Ten Ways to Save for a Vacation

Link: The Family Finance Workshop

Maybe you haven’t been on a vacation in years. Or maybe you’ve been on vacation, but they’ve proven to be less than thrilling due to your financial situation. It’s possible to save for a dream vacation, even if your income is modest. Whether you’re dreaming of basking on a Hawaiian beach or trekking to the Mount Everest basecamp, there’s a way to get there.

Start saving today and enjoy your next vacation:

  1. Take a sandwich to work. Roughly 2/3 of all employees purchase lunch rather than bringing it from home. It’s challenging to eat for less than $7, even if you limit yourself to fast food. That’s $1,750 per year for lunch. You can save most of that by packing your lunch.
     
  2. Sell your junk. Have a yard sale and get rid of inexpensive items and those items too large to ship. Consider using eBay or Craig’s List to unload the items with more value. If you haven’t used it in a year, you’ll never miss it. Apply the funds towards your dream vacation.
     
  3. Hit the offseason. Check the climate information for your destination before you do anything rash. You might not want to visit parts of India when they receive 35 inches of rain per month. However, many destinations are still pleasurable outside the peak season. You’ll be rewarded with smaller crowds and lower expenses.
     
  4. Set up a separate account for your vacation funds. Avoid co-mingling your regular savings and your vacation money.
     
  5. Save your change. Empty your pockets each night and save your change. Whenever your piggy bank is full, deposit the money in your vacation account.
     
  6. Look for last minute deals. Many vacation opportunities become less expensive as time runs out. Cruises are an excellent example. Aside from food costs, it costs a cruise line the same amount to run a cruise, regardless of the number of people onboard. They’re desperate to fill the available cabins. Many hotels are in the same situation. Keep your eyes open.
     
  7. Review your credit card rewards opportunities. You might earn miles toward free airfare or deals on hotel rooms. Remember, if you can’t pay your credit card balance in full each month, the interest will probably cost more than the value of the reward. Be smart.
     
  8. Determine your vacation expenses now. Be aware of how much you need to save and make the necessary plans to reach that goal. Divide your expected expenses by the number of weeks left before your vacation. You’ve just calculated your weekly savings goal.
  1. Consider a part-time job. Even a few hours of week can make your dream vacation a reality. Save as much of this extra income as possible.
     
  2. Increase your motivation. Create reminders to maintain your focus and enthusiasm. It’s not always easy to stay motivated when your vacation is 10 months away. The background on your computer screen is one way to remind yourself of how wonderful your vacation will be.

Funding an exciting vacation is possible when you start saving early and make the vacation a priority. A few, small sacrifices can make your vacation a reality! Get started today.

 

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