A common mistake most people make when developing a financial plan is to fail to include expenses for extras. The problem with leaving out the costs of things other than the basic necessities is that regardless of whether you include them in your budget, the expenses still exist. When you fail to figure an amount for your kids’ extracurricular activities, you still end up spending that money, and often times more. Consider the instance of signing up your daughter for dance classes. The expense includes more than just the monthly fee, there are also expense associated with costumes, shoes, and travel to recitals or competitions. This example shows the importance of remembering to include these types of expenses or expenses that include the entire family, like a family vacation, in your financial plan.
Some tips for what to consider when including your family vacation in your finances are:
● Don’t forget the cost of passports, if your plans take you outside the country. If you plan far enough in advance, you can make this cost easier to swallow by paying for one or two passports at a time. Spreading the cost out over a few months will take less of a bite out of your budget.
● Be sure to factor in resort fees, or daily hotel fees. Most resorts and hotels now have these fees, and they are not part of the nightly rate quote.
● If you are purchasing vacation insurance, don’t forget to add that expense to your plan.
Everyone needs a break from their busy work life, and a family vacation is the perfect way to take that break. But, if you fail to account for all of the expenses associated with your trip, you can wind up feeling overwhelmed and frustrated. For questions about finances, including how to prepare for a vacation, call our office.
Call a Plantation, Florida debt relief attorney today for more information. We can help you develop a budget that works, and explain your legal options if your budget has fallen apart.