Categorized | Travel Blog

How to Save Up for Your Next Summer Vacation

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After experiencing the cold winter and as you come closer to spring, one thing that could be on your mind is to make the most out of your next summer vacation. Right from the sandy beaches to the warm and inviting sun shining in your face – it all can seem very exciting.

If you’re planning to take travel this summer but haven’t started planning yet, now’s the time. Why? Because if you don’t prepare summer vacations can definitely eat into your budget. So without worrying about how you’ll be making this trip successful without breaking the bank, let’s see what you can do to save up for the coming summer vacation in the best possible way…

#1: Create an Exclusive Vacation Savings Account

The good thing about money is that you can spend it when you have it. The bad thing about money is that it’s hard to not spend it when it’s available. That’s how our materialistic lifestyle/culture works. But what if you could make arrangements to ensure that some of your money isn’t available for spending? A simple way to achieve this is to have find and set up a highest interest online savings account exclusively for your ‘vacation’ fund. You not only get to save it in an account you don’t look at but you can also earn a much higher rate of interest compared to your checking account.

#2: Determine the Cost of Your Vacation

Determining your summer vacation costs well in advance will help you save the proper amount. It lets you focus on a predetermined target so that you don’t have spending money while traveling. Not only that, you’ll also stop yourself from saving too much money that could put to some other use. When you’re determining the cost of your vacation, see to it that it includes all costs such as traveling, food, parking, etc. Once you’re done with this, all you need to do is take the total cost and have it divided by the number of weeks/months until your vacation date arrives. This allows you to know how much you should be saving.

#3: Get Rid of the Extras

Cutting out the extras is an important step towards saving enough money for your vacation. For example, let’s say that in order to reach your target vacation amount, you’re required to save $100 per week. What can you do to cut extras? Simple things like cutting out a latte that you get for $5 bucks every day and making your own coffee at home will help you save $25 every week! This way you can cut out on many extra things such as dining out, going to the movies, etc. Just decide on a few things that you can live without for a short period of time until your vacation.

#4: Save the Change

While this may not help you save big for your vacation, it can definitely help in save up for the smaller travel expenses such as meals and gas. In order to get started, all you need is a savings jar and the will to save some change whenever you can. Don’t just limit yourself to coins, putting in a few dollars in the jar also makes sense. So as you go about spending money while traveling, just take the change and drop it in that jar afterwards.

The tips that we discussed above can work great when combined. Also try and consider other ways to save money on your vacation by heading out to lesser-known (and less expensive vacation spots). Remember, the earlier you work on your vacation planning/saving, the easier it will be for you to reach your objective.

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