Tis the Season… for Spending. How to Afford That Trip You Really Want

Your next vacation is closer than you think (Photo: Stocksy)

As a financial therapist who helps people address the beliefs, attitudes, and behaviors that impact how they think about and use money, I’m more than familiar with the contortions people go through to explain their financial choices.

Each time we’re faced with a decision, we struggle to balance competing priorities and needs. Sure, we all want to save more, but we might also feel tempted to buy a little “pick me up” treat at the end of a tough day. Or we may run into scripts straight out of our family of origin that tell us certain things are okay to spend money on and others are not.

Take holiday travel, for example. I have clients who never include travel in their annual budget, but if you ask them if they take a trip here and there, they inevitably answer, “Yes.” However, they’ll rush to explain that it’s always a “last minute deal” — because giving into an impulse means you’re not really giving it to yourself (self-worth issues are sadly common in financial therapy work).

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To practice healthy financial self-care, we need to deliberately put aside money for those things that give our lives joy, meaning, and stability. And you can actually use the motivation that comes from saving for something positive, like holiday travel, to help build healthy habits that extend to other areas of your financial life, as well.

How do you start?

Write down everything you currently are spending (Photo: Stocksy)

Figure out your current spending. Use bank and credit card statements to get a clear, honest picture of what you spend when you’re not actively trying to budget. The idea here is just to gather information, not to change anything. You can’t possibly know what to you might adjust later without knowing how much your default lifestyle costs.

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Realize your travel dreams (Photo: Stocksy)

Get concrete. Pick a destination, research costs, and get as specific as possible. The abstract is the enemy for all behavioral change, and we want you to get so familiar with your goal that you can feel the sand between your toes or smell the spices in the bazaar. Add it all together (and round up for incidentals) to come up with a big-picture budget.

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Use an online planning tool to help set up a savings schedule (Photo: Stocksy)

Break it down. Establish a time frame to determine how much you need to save per month, or how much additional freelance work you need to book. Translate the larger goal into small, measurable steps you can work on right now. Planning tools like those from LearnVest, SmartyPig, or PiggyMojo can help you track your progress.

Find places where you can cut back (Photo: Stocksy)

Put it in context. Many plans fail because we don’t take into account how they will fit in with the rest of our lives. “Spend less on food” is not a viable savings strategy. This is where the first step of just measuring your default spending will come in handy. How much money would you bank by cutting back on restaurants or using coupons and circulars to plan meals? What would need to shift in your social life/schedule/grocery shopping to accommodate more meals at home? Think your changes through and remember to be specific.

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Share your plans with a friend to help you stay motivated (Photo: Stocksy)

Stay positive. Building a new habit or working toward a big goal takes time, and even the most disciplined person will run into rough patches. Help keep your spirits up and your plan going strong by recruiting support. Whether that’s picking a friend to encourage you on your journey or sharing achievements and temptations on social media, being accountable makes us more likely to follow through. Recognize and celebrate small successes along the way.

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Nailing your savings goal will allow you to have an amazing experience with no financial regret hangover afterward. You’ll also develop new skills and strategies that can be extended to even bigger financial goals. And most importantly, you’ll nurture a healthier relationship with your money.

Bon voyage!

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