Why should you budget for public holidays?

Panamanians enjoy celebrating public holidays, but aside from a day of relaxation, budgeting becomes a fundamental point.

Giovanna Cardellicchior, general manager APC Intelidat Company Experianadvises that you budget taking into account that there are two extended weekends.

“This year’s celebrations will run from Friday 3rd November to Monday 6th November and from Friday 10th November to Sunday 12th November. As there will be two extended weekends, it is important that people plan their shopping, compare prices and create budget,” he explains.

Cardellicchio offers the following recommendations for taking care of personal finances.

Check your credit history: If you keep records of your financial movements, it is recommended that you review the budget you used on your last vacation. This will serve as a basis for an approximate value of what you should spend on this occasion.

Organize your budget: Make a budget for your travel expenses and try not to exceed it. If you have to do it, if you use credit cards, try to ensure that these costs do not put your finances in a risky situation, knowing how you will face the costs with future income, trying to cover the amount spent in the shortest possible time, to avoid the creation of interest.

Consider contingencies: When traveling, it is always important to consider possible unforeseen events that can change costs. Within the budget, it is advisable to set aside a percentage for these situations. If at the end of the vacation you didn’t have to use the money allocated for this aspect, don’t spend it, it’s an opportunity to save it.

Plan your trips in advance: If you plan to travel during this season, look for offers on tickets and stays; through travel agencies, applications and specialized websites. It is possible to find packages that include different services: compare and choose the option that best suits your budget.

International travel and shopping: If you also plan to leave the country during public holidays organize your trip in advancecheck in advance whether your credit products are accepted at the destination you are going to and keep in mind the rules of use for international credit card purchases, which differ from entity to entity.

According to Cardellicchio, while a vacation is the perfect opportunity to travel, it’s crucial to understand that, in financial matters, You need to have control over all types of expenses.