Financial Analysis Project

My Dream

I have many hopes and dreams in life and someday I hope I can accomplish many of them. Right now, as a 23 year old, I am focusing on a week-long vacation to the Bahamas to celebrate my college graduation. I have traveled since I was a tiny baby. My family would also go camping, hunting, take short or long drives, visit family all over the country and plan yearly vacations to places we’ve never been. I grew up believing that traveling was normal and easy. As I got older I learned how much time, effort, and money goes into travel plans. But I knew that traveling was a passion of mine and that I would do whatever it takes to be able to continue traveling when I got older. I have been able to keep the dream alive with the help of my family. This year however, I want to leave the country again and take a tropical vacation to Nassau, Bahamas. I have been on tropical vacations before. I have been to Hawaii twice, and Cabo San Lucas, Mexico once. However, both of those trips were funded by my mother. This time I am planning to go with my boyfriend and not rely on anyone for financial help.

I grew up in an Eastern Oregon desert. I hated it. I have always dreamed of living near the ocean because it’s one of my favorite places to be. It is the opposite of the desert I lived in for 18 years. Since living near an ocean is expensive and I am still in college, traveling to the ocean is the next best thing. I have loved international traveling ever since I went on a trip to Europe when I was 16. There is something about being in a different culture that just makes me feel good. I love learning about the differences in cultures around the world. So taking a trip to the Bahamas just made sense for me. It’s a huge travel destination, there is a lot of culture and history about the islands, and it’s completely surrounded by white beaches and ocean. This dream is going to take a lot of money for a full time student who only works part time.

So Many Have Traveled

Many people have traveled to the Bahamas and most of what I have read have been blogs about how they saved money whilst traveling. The Bahamas is a popular stop for many cruise lines and some blogs have noted that taking a cruise there is probably the cheapest all-inclusive way to travel there. However, I read Travel on a budget: The All-Inclusive Vacation and the author noted that all-inclusive packages from hotels are a great way to travel on a budget. Traveling all-inclusive style means that your flights, food, drinks, transportation, and hotel are all included in one price and they are always offered at a discount. Another blog I read called My Trip to the Bahamas also noted that traveling to the Bahamas is easy and cheap if you chose an all-inclusive package. She is young, like me, and just finished college, like me, but is able to travel yearly. That is my ultimate goal.

The best information I have gotten so far is from the blog Nomadic Matt called Bahamas Travel Guide. He lists some ways to save money, the typical costs on a vacation to the Bahamas, and a large list of things to do in the Bahamas. This guide made me more excited about my trip than anything I have read yet and also made it feel like I could really do this.

Finances2016-03-12

As a student I don’t have time for a full time job, so I work part time, while taking an online class and completing a full time, unpaid internship. My income is low and mostly loans. Traveling is not on the top of my financial priorities, but is at the top of my priorities to keep myself happy. To the right is a table of my current finances. It shows that I do have a little bit of room to save money every month. Thankfully, my living situation is rather inexpensive, allowing me to be able to spend some of the money I make.

Saving and Expenses

A trip to the Bahamas seems out of my price range when I remember that I am only a student with a part time job. But when I am reminded how easy it is to save money and plan ahead, I am more optimistic about this being a reality.

Trip ExpensesThe expenses of a trip like this are extremely variable. The best way to travel is to give yourself a budget for spending in order to stay within our price range for the trip. I have already began saving for this trip and I have purchased my plane ticket through the cheapest option I could find, Orbitz. My plane ticket was only $500. Accommodations can also vary, depending on what you are looking for. a hostel or motel would be the cheapest option, or splitting the cost with people you are traveling with, which is what I am doing. If you want a resort with a suite and a beach view, it would cost a lot more. Transportation can be as simple as walking, or as expensive as renting a car for a week. I plan on using local public transportation and renting a motor scooter for one day. Paying for food has many options. The all-inclusive way of traveling removes that cost from the equation. I like to hit a major grocery store as soon as i get to my hotel to buy a week worth of groceries and to eat at the hotel for the week. That would be the cheap option. The more pricey way would be to eat out the entire time. Souvenirs, sightseeing, and museums are all costs that you have to manage while in country. Saving a small budget for entertainment is smart, because you know you have the money if you want to do extra stuff, but you also don’t have to spend it if you don’t get to those activities.

Barriers

The major barriers that might inhibit my dream are a sudden loss of income for me or my boyfriend, or any major flight/weather problems that may occur before travel begins. I have a support system of my mom, my aunt, and my boyfriend. They all want this dream to happen, for me and for them. It is deserved by all.

I have begun planning my trip and have saved just over half of what I need for this to happen. I will be leaving for the Bahamas in 4 months! I cannot wait to see this beautiful country and absorb the culture they have to offer!

 

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