Budget for your summer vacations

(NC) For many, summer is an ideal time to take a vacation. But before you start planning, make sure you have a plan to stay on budget.

To make sure you don't overspend, prepare a budget for the activities you would like. This way you can set limits on your spending, identify ways to reduce costs, ensure you spend within your means, feel in control and, most importantly, reduce your stress.

The same principle applies to a vacation budget as to your regular spending. Make a list of your planned expenses and divide them into needs and wants. Consider required expenses such as accommodation, food and gas. Wants might include things like guided tours, boat rides and eating at the best restaurants. When considering the fun stuff, think about what’s important to you and what you can live without. Also, include a cushion for the unexpected. All this will allow you to better estimate how much money you’ll need so that you can plan ahead to put that amount aside.

The Financial Consumer Agency of Canada has a free, easy-to-use online budget planner that can help you prepare. Learn more at canada.ca/money.