Caitlin's Corner

Vacation Spending: How to Track & What it Means

Happy midsummer, friends.

Our family recently got home from an east coast vacation, and after several loads of laundry, unpacking suitcases, catching up on sleep, and returning to (sort-of) real life, I sat down to do our monthly spending review.

I know that's not as exciting as vacation, but if you're a data nerd like me, you might just geek out a bit when you can do a little retrospective on how spending went while on your last trip. I think the reason I like this kind of exercise is because when I do it, I'm not judging our travel spending; I'm learning how we like to travel.

Every trip teaches us something. In our family, sometimes we spend more on restaurants than expected because we're totally exhausted at the end of a long day. On our most recent trip, the rental car was worth every penny because it gave our family the freedom to be on our own schedule, which is PRICELESS on an extended family reunion. I've learned that we hardly buy any souvenirs, but sure do love those daily (or multiple-times/day 😇) coffee stops. I'm also a sucker for fresh produce stands, even when they might cost 2x more than food at the grocery store.

I try not to label any of these observations as "good" or "bad." Instead, it's information that makes planning the spending on our next trip a bit more accurate.

This is why I think the best time to think about your vacation budget is actually after you come home. Here's a glimpse into how I do those reviews.

My Vacation Review

1. Once the trip is over, I spend about 30 min looking back through our transactions.
2. I'm not necessarily looking at every single purchase. Instead, I'm looking for patterns.
   • What cost more than expected?
   • What was definitely worth the money?
   • What caught us by surprise?
   • What would I budget differently next time?

Those answers can give me a good starting point when planning our next vacation. I make a note of these things, either mentally or on my phone (e.g. rental car is key for family reunions!!).

Look at the Small, Unexpected Things

Flights and hotels are rarely what blow the budget. They might be the bigger expenses, but they're also usually planned months in advance, and you know how much they'll cost before you fully commit to your trip. Really, it's the unexpected things (the airport lunch, parking fees, convenience store snacks, forgotten sunscreen, extra Uber ride because everyone's feet are tired) that all add up. When I do my vacation review, those are the expenses I pay the closest attention to because they're the ones that are hardest to estimate. Make sure these have a place in your spending history, because when it comes time to plan your next trip, these are the expenses that should inform how much more you'll spend than you think!

The reason I track vacation spending is to get an idea of what expenses led to the best memories or highest level of enjoyment, and therefore, what should we expect (and want) to spend next time.

For you it might be amazing meals, staying in the heart of the city, paying a little extra for direct flights, or lots of souvenirs that make you smile long after you get home.

Remember that money is a tool, and every vacation teaches us something about how we want to use it. I think the motto shouldn't be "spend less", but "spend better". ❤️ ✈️

What I'm Reading

📕 Thank you, Melinda French Gates for donating $215M to women's reproductive and midlife health research. This brings her total investment in this area to $600M over the past two years. Gates is calling out how little research happens in this domain, and why it matters beyond health: when women lack access to accurate information and care, they are forced off track in their careers, their businesses, and their lives, and that is a systemic problem, not a personal one.

📘 Speaking of how little we know about menopause and women's health (in relation to how much we know about men's health), I recently learned from my doctor that the ideal window for hormone testing is on day 2, 3, or 4 of the menstrual cycle. When I went to research this, I found very little scientific references, but this one study analyzed a whopping sample of 24 premenopausal women. An article from Quest Labs explains more, though without the scientific reference. I can't wait to see what we find out in the next few years after better-funded research.

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Next Up:

Join us August 5 from 1-2pm CT to discuss:

​Building Your Financial Team​

Get ready for a breakdown of the key players, roles, and expectations you should (or shouldn't) have on your financial team. We'll discuss what roles advisors, planners, bookkeepers, accountants, attorneys, and CPAs can play in our lives.​
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This session will help us ramp up for a new season, new school year, and an opportunity to take major financial action before summer comes to a close.