You’ve been harboring dreams of exploring an exotic vacation. You’ve worked hard all your life and are saving hard, too. Here are some important issues you could consider as you prepare for the summer holidays.
1. When Planning, Work Backwards
First off, where do you plan to visit? An exotic trip could be as far away as the other corner of the world, or it could also be closer to home. What influences your choice of destination? Maybe it’s a childhood dream to vacation in Bermuda, the Bahamas, or Hawaii. Or perhaps you want to go to a place you’ve never heard about.
A yacht vacation allows you to enjoy beautiful beaches and snorkeling without too many tourists. As a high-end vacation, you might want to consider renting a yacht so you and your friends will have unfettered access to wherever you want to set sail to.
The yacht business is huge, and it’s about to get better. Grand View Research has reported that the global yacht market will expand at a compound annual growth rate (CAGR) of 5.8% for the next seven years, starting from 2023. You’ll be spoiled for choice, but research and check past customer reviews before renting a yacht.
You’ll get a good idea of what to expect, such as how much to pay for the rental service, the services to receive, and the sizes of yachts. If you’re teaming up with friends, split the rental fees, so the costs are manageable. Also, it’s great when each holidaymaker feels involved in planning their holiday.
Once you’ve settled on the yacht you want to rent, make a booking. This secures your preferred vessel and avoids last-minute rush, which can get you paying for something you’ll regret. The best yachts are booked a year in advance; planning is highly advised.
2. Watch Your Purse
Your planning needs to put every cent into the spotlight. Your vacation’s three most costly parts will be transport, food, and accommodation. You need to plan and pay ahead for these expenses. Early booking and payment for these expenses will remove the pressure of last-minute settling of accounts. It will also help you block off attempts to spend your money out of habit.
Be alert about unplanned shopping trips you’ll likely splurge on while away. Don’t be tempted to pick an extra bag or a pair of shoes because your friends are buying them. Most of the decisions you’re going to make when on vacation could be emotionally influenced, and this will reflect on your finances once the vacay is over.
Remember that the vacation will end, and you’ll return to everyday life in no time. The last thing you want is to come home to deal with bankruptcy after splurging on stuff you’ve no idea why you bought in the first place. Capital One states that if you file for bankruptcy, that information will be part of your credit report for a decade.
That’s a long time of being considered a risk by lenders. You can avoid that by working backward. Draw up a budget to indicate all the financial costs you must meet. Then pay to offset all the expenses before the vacation date arrives.
3. Enjoy It
Your vacation is now waiting for you. The bags are packed, and tickets are in hand. Your cab to the airport is here, and you’re as excited as a flower about to bloom. Your dream vacation has begun.
The drive to the airport is short, but you can’t help but notice the many high-rise buildings along the way. It looks like there’s a construction boom. IBISWorld reports that, in terms of market size revenue-wise, the deck and patio construction industry market was worth $1.1 billion as of 2022.
You smile as you arrive at the airport, ready for a summer splurge. After all, you deserve it after closing several real estate deals this year.
Planning is crucial when preparing for the next summer splurge. The best approach is to work backward and pay your bills forward. This helps you stay on budget and avoid running out of cash with pending unpaid bills. Nonetheless, loosen your purse strings a bit. Spoil yourself a little. You’ve earned this. Enjoy.