- July 26, 2022
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AUTHOR: Vernique Henfield, CPA - Senior Accountant
Vernique Henfield is a multifaceted Certified Public Accountant and Series 7 candidate with experience in auditing, accounting, and broadcast media. She is also a member of the Bahamas Institute of Chartered Accountants.
With the ease of travel restrictions since the onset of the pandemic, there has been a significant rise in travel. According to the latest UNWTO World Tourism Barometer, “international tourism saw a 182% year-on-year increase in January-March 2022, with destinations worldwide welcoming an estimated 117 million international arrivals compared to 41 million in Q1 2021.”1
Wheels up, let’s go! The summertime is a major designated travel time. Exploring the world, taking on adventures, navigating new spaces, and creating awesome memories are typical summer goals. Whether someone is planning a trip for a few days or a few weeks, an essential must-have for vacation is a budget.
Budgets are a vital part of a healthy financial lifestyle, whether it’s for investing, retirement, or vacation. If you haven’t included vacation as a line item in your annual budget since January, it is not too late to be financially savvy and ensure that you’re allocating funds efficiently to experience your get-away. Here’s a sample vacation budget.
Other factors to consider are, setting funds aside for:
- Emergencies
- Taxes upon return to your home country
- Currency exchange fees
- Covid-19 testing, if applicable
Budgets are a vital part of a healthy financial lifestyle, whether it’s for investing, retirement, or vacation.
Preparing a monetary roadmap to guide your finances for vacation is crucial. Speak with an RF Advisor today for financial planning advice and to find out how you can access high-performing mutual funds to plan for future vacations.
1 https://www.unwto.org/news/tourism-recovery-gains-momentum-as-restrictions-ease-and-confidence-returns#:~:text=According%20to%20the%20lat