It’s time to change your vacation plans if you see any of these red flags. And by change your vacation plans I mean – plan a less costly vacation.
These are by no means all of the possible budgeting red flags, but they are common. If you notice that
- You are unable to pay cash for your vacation – using a credit card is borrowing money.
- You don’t yet have a minimum of a $1,000 emergency fund.
- Going on vacation will cause you to stop paying extra on your debt payoff.
Then it’s time to go back to the planning stage so that you can design a vacation that you can truly afford.
I understand that it’s important to rejuvenate by taking time off from work even if you are focused on getting out o debt. However, ignoring these red flags can make it even harder to get out of debt.
Some of the ways to reduce the cost of your vacation are to:
- Stay closer to home to reduce the cost of getting there.
- Reduce the number of days you’ll be away from home.
- Stay home and be a tourist in your own town.
If you watch for these red flags and adjust accordingly your vacation will be relaxing and fun instead of financially stressful.
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