15 Aug How To Create a Minimalist Budget And Avoid Emotional Spending On Vacation
It’s a fact: a lot of people are having to adjust their vacation spending because of inflation. In 2023, the average cost of a three-day vacation for an individual amounts to US$1,389 including roundtrip flights, a mid-range hotel stay, car rental, and restaurant meals.
If you’re going to save during your trip, minimalism is the way to go. You can actually get more out of your vacation without burning a hole in your pocket, especially if you can avoid emotional spending during this time. There are a few ways you can do this to ensure a good time as you travel, and that’s exactly what this post is about.
Recognize Your Spending Triggers
Even if you set a budget that is perfectly in tune with minimalism, you can end up messing up your set financial plans when you get triggered to spend. If you take the time to recognize the signs and your triggers, you will be able to more actively avoid giving in to the temptation.
An article on the psychology of spending notes that the common signs of emotional spending are returning a lot of purchases, spending money even when it causes emotional and financial strain, competing with others, and shopping for instant gratification. Studies also show that anxiety, fear, jealousy, guilt, and depression are some of the most common triggers for emotional spending. Even with inflation, people are spending more in response to the money emotions that have flooded post-pandemic, so it’s best to stay on top of what events or situations make you feel the need to purchase something.
Avoid Social Media
Even though you’ll want to stay in touch with Chanel and Stevo for inspiration for your next adventure, it’s also a good idea to cut down on your social media exposure. Countless studies have shown that people are much happier when they are off social media. On top of that, experts have found that social media also makes you more likely to spend more. There are various reasons why this happens.
For starters, different social networking sites have plenty of ads under the guise of posts. The rise of influencers and social marketing has made it so that you can’t scroll without seeing something you can easily buy online. These platforms make impulse buying very easy to do, and many curated posts also bank on your FOMO to get you to buy something. Steer clear of the socials and both your mind and wallet will be better for it. You’ll even be able to enjoy your vacation more as you become more immersed in the outside world instead of your phone.
Hunker Down On Your Financial Priorities
There’s a tendency for you to spend more when you are trying to catch up with payments while having to deal with other expenses that crop up while you’re traveling. Your vacation may not even be as relaxing if you’re just going to spend it fretting over bills and the like. Take some time to figure out what your main financial goals are, and prioritize getting rid of your debt.
If you’re considering a trip while still in debt, try to map out what expenses you can cut out so that you can still set aside enough for your trip. You may be surprised how many little things you can skip to make more financial room.
Minimize All Expenses Where Possible
It’s a given that a minimalist budget means eliminating unnecessary spending. On top of that, though, you may also want to lessen the amount that you spend on the things you do need to pay for.
There are plenty of popular tips for affordable travel, so it’s just about identifying which ones are realistic for you to achieve. For example, figure out what type of travel service you need, and then look for a cheaper alternative. Using Hotel.com’s new smart shopping feature could help with accommodation, for example. There are also certain tips that can help minimize cost if you have the skillset, such as freelance work for extended stays, or even volunteering (we all know how much that helped Chanel and Stevo during their first couple years of travel). Making your travel pay for itself is a good way to minimize expenses if you have the time and ability.
Plan As Much As Possible In Advance
Finally, it’s all about planning. You can likely minimize your risk of emotional spending if you already have a crystal clear itinerary with a budget for every possible aspect of the trip. Set aside enough time to plan your trip months in advance. This gives you the advantage of getting cheaper deals and working out arrangements that will help you stick to minimal spending. With proper preparation, you may even be able to work out an arrangement to earn while you travel.
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