Vacations are meant to be relaxing. They offer us the chance to recharge and unwind from our busy schedules while also letting us connect with friends and family.
But vacations cost money, so making sure you have the necessary funds saved up in an Annual or Goal Envelope before you head off to your destination is important. Assuming you’ve done that, the next question you might ask yourself is: “How should I track my vacation spending in Goodbudget?”
You have two options: track that spending in your Annual or Goal Envelope, or use Tags.
Option 1: Track your spending in your Annual or Goal Envelope
This is the most straightforward option. When you’re on vacation and make a purchase, add that expense directly to the Annual or Goal Envelope you used to save up.
This option keeps all of your vacation-related items in one place, so it’s super easy to see the total amount you have left for your vacation.
And because you’re adding everything to one Envelope, this option works great for folks who don’t want to have to think about where they should add each and every expense while on vacation.
Option 2: Use Tags
Tags are a way to keep track of similar spending that occurs in more than one Envelope, making them a good option for tracking vacation spending.
Because tagging transactions is a more complex way of tracking spending, it only makes sense to use this option if you want more detailed insights into what you’ve spent. For example, by tagging your vacation spending, you’ll be able to run reports to see how much you spent eating out or on taxis or theaters.
Keep in mind, since this option requires you to record vacation spending against your regular Envelopes, you’ll need to transfer funds from your Annual or Goal Envelope to the Envelopes you plan to spend out of before your vacation starts. Obviously it’s impossible to know how much you might spend in each category, but you can start by guesstimating how much you might spend, or just pay back the negatives after the vacation is over by using Envelope Transfers.
With these options in mind, you’ll be able to create a vacation spending plan that allows you to maximize the fun you have and minimize how much time you spend thinking about money.