When you’re planning the vacation of a lifetime, there’s no margin for hiccups. Not just your usual summer getaway, we’re talking big—traveling overseas, committing to a long voyage, taking an extended trip. Those require special forethought and several considerations.
“Vantage Financial can bridge dreams with reality by providing structure and accountability ... all while minimizing financial stress,” says Michael Franks, Senior Wealth Advisor, who shares some key insights on prepping for this kind of flagship journey.
Use a Financial Planner. A financial planner has the expertise for a bucket-list-style trip—they’ll work with your financial goals, assess financial health and risks, plus help build and monitor a savings and investment plan.
Create a Budget. Establish a detailed budget, automate savings, and leverage reward programs from airlines, hotels, credit cards and/or bank accounts.
Focus on Necessities. Prepare for core expenses like lodging, transportation and meals—but don’t forget added costs like visas, travel insurance, and pet/childcare arrangements. Automate bills at home during the trip, and keep an emergency fund for cancellations.
Create a Timeline. Plan and set a budget 18 months out, refining and locking in rates 12–18 months out. Finalize itinerary and confirm passports/visas at 6–12 months. Pay off deposits, confirm bookings, secure vaccinations, and build an emergency fund at 3–6 months. With 1–3 months to go, make final payments, and notify credit card companies of travel plans to avoid freezes. Then revel and relish in your once-in-a-lifetime trip!
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