being driven prior to taking the trip.
*Have a budget in mind and stick to it. My parents took a specific amount of cash along for most expenses. The credit card was only used for the accommodations. Saving a little bit each month for the family vacation makes that credit card bill less stressful since a balance is not carried nor is money taken from the emergency savings account.
*Take snacks and sandwiches along. Feeding a family is not cheap. Feeding a family on the road is downright expensive. Trips to the grocery store to get sandwiches, chips and soda, a rare treat in our family, serve as well as eating out at a family diner. Packing a family lunch or two in a cooler will also cut food costs.
*Have something for the kids to do in the car. I know my parents' temper flared more than once when we children fought during long car rides. My siblings and I were encouraged to bring toys, games, book or other items to keep us occupied. More than once, I brought a notebook to write in. Have only a few items per child or too much space is taken with toys rather than clothing or tolietries. You might consider a game of "I Spy" or counting blue cars or different state license plates, whatever is age appropriate, to help engage them.
*Enjoy your time. Vacations are meant to be relaxing, for getting away from the grind and maybe learning something new. Hopefully, you do not feel further stress at the end of the vacation. If you do, reevaluate the trip, see where things could be improved or where things went well. Use that new-found knowledge to plan for the next trip.

Happy vacationing!