RECREATION FINANCE STAYCATION VS. VACATION

WRITERS: THOMAS FROSS AND ROBERT FROSS

With summer around the corner, many Americans are pulling out glossy brochures and starting to plan a wellearned break. Family vacations are a wonderful way to relax and build memories together, but they can quickly become expensive. To trim costs, many Americans are turning to “staycations,” which have the added benefits of reducing travel stress and encouraging you to explore your hometown.

It’s easy to let the pressure to make a vacation memorable become a hefty travel bill that can derail your finances. Though you may start with good intentions to save money by cooking your own meals and forgoing souvenirs, it’s easy to get caught up in the vacation spirit and go over budget.

Part of being financially astute is grasping the impact of vacations on your finances and setting limits for yourself. Many Americans rely on their credit cards to fund their travels, but it’s a serious mistake to go into debt on vacation. The burden of credit card fees and high interest rates could linger long after the happy memories have faded. Savvy planning combined with a clear understanding of the costs involved can help prevent a vacation from becoming a strain on your family budget.

Here are some vacation planning tips that can help save you money:

Plan ahead.

Making vacation plans well in advance can help you find savings through hotel or resort discounts and cheaper airfare. If you typically vacation in the same area, take advantage of the best rates by booking your stay a year ahead. If you don’t have that much time on your side, you can use the Internet to research the best deals and set up price alerts for airfare and hotels.

Start a vacation fund.

Create a separate vacation savings account and build a monthly contribution into your budget. It’s important to have a general idea of the total cost of your vacation so you can plan accurately. It’s also wise to build in a cost buffer since total expenses often exceed estimates. A financial adviser can help you develop a savings plan for important financial milestones, celebrations, or big family vacations.

Develop a meal plan.

One of your biggest outlays on vacation can be food. Three meals a day, plus drinks and snacks, can quickly add up, and planning meals in advance can save you a bundle. A little Internet sleuthing can unearth local gems, making your meals out more enjoyable. It can also help you avoid high-priced tourist traps. In addition, take advantage of hotel breakfasts and simple lunches to bring down meal expenses, while leaving enough for a dinner splurge.

Be transportation savvy.

A great way to trim hotel expenses is to look for accommodations outside the main drag or to consider alternatives like apartment rentals. However, you should think carefully about how you plan to get around. The money saved on an out-of-the-way hotel could easily evaporate if transportation becomes expensive or time-consuming.

Trim costs with a ‘staycation’

If your budget just doesn’t permit a vacation this year, you can still enjoy some time off with a staycation. Staycations take the fun of a vacation and bring it home. By staying home, you can save money that would have been spent on airfare or lodging and instead support the local economy by learning to experience your area in a new way.

Here are some tips to make your staycation extraordinary:

• Find new ways to have fun. One of the best parts of a staycation can be finding activities you can easily enjoy again on the weekends, making your life at home more exciting year-round.

• Enjoy Florida’s world-

• Enjoy Florida’s worldclass attractions.

One of the many benefits of living in Central Florida is we have amazing activities in our own backyard. If you have had your fill of theme parks, consider a sunrise hot air balloon ride or a visit to the Harry P. Leu Botanical Gardens in Orlando.

Culture-lovers can check out the region’s many art museums or take in a show at a local community theater. If you’re the adventurous type, you could take a ride in a vintage biplane or enjoy a deep-sea fishing expedition.

• Break out of your routine. The secret to a memorable staycation is to think like a tourist and explore your community. Break your routine and think about how you can do vacation things nearer to home. If one of your favorite things to do on vacation is relax poolside with a good book and a cold drink, look into nearby hotels with oneday pool memberships. You can have the experience of lounging in the sun without the unpleasant cost of having booked an expensive room. Or rent bikes for the day and treat yourself to dinner at a new restaurant. Consider coming up with a theme for your staycation that can make your time off more fun and unusual. Whether you are vacationing in an exotic locale or enjoying a relaxing staycation, advanced planning and some savvy financial choices can help ensure you enjoy your holiday while sticking to your financial plan.