7 Simple Ways To Save For Your Next Vacation
Updated: Oct 5, 2020
Vacation should be a time to relax and getaway, not a time to be stressed. However, the thought of having to pay for that dream vacation can add to the stress.
Before you can begin R&R time, you need to know how much your vacation is going to cost while being realistic about your budget. For example, if you cannot typically afford a $10,000 vacation and a $5,000 budget is more within your reach, then the lower budget should be your goal. With a little imagination, a vacation can be made perfect with any budget. Next, have a place to hold those savings, such as a dedicated bank account, so you will not be tempted to spend the money before you pay off your vacation.
Here are seven ways you can save for your next vacation so you don’t have to go into debt to travel.
Work with a Travel Advisor Oftentimes, travel advisors have access to special promotions, free upgrades and amenities, and more that travelers would not necessarily have if booking themselves. Work with your travel advisor to identify the off-season for your destination and rack up on savings compared to the busy season.
Automatically Transfer Money Each Month Determine an amount in your household budget that you are willing to set aside each month toward your trip. Then, set up an automatic bank transfer each month when you receive your paycheck. Not seeing that money will make you less likely to spend it rather than save it.
Cut Back On Memberships and Subscription Do you have a gym membership or a streaming subscription you aren’t really using? Cancel it today and apply that monthly expense toward your trip savings.
Cut Out the Coffee Shop and Fast Food The average cost of a Starbucks coffee is $3.15. That can be a savings of approximately $60-$70 a month if you cut out your workday run to the drive-through. Likewise, grabbing fast food lunch can be more expensive, and less healthy, than packing your own lunch. Remember, when you cut these out, take what you would have spent and set it aside in your travel savings account.
Sell Your Stuff Have unused items lying around the house that you no longer need? Consider selling them in a garage sale or a consignment store. Proceeds from these sales can then be used toward your travel plans.
Use Your Credit Card Rewards Do you use a credit card that pays cash back or gives a statement credit? Use those rewards to apply towards any of your travel expenses.
Avoid Impulse Purchases Resisting the temptation to buy the latest gadget or the new trendy purse can be difficult. Be careful to avoid these often expensive purchases so you will not go over your regular household budget and have to dip into your travel savings to cover the unnecessary expense.
Vacations should be memorable and you shouldn’t be paying for them long after the vacation is over. Making some simple adjustments in your daily life can help you save up for that well-deserved vacation. Remember, you are sacrificing now for fun later!
If you are need of a travel advisor to help you with your travel planning, contact me today for a complimentary consultation.
Have a tip for saving up for vacation that you would like to share? Please post in the comments below.