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Looking forward to a nice vacation? Plan your vacation budget and ensure that you take a break without breaking the bank!
vacation budget
By Rubina Ahmed-Haq
This article was first published at Masala Mommas.
Summer is almost here and many of you might be planning a holiday to get some much needed R & R. But before you press “buy” on that expensive European holiday you have to decide if you can afford it. Here are some simple ways to figure out how much you can spend this year.
If you’re carrying a mortgage, line of credit or any other low interest loan I recommend spending 4% of your after tax income on vacations. Why? Unless you have no debt anymore, any money spent on vacations will be eroding into your long-term savings. If you’re carrying ANY high interest debt like a credit card or store card loans, you must pay this off before you hit the road (or the beach) on a holiday.
Always pay cash for your holiday. NEVER charge your holiday on credit unless you have the money already in the bank. Remember following the 4% rule, if your household income is $50,000 your holiday budget is $2,000 annually. Want to spend more? Save longer. Make one year a staycation to afford a luxury holiday the following year.
It’s important to take a break and have some time to recharge. But if your bills are piling up, this is the year to use some of your vacation money to get out of debt. You can take a break without spending too much money. Road trip, previously mentioned staycation, visiting family and friends are some good ideas.
If booking a holiday out of country the prices are usually best around six weeks in advance. Check rates online and call competing agents to see if they can beat it. Travelling midweek is cheaper for flights. Look for all-inclusive roulette holidays; these are ten preselected hotels at a certain star rating offered at a discounted price. Recently I stayed at a 4 star for $1054 plus taxes. I would have paid twice that if I had booked individually. The catch is that you find out your hotel name 3 days prior. You pick the general area, i.e. Mayan, Cancun or Punta Cana.
It’s always wise to do thorough research before you go. Online review sites like Tripadvisor have made it easier to plan and prepare. Pay attention to details like, is the airport transfer included? Is there departure tax? What’s the average cost of eating out? For example I priced out a villa in St. Barts once at a reasonable rate, but later learnt, through research, that the cost of groceries, transport to the island and restaurants was much higher than anywhere else in the Caribbean. Staying there was reasonable but everything else was too expensive.
By taking a close look at your finances you can decide if you can afford to get away this year. Generally your after tax income should be divided as follows:
Housing – 30%
Savings – 15% (10% pay yourself- 5% short term)
Other Living Expenses – 30%
Debt servicing – 10%
Transportation – 15%
Break this down and your mortgage and taxes should not cost more than 30% of your after tax income, transportation shouldn’t exceed 15% If you’re spending more than this amount, you might want to look at tackling your household debt before you spend money on getting away. That said you should still look at ways of taking a break from work, staying at home, visiting family or a short weekend away, all of this will make you feel good and not drain your finances.
1. Book a night or weekend at a nearby hotel.
2. Check out local festivals.
3. Hit up the museums for a dose of culture.
4. Spend some time with the great outdoors.
5. Hit the beach with a pile of books to read.
6. Have a proper girls or boys night out on the town.
7. Live in the city? Get out of town to a local trail for an all day hike.
8. Visit social coupon sites to stack up on great deals to use during your staycation.
9. Take dance lessons.
10. Get a one-week pass at an ultra high-end gym.
*Photo credit: Tax Credits
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UP Boards Topper Prachi Nigam was trolled on social media for her facial hair; our obsession with appearance is harsh on young minds.
Prachi Nigam’s photo has been doing the rounds on social media for the right reasons. Well, scratch that- I wish the above statement were true. This 15-year-old girl should ideally be revelling in her spectacular achievement of scoring a whopping 98.05% and topping her tenth-grade boards. But oddly enough, along with her marks, it’s something else that garners more attention – her facial hair.
While the trolls are driving themselves giddy by mocking this girl who hasn’t even completed her school yet, the ones who are taking her side are going one step ahead – they are sharing her photoshopped pictures, sans the facial hair, looking nothing less than a celebrity with captions saying – “Prachi Nigam, ten years later”.
Doctors have already diagnosed her with PCOD in their comments, based on photographic evidence. While we have names for people shamed for their weight – body shaming, for their skin colour- racism, for their age- age shaming, for being a female- sexism, this category of shaming where one faces criticism for their appearance has no name. With that, it also has zero shame attached to it.
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