The post How To Budget for a Staycation appeared first on Penny Pinchin' Mom.
Whether youâre dreaming of an hour-long massage or lazy days lounging under the summer sun, youâll want to budget wisely for your staycation. After all, youâve worked hard for this well-deserved treat, and the last thing you want is for your savings account to plummet just when youâve begun to relax. (Overspending can also tank your credit if you canât pay those credit card bills. You can see how your spending is impacting your credit by viewing two of your scores for free on Credit.com.)
To avoid a staggering credit card bill, hereâs how to budget for your staycation, no matter what youâve got in mind.
Be RealisticÂ
A whimsical tour through New York City, with stops on Broadway, in SoHo and at Bloomingdaleâs, probably isnât in the cards on a waiterâs budget. Be realistic and do your research so you have a solid idea of what you can afford.
Draft a Budget
Just because youâre staying home doesnât mean you wonât spend money. So itâs a good idea to figure out how much you can comfortably set aside after youâve covered your monthly expenses. Is it $500? $1,000? More? Whatever it is, remember monthly payments like rent and utilities are a necessity, while your staycation budget isnât.
Read more: Â How to Create a Workable Budget
Make a PlanÂ
More than anything, the secret to drafting a great budget is knowing what it will cover. If youâre planning to play tourist, checking out concerts and staying nearby, research those individual costs and factor them into your budget. Go online, see whatâs exciting and make a list of what youâd like to do. Once youâve narrowed it down, you can decide what makes the most sense based on your budget.
Set a Daily Cash AllowanceÂ
Once youâve narrowed down how much money you can spend, it can be helpful to set a daily allowance for meals, snacks and planned-out activities. Experts recommend inflating the number just a bit to account for unforeseen costs like impulse purchases and emergencies. As your staycation draws closer and your plans change, rework your budget accordingly.
Read More: Â How to Make a Cash Budget Work For You
Get CreativeÂ
Sometimes, meeting your vacation goals takes a bit of creativity. To that end, find ways to cut back your regular spending, even if you havenât given it much thought before. Holding off on those lattes or 3 p.m. snacks may just be the thing that allows you to visit the fancy restaurant youâve been dying to try.
More from Credit.com
- Tips for Improving Your Credit: Your Amount of Debt
This article originally appeared on Credit.com.
More by Jill Krasny
The post How To Budget for a Staycation appeared first on Penny Pinchin' Mom.
Source: pennypinchinmom.com