Summer vacation travel plans might feel like a long way away, but it will be here before you know it. And before you know it, you’ll be thinking you wish you had more money. So here are some ideas you can implement to save some extra money for your vacation.
After you put together a travel budget for a vacation, start researching hotel early bird specials and using websites such as Travelocity, Expedia, Kayak or Priceline to get a ballpark idea for cost for your vacation. When you have a budget range to work with, you may want to consider these 5 tips to start saving for your big summer vacation.
1. Set Up A Separate Savings Account For Your Travel Plans
Find out if your bank can set up a separate savings account under your main account so you can organize your funds with ease. Setting up a separate savings account specifically for your summer vacation will help you keep better track of your money and focus on making that account grow.
2. For Your Travel Plans Make Weekly, Not Monthly Contributions
By making a habit of depositing money into your summer vacation fund every week – instead of every month – can help you make your saving easier.
3. Cut Back On Leisurely Expenses For At Least Three Months.
Commit to cutting back on extras for at least 90 days so you can free up more money for that vacation. Take a closer look at your spending habits, and consider how much you are spending on eating out, entertainment or even last-minute trips.
4. Prepare your own food.
Dining out regularly can put a dent in your budget, but you can cut down those food costs by making most of your meals at home. According to a 2012 Harris Interactive poll, seven in 10 Americans say they save money by cooking meals at home instead of heading to their favorite restaurant. Scaling back on dining out – even for just a few months – could help you save a significant amount of money that you can put toward those summer travel plans.
5. Sell something specifically for your travel funds.
Have you ever considered having a garage sale to liquidate a few items, and use that cash to make bigger deposits toward your savings fund? Or you could sell some items on eBay, or Craigslist.
Make sure you start saving now and you will be glad you did.