Vacations are supposed to be a time for relaxation and getting away from the hustle, bustle, and stress of everyday life. However, getting there can be one of the biggest stresses in your life. Very few people have the money to just up and head out on vacation without first planning and saving the money to make it happen.
While saving money for your next vacation can be a stressful process, it doesn’t have to be. Read on below for a few tips for saving effortlessly for your next vacation.
Set Up a Separate Savings Account
When you’re saving for a specific purpose, such as a vacation, you need to know how much money you’re going to need and how much you have at any given moment. It’s not a good idea to have your vacation savings account and your emergency fund account tied in together. Instead, go to your local credit union and open a separate account for your vacation fund.
By having a separate account for vacation money, you reduce the risk of using that money for something else instead.
Set a Firm Budget
If you intend to be sitting on the beach soaking up the sun come summertime, then you’re going to have to set a firm vacation budget to get you there. Do some research into your destination, then set your budget based on travel, lodgings, spending money, meals, and any big-ticket items you’re going to need while vacationing. After you’ve established that vacation budget, you have a realistic idea of how much you need to save to get the ball rolling.
Determine How Much You Need to Save Per Month
Now that you have a vacation budget, sit down and determine exactly how much money you’ll need to save every month to meet that goal. Figure out when you want to take the vacation, divide the number of months by how much money you need to save, and you’ll have your figure. Once you know how much you need to save monthly, it’s time to start saving towards that goal.
Turn Your Hobby into a Job
Make extra money by turning your hobby into a job that will help you save for your vacation. For example, if you enjoy writing, consider finding some writing opportunities online to do at night and on the weekends. If you always wanted to be an author, consider writing books and self-publishing them to bring in extra money for your vacation savings goal. Who knows, one of these hobbies could quickly turn into a career if you keep at it and enjoy what you do.
Cut Extra Expenses
Another way to add money to your vacation fund is by cutting out extra expenses. For example, do you really need to go out to dinner three nights a week, when you could just as easily cook and eat at home? How about that membership to the fitness center that you haven’t used in months? Canceling your membership could easily save you $30 to $50 a month, which could be put in your vacation fund. You’d be surprised how many ways you can cut corners for something you really want when you think about it. If you really want to save the money for that special vacation for you and your family, then you’re not going to miss those extra expenses as much.
These are just a few of the best tips for saving for your next family vacation. Remember, if you want it, with the right planning, you can make it happen.