Everybody loves to travel. But, from airfare to hotels vacationing can get pretty pricey. Here’s everything you need to know about how to save for a vacation.
You work hard, you deserve a vacation.
But we’re not talking just a weekend camping trip or a 3-day getaway to your sister’s place on the lake. We’re talking a full-on, luxurious dream vacation!
However, paying for a vacation like that isn’t just a drop in the bucket. You’ll actually need to save a little.
The question is, what’s the best way to save for a vacation of epic proportions?
We’ve got answers!
Read on for our top 10 tips to save for your dream vacation!
How to Save for a Vacation
Saving for a dream vacation means you’re going to need to make some sacrifices. You can’t expect to save money by doing the things you’re doing now. Otherwise, the money would already be there, right?
Check out these saving strategies to get you closer to the vacation of your dreams.
1. The Five Dollar Bill Challenge
The Five Dollar Bill Challenge is simple enough. Every time you receive a five dollar bill in change or from the bank put it in an envelope. No exceptions!
Over time, if you’re diligent and not cheating, you could save hundreds of dollars. Additionally, most people won’t even notice the five dollars being set aside.
Don’t count it every week or it will feel like it’s growing too slowly. Check in once a month, however, and see if you need to step it up.
P.S. Don’t lose the envelope!
2. Stop Eating Out
The average American household spends over $3,000 eating out every year! If you didn’t eat out all year, you’d have your dream vacation fund right there!
When you dine out, you pay super inflated prices for foods you could generally cook at home for a fraction of the price. That doesn’t even include drinks. You can easily spend $15-$20 on two drinks at a restaurant.
Add dessert and a tip on top of all of that and you could spend up to $30 just on yourself! Additionally, you’re probably consuming two or three times the amount of calories!
Save yourself the money and extra calories, stop eating at restaurants!
3. Stop All Unnecessary Shopping
Who doesn’t love Amazon? It’s so simple to buy and way cheaper!
However, with everything they have (and they do have everything), is so easy to buy stuff we don’t need!
However, buying unnecessary stuff isn’t exclusive to online shopping.
If you know you’re a shopaholic and have little to no restraint, keep yourself out of the stores and of the web!
4. Cancel Unneeded Subscriptions
Do you really need five different magazine subscriptions?
With the internet and smartphones, do you really need any magazine subscriptions?
While we’re on the subject, let’s talk about ridiculous cable prices, mystery box subscriptions, and paid apps. You really don’t need any of those things!
Get rid of all these money-sucking expenditures coming out of your budget.
5. Use Money-Saving and Cashback Apps
Money-saving apps can not only teach you how to save money for a vacation, but they can also actively save you money while shopping.
These apps work both with online shopping and while shopping at brick and mortar stores.
Cashback apps literally give you cash back when you buy certain items. The money basically comes from referrals from the app, paid by the retailer.
6. Start a Travel Savings Account
One of the smartest things you can do while learning how to save money for a vacation is to open up a separate savings account. Determine how much you want to save and start making efforts to make that goal.
Start by creating a budget for yourself and stick to it! Each time you have extra cash, put money aside into the account.
However, you must be strict and not allow yourself to reach into the cookie jar. Every time you do, you’ll be taking steps away from your dream vacation.
7. Set Up an Automatic Transfer
Once you have a travel savings account, set up an automatic transfer.
Set it for the same days you get paid. Take however much you want from each paycheck and have it moved immediately from your checking account into your vacation savings account.
This way, you won’t see the money transfer and you’ll forget about it. Out of sight, out of mind. Then over a few months, your account will build up and you’ll be ready to hit the road!
8. Sell Your Stuff
We all have way too many possessions we don’t need. Studies show that most of us only wear 50% of the clothes we own and that’s just scratching the surface!
Think about the rooms of your house you rarely enter. Think about all the knick-knacks, shoes, jewelry, storage items, and junk whose only job is to sit and collect dust.
Instead of holding onto those useless items, sell them! You might be surprised how much cash you can make. Just don’t short change yourself trying to make a quick sale. However, don’t over-price things either or no one will buy them.
9. Get a Change Jar
A great approach to how to save for a vacation can be as simple as setting up a change jar.
However, instead of just putting coins in there, put any dollar bills in there as well. That will help things add up quickly.
Put it in a convenient place so you walk by it organically throughout the day. It may not be a bad idea to have one in your car as well, that way you can transfer it straight from your pocket into the jar while you’re out.
10. Start a Side Hustle
Lastly, don’t rule out looking for some side money when figuring out how to save for a vacation. Start a side hustle on the weekends or at night.
This can be anything from cleaning homes, finding an online writing job, organizing closets, or doing your friends homework (just kidding, that’s unethical).
Anyways, the options are endless. Find something you’re passionate about and do it for people, but don’t do it for free!
Stop making excuses, start saving money today!
Seriously, your trip isn’t going to pay for itself, so you have to learn how to save for a vacation. It will take some forethought and discipline, but you need to get moving on it.
You deserve a break, you can do this!