CLEVELAND — In the next few weeks, families all over the country will head out on spring break with their kids. Many people find somewhere warm to cure the spring fever blues. But add up a rental home or hotel, flights, or gas money and then all the food -- it can be expensive.
In today's Mom Squad, Maureen Kyle talks to financial advisor and mother of two, Elizabeth Scheiderer with Sequoia Financial about how to save money on booking those vacations. And, when to know a vacation isn't in the cards this year.
“The conversation definitely starts with the adults in the household before you even start to consider how do we talk to the kids,” says Elizabeth.
She says first, people need to look at their long-term savings goals like retirement. If your goals are on track, you can start to think about yearly vacations.
“I guess to me the best rule of thumb is: if you're sitting on credit card debt that you're still struggling to get out from under, and we've seen interest rates just go up up on those cards the last year, to me that's the first warning sign of not taking the vacation staying at home paying off that credit card. So, the next year you can go, and that vacation isn't going to cost you 19% over the next six months.”
If you can afford that vacation, but want to limit your spending, Elizabeth Scheiderer gives some advice about how to budget daily while you're there and ways to save.
We have the entire episode on WKYC-Plus which you can find on Roku and Fire TV. You can also see it on our YouTube channel or below.
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