STUDIO CITY (CBS) — If you’re trying to plan a summer vacation on a budget, listen up! Schwab Financial Consultant Myhanh Hoskin stopped by KCAL9 Monday to talk about smart vacation planning.
• Planning your Plan – Any vacation, even a long weekend let alone a full week, takes a lot of planning both logistically and financially.
1. Save to Splurge – We all think of saving for lifetime milestones, i.e. college, retirement, etc. But “setting a little aside” for a long weekend or even a week is a must when it comes to financial planning. No matter what the budget, be sure you have a personal finance strategy in place for your “time off”
2. Consider putting a little of your monthly paycheck aside into a high-yield checking or savings account that offers competitive interest rates and does not charge fees which can eat into your fund.
• Regarding Road Trips – With gas prices sky rocketing, even a road trip takes on a significant expense! Try to minimize road trip costs as much as possible.
1. Scout out the Deals – Those who fill up their gas tanks right off highways or freeways will pay more those who venture off more populated roads.
2. Buy in Bulk – From stocking your car and/or destination with travel friendly foods to fueling your car, wholesale clubs allow you to purchase more for less.
• Across the Pond and Beyond – Believe it or not, international travel can be more of a bargain than local travel, if you have a strategy in place!
1. Research Exchange Rates – Consider skipping the Eiffel tower and Sydney Opera House and instead, head down to Argentina, the Dominican Republic, or Costa Rica. Talk about getting more bang for your buck! For USD$1.00 you can buy a little over $4.00 Argentine Pesos (up from $3.90 Argentine Pesos one year ago), compared to only $0.93 Australian dollars (down from $1.2 Australian dollars one year ago)*
2. Insure your Expenses – For trips that include multiple flights or travel to remote locations, consider travel insurance. Travel insurance will generally cover lost baggage or emergency medical care and will take care of those unexpected financial hick-ups.
• “Stay-cation” for FREE – Don’t get weighed down by the expenses, if travel is not in the budget this year, save the money all together by enjoying FREE activities in your own backyard. From state and national parks to local festivals and free concerts, there are plenty of ways to enjoy the summer sunshine, cash free. See your local city guide for more information. There is always time to start a “vacation fund” for next year!
For more information, visit Schwab.