issue 24Living Smart
Saving for Vacation
While we’re currently in the middle of Winter, many of us might be thinking about plans for the Spring and Summer. Some of these plans may include going to the beach, spending time outdoors, or travelling on a vacation. No matter when or where you may want to go on vacation, it will still cost something! Here are a few tips to help you save for your
Set Up a Separate Savings Account for Your Vacation
Many financial institutions may have an account in place such as a “Vacation” savings account. If not, a regular savings account can be used as well. The key is to always put a certain amount away each payday and not touch it until you pay for vacation expenses.
Determine How Much the Vacation Will Cost
After establishing an account, it’s important to determine how much the vacation you want to take will cost! Keep in mind travel expenses. For example, if you were taking a cruise, you’d have to consider the costs for the boarding pass/lodging, traveling to and from the cruise terminal, toiletries, luggage, and clothing. On top of that, you will need money on-board and on land at your destination(s) for food/drinks, souvenirs, and recreation. Depending where you go on land, you may need money as well for local transportation from the cruise terminal. Last but not least, don’t forget you will need additional funds for spending money for yourself and to tip people for services!
Cut Down Expenses
Cut down on some unnecessary expenses each week; it’ll help you save money for your vacation. Instead of eating out, buy some extra groceries and make something at home. Instead of going out for lunch, bring lunch to work with you from home as well. Also, cutting down on that morning cup of coffee could make a big difference in savings!
Save Your Loose Change
Saving up your change from daily cash purchases quickly adds up. Every time you receive change from a purchase, throw it into a jar or piggy bank to save up. Do you live on a budget? Put any extra money you don’t use in the jar as well. Before you leave on vacation, cash it in; it will end up being an extra bit of spending money.
Sell Things You No Longer Need
You might have some extra things at home lying around that you have no need for or no longer use. If it is in good condition, you might be able to sell it. Take a look around your house and you might be able to put a few items on eBay, Craig’s List, or sell to a local store. As they say, “One man’s trash is another man’s treasure”.
Use Any Extra Money You May Have Received (ex. Bonus & Tax Return)
As it is a New Year, some of you may have recently received a bonus from your job. It may be something you can use to help with your vacation costs. In addition, when you file your taxes from last year, you may be able to use a portion of your tax return money as well.
Monitor your Goal and Stay Motivated!
Keep an eye on your progress for saving for your vacation. Keep motivated by posting up reminders or images of your vacation destination in key locations, such as by your computer screen, by the food pantry, refrigerator, etc. As long as you stay focused and motivated, you’ll easily save up for your vacation!