YORK, Pa. — Summer vacation is a time to rest and relax, but with the cost of just about everything on the rise, it's important to set a budget so that summer break doesn't break the bank.
"Vacations are important," said financial planner Ryan Hitchcock. "It’s good to get some time away from work, relax, get some quality family time, but you don’t want the vacations to lead to overspending, which eventually could lead to financial stress in your life."
When setting that vacation budget, Hitchcock recommends starting by figuring out how much you can afford to spend.
"I like to look at the numbers, and I like to think around 5% of your your pay," explained Hitchcock. "But I don't like to see people over 10% because that can really lead into, you know, hurting other parts of your life."
From there, decide what you want out of your vacation. Do you want to want to spend more money on accommodations or experiences? Budget your money accordingly.
It's also important to factor in spending money.
"Dinners out or just the one-off things you're buying at stores really adds up to your budget, so you really have to think those through," said Hitchcock.
Stay-cations can be great a option for families, as they eliminate two of the most expensive parts of a vacation: travel and accommodations.
"There's a lot of things you can do in your local community but still get that feel of getting away, getting some relaxing time or quality time in there with your family, or following your passions a little bit or kind of mingle all of those together," said Hitchcock.
Whether you’re flying overseas for a once in a lifetime getaway, or exploring some of the great things in your own backyard, plan accordingly so your week of R&R doesn’t hurt your long-term goals.