News Blip:
Carving Out A Vacation Budget In Midst Of A Demanding Social Life
The Chicago Tribune Reports On Perhaps One Of The Most Overlooked Factors Facing A Millennial, Creating A Budget For Leisure Time And Vacation Trips With The Family.
Editor's Note: This news item was retrieved and first published via Chicago Tribune's website.
Creating a budget is especially important for millennials. When rent, health care, cellphone bills and other costs previously absorbed by mom and dad gobble up paychecks, figuring out how to handle the rest of your cash can be a new and unexplored venture. But now is the best time to learn how to budget. Learning to live within your means will help you prepare for the inevitable stressors later on, such as buying a home, starting a family or taking time off between jobs.
Chicago Tribune writer Miriam Cross relates in her article: "Budgeting well can take some trial and error." Start by tracking your expenses for two to three months — without judgment — says Ryan Frailich, founder of Deliberate Finances in New Orleans. Once you’re aware of where your money goes, you can set realistic, concrete goals (“save $700 in my vacation fund by August”) rather than vague ones (“go out less”). This will motivate you to revisit your budget regularly. Begin gradually, rather than trying to overhaul your money habits all at once. Pam Capalad, a certified financial planner (and millennial), who owns Brunch & Budget in New York, recommends that her clients choose one category at a time and spend a couple of months paring down their spending in that area. Also, try redirecting a bigger chunk of your income into a savings account that is specifically for a vacation budget when you get your paycheck, and where you cannot access it.
For the full article by Miriam Cross, click here for the Chicago Tribune.