With the summer setting in and the mercury rising, and schools closing at the end of the term, many people are planning what to do during this time, and inevitably thoughts turn to holidays.
I looked for some research into the amount people spend on holiday and, according to a 2013 survey by American Express, 31 per cent of travellers planned to spend more than $1,000 per person, per week on their summer adventures (up from 27 per cent in 2012). That means a vacation could cost about $4,000 (Dh14,700) a week for a family of four.
However, due to budgets being squeezed from many directions, people have begun searching out innovative means of saving money. Spending a lot of dollars on travel is no longer making a lot of sense.
If you’re one of the many residents looking to save a little money and still have fun this summer, consider being a tourist in your own town. Whereever you may be located, there may well be a lot of things that you’ve never thought to explore.
The desire for a cost-friendly vacation option, for which the relaxation experience will be just as rewarding — is in high demand. Thus, the staycation was born. Plus, with the average staycation costing around $500 (again according to the American Express survey) for a family, there are great savings available when you stay home during your time off.
A staycation is a cost-effective alternative to taking a “real” vacation. Instead of flying to some far-away destination, a staycation means simply bringing the vacation to you. Staycations have become a very popular alternative to the common “pack your bags go” vacation. Staying home (or at least close to home) can be less expensive, create less hassle, and be much more comforting.
Tips for a staycation
Staying home doesn’t have to mean sacrificing fun. Any travel expert will tell you that the number one rule of a staycation is to treat it like a real vacation — no answering work emails, doing housework or staying in the entire week. By following those simple don’ts, you’ll be able to relax and enjoy your time off without worrying about missed flights, lost reservations, packing or unpacking, and hungry or tired children while traveling. Speak to a local travel agent to find out what they would tell tourists to see while visiting. You might be surprised what you’ve left unexplored in your own backyard.
Staycations give you the opportunity to try that new restaurant in town, spend a night without the children while leaving them with a trusted sitter, relax and read a book at the pool/beach or try a new activity that you have not had the time to do.
Use online social couponing sites to find great deals, buy gourmet groceries to prepare something you wouldn’t normally splurge on, and take advantage of local activities like visiting parks, museums, beaches or zoos. Plus, the reduced travel time of a staycation gives you more time to relax and enjoy the vacation.
Create a plan and a budget for your staycation
Even with lower staycation costs vs. vacation costs, it’s still possible to overdo it when you’re at home. Plan your trip just as you would if you were going away – what will you do each day, how much will it cost and what will you need to participate? Whether you’re planning a staycation or vacation, it’s important to budget properly and keep track of your funds.
Open a separate account and make regular deposits each month before your time off to ensure you have what you need when you’re ready to stay home. Then, avoid spending with a credit card and only withdraw from the designated staycation account to stay on budget
The writer is regional director at Acuma Independent Financial Advice
