Tips from Cyndy and Sarah – Budgeting your Vacation/Staycation

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by Cyndy Batchelor, B.Com.
Financial Advisor, O’Farrell Financial Services

Planning your vacation can be fun, yet stressful, if you are working within budgetary or travel restrictions. Many vacationers have turned to camping or have decided to create a backyard oasis, complete with a new in-ground pool. Is this right for you?

Here are a few financial tips to remember when planning your vacation, or if you decide to invest in a camping trailer or complete some backyard enhancements.

  1. Plan your vacation according to your budget. Pay for everything with cash (or debit in a pandemic!) and stick to what you can afford. Do not book the luxe hotel if your budget dictates the 3-star hotel. You could always choose one night at the fantasy location as a special treat.
  2. Explore local attractions. Local parks, like the South Nation River, fishing sites, like Cass Bridge Conservation, Ouimet Farms in Vankleek Hill, and Golf at Cloverdale Links or Nationview. A day of outdoor family fun can be a great idea for budget friendly ways to spend summer days.
  3. Take a road trip and make the drive a part of the experience. Pack your own snacks and entertainment for the trip. For meals, try local establishments rather than chain restaurants.
  4. If you are not a camper, but want to try it, rent a rustic cottage for a week. A $1,200 rental is a lot more manageable than spending $30,000 on a new camper.
  5. Is it a phase or a lifestyle? If you are contemplating getting a loan for that trailer or taking a second mortgage for an in-ground pool, ask yourself the all-important question – is this something you can see yourself using for the next 20 years? Or will you be going back to destination travel when the restrictions are lifted?
  6. Do not forget the other costs. Pools come with additional monthly maintenance costs for chemicals, accessories and hydro bills. Have you budgeted for this?
  7. Remember, whether you are planning a staycation, a vacation, or a day trip, it is about relaxing and making memories, not about the dollars you spend. Have fun and enjoy your family!

Please reach out to us with any questions you may have and follow us on Facebook @OFarrellFinancialServicesInc.

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