For many, 2023 has already proven to be a challenging year, requiring that we dig deep into our resolve to balance all our competing priorities and meet those audacious goals we have set for ourselves. With the oppressive heat already reminding us that summer is here, it might prove an excellent time to take a break from everyday stresses, reset, and make plans to enjoy quality time with loved ones or, simply, yourself. However, trying to have some summertime fun can be expensive and you may find that it could become another financial burden. But being fiscally responsible this summer does not have to ruin the fun. Here are some ways to have an amazing and affordable vacation that will recharge your batteries without breaking the bank.

Explore alternative options if summer travel is out of reach: In an increasingly fast-paced world, everyone craves a bit of respite from the daily grind of work, responsibilities, and routines. However, if a traditional vacation is not feasible this year, there are still enjoyable ways to plan escapes from the comfort of your home. Plan a ‘staycation’ with a few days off during the week, extending into and/or sandwiching the weekend. You can lounge by the poolside of an all-inclusive hotel, rent an Airbnb, try a new restaurant, or feel like you are getting a little recharge away from it all in the comfort of your own home. However, if your budget does not permit a staycation, consider alternating between staying home during the week and embarking on weekend road trips to nearby countryside locations. Pool resources with friends, couples, relatives, or other families to split costs and explore off-the-beaten-path destinations you have never discovered before right here at home.

Be realistic about your holiday budget: Don’t let the allure of debt or credit card financing tempt you into overspending. Make a budget. It allows you to cap your spending but still leaves room for flexibility. It is important to know your budget and stick to it. Life is unpredictable, and things happen that are out of our control; try to allow some extra money for contingencies. Additionally, make use of food and clothing discounts to help keep your costs down. While it is tempting to capture Instagram-worthy vacation moments, remember that the joy of your experience is not determined by the amount you spend. Additionally, consider planning budget-friendly getaways that align with your financial means. How many of you have had your credit card points or rewards expire without using them? Make this summer unforgettable by using your credit card points to pay for your experiences by redeeming your points for discounted flights, hotel stays, or simply treating yourself to a well-deserved spa trip. Use those reward points now and make them count. Now is the time to enjoy the season and create lasting memories without breaking the bank; just be sure that if you use your credit card to pay for your vacation, use the money in your vacation savings to pay off the balance immediately.

For some, the vacation you have in mind may not be possible for this year; however, it is never too early to start saving or planning for your next getaway, whether it be in the festive season or next year. Here are a couple of tips to help you have a grander vacation next year:

Estimate your expenses and budget wisely: Make a budget that considers the trip’s actual cost, including expenses like dining, entertainment, and accommodations. Once you have an estimated total, determine how much you need to save each week or month to fund your trip. Consider spending less on your wants throughout the year and putting those funds towards your trip. You might be surprised at how much you can cut back on non-essential expenses, such as professional grooming, by doing your own hair. However, do not overcomplicate your budget with too many restrictions and requirements. If the budget looks too daunting or cumbersome, you will be less likely to want to stick to it. You may even want to start a side hustle or part-time work to earn extra income to help fund your trip. The more funds you can put aside, the greater the chances you will be able to make your dream vacation a reality.

Consider setting up a vacation savings/spending account: Between transportation, lodging, food, and activities, vacation costs can add up quickly. Vacations are supposed to be enjoyable, but being frugal and worrying about money can ruin the entire experience. It may be challenging to distinguish how much money you have set aside for vacation versus emergencies and other goals if all of your savings are combined into one account. Create a separate account specifically for your vacation. The added benefit of using a separate account for your vacation funds is that your savings can earn interest, depending on your balance and the interest rate. Moreover, keeping the money in a designated account ensures it is not easily accessible for impulsive spending.

Regardless of how your vacation looks this summer, remember, it is the memories you create with your loved ones that truly matter, not the amount of money you spend. Consult a trusted financial advisor to discuss the best strategies for achieving your financial goals, including how best to balance achieving short-term goals, such as your dream vacation, with long-term goals like purchasing a home and planning for retirement.