Vacation

5 Tips How to Save Money For Your Next Vacation

Are you dreaming of heading on your next vacation, but struggling as you do not have the funds for it? We have all been there because let’s be fair traveling can be an investment, although it is worth every penny for the experience and memories.

There are a few amazingly simple and realistic ways how you can get the money that you need and that is why today we are sharing the 5 tips on how to save money for your next vacation. Keep reading and you will be surprised how easy it is!

Start early and tell your travel agent what you are looking for so they can monitor sales and specials. 

The more information you give them, the better they are able to help you.  They may be able to show you alternatives that will be just as good and may save you money.  They can also let you know the best time of year to go to certain destinations in order to get the best price, such as spring and fall shoulder seasons.  Experience counts.

Set a Budget and Stick to It

Step one of saving money for your next vacation is not just setting a budget, but also making sure that you stick to it. One of the best ways to get started is creating a spreadsheet with different categories, which you are spending money on each month. Make sure that you add every single dollar that you spend to the relevant category and you will quickly notice how much of your salary goes into unnecessary purchases. It would be great if you can first track your spending for two or three months. Once you have a good idea of this, you can proceed to the next step, which is calculating the budget for each category by eliminating the small purchases you are making every month like buying a coffee on your way to work.

These are relatively small, but when combined they add quite a lot to your overall spending for the month. When you finally have your budget set, make sure that you keep tracking every purchase you are making. The best idea is to subtract them from the final budget for a particular category and once you reach the 0, make sure to mark it in red. Having the large red cell should be a good reminder that you are aiming to save money for your next vacation!

Create a Savings Account dedicated for Travel

After you have your budget set, you can proceed to stage 2 of how to save money for your next vacation. Go to your bank and create a savings account, which is completely dedicated for your travels.  Be strict with yourself and make sure that even if you need additional money during the month, this will be a bank account you will not dip into. You should also make sure that at the beginning of each month, once you get your salary you transfer some funds from your main account to your savings account.

Start small and plan well with only transferring the amount you can afford. The idea is not to have the full amount you need for your next vacation immediately. This is a long-term tip how to save money and once you have a good understanding of how much money you can put aside each month, you can make these transfers automatic.

Cancel any Non-Essential Subscriptions

We bet that you have at least a few subscriptions that are either non-essential or you can certainly live without. A lot of times, people would get a subscription or even just a trial that would then result into a monthly subscription without even having the need for. It would be great if you can get your latest bank statements and go through every single transaction that has been made, as this is the best way to find out how much money you are paying throughout the month for different subscriptions. Be savage and cancel everything, which is non-essential. If you are having doubts and thinking how convenient it is to get meals delivered straight to your home, think about how much better you will feel when you are sunbathing on the beach and sipping on a delicious cocktail, instead!

Eat at Home

Once you have started tracking your monthly purchases, you will notice how much money you are spending on eating out. It is inevitable because most people think that cooking at home is very time-consuming and it is much easier to grab some food on your way home. The results from eating at home and even creating lunch boxes for work, however, can be noticed very soon after you have made this a habit. One of the best ways to get motivated to eat at home more often is to track how much money you have been able to save in the first month after you have started this habit using your budget spreadsheet. Then transfer this additionally saved amount straight into your saving accounts dedicated to your travels. You will be surprised how fast it will start growing.

Sell any Unused Items

Last but definitely not least, on our list of the 5 tips on how to save money for your next vacation, we will talk about selling any unused items. We all have them and if you start decluttering your house, you will quickly find out how many items you have that you are either not using or you have completely forgotten about. We bet that you will find kitchen gadgets still in their boxes somewhere in your attic or clothes hanging in your closet still having the tag on. These are great items that you can go ahead and sell. Nowadays, there are many different platforms and apps you can use to organize and plan your sales. This is a great tip not only to earn some money but also to clean your house!

Which of the above-mentioned 5 tips on how to save money for your next vacation will you try first?

 

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