Summer is on the way and you would love to take a vacation with your family—but you are short on money. Although summer is approaching, some simple strategies will help you save enough money to have fun this summer.
Saving money often means finding little ways to reduce your spending. Here are twelve ways to help you get started saving money before and during your vacation.
Determine Your Destination and Estimate the Cost
Once you calculate it and then divide by the number of remaining months until you travel, you will know how much you need to save each month. Then, open a vacation account at your bank. If you’re putting extra earnings into this account, Sarah Kuta at The Penny Hoarder recommends setting up automatic deposits to ensure you end up with the amount needed for your vacation. When creating the account, make sure you have ATM access to it as you travel.If you have a family, explain to them why you will need to make these cutbacks. They will be glad to make some temporary sacrifices for a fun vacation.
Evaluate All of Your Current Expenses
If you are not tracking where your money goes each month—now is a good time to start. If you don’t track your expenses, you will not be able to see what expenses can be cut, or you may only find a few. To meet your savings goal, consider getting rid of the following:- Gym memberships
- Cable TV
- Netflix
- Cigarettes and beer
- Magazine subscriptions
Eat In
Fast food is costly—especially if you have a family. If you do this often, you may be spending a lot of unnecessary money each week. Preparing meals at home is a lot cheaper. Save the extra money toward your vacation. Taking a sack lunch to work will help you save even more money. And stop buying those coffee shop lattes and see how much you save!Avoid grocery shopping without a list. If you do not have a list based on what you will prepare at home this week (yes, this means creating a weekly menu), you are probably buying extra comfort foods and snacks. Shopping with a list will also enable you to make fewer trips to the store, saving time and gas money.
Curb Impulse Shopping
Unless there is an item you need, do not buy it. When you must buy more expensive items, wait for them to go on sale.Cut Extra Spending, Temporarily or Permanently
Take a look at all the things you could do without—at least until your vacation is over. You may even want to reduce these expenses on a more permanent basis to save for other bigger goals.Rent Out Your Home While on Vacation
You could rent out your home while on vacation and make it pay for much of your vacation costs. Be sure to investigate the legal aspects before you do this.Eliminate Credit Card Debt
If you owe a lot of money on your credit card, you are paying considerable interest on it. It adds up over a year and it means you are paying more than you think each time you “charge it.” Reduce or even eliminate your credit card debt to save more money.
Get a Side Job
There are many ways to earn extra money with a side job. Here are a few ideas from Nerd Wallet:- Become a freelance writer
- Consider freelance programming, marketing, translation, graphic design, etc.
- Be an affiliate marketer – this works well if you already have considerable traffic to a blog
- Sell products on Etsy or eBay. But do your homework to avoid unnecessary fees.
- Hold a garage sale
- Walk dogs
- Re-sell your used cellphones and electronics (Swappa, Gazelle, or Amazon, trade-in)
- Babysit
- Use your car as a taxi (Uber or Lyft)
Consider a Cash-back or Rewards Card
Consider a cash-back or rewards card, says Geoff Williams at US News. Use this credit card to buy things such as gas, groceries, and most anything else. Use the rewards or cash back to help reduce your vacation costs. With the right credit card, you can also use points to reduce the cost of plane tickets, hotel rooms, and car rentals.Plan Ways to Cut Expenses While on Vacation
There are lots of ways save money on vacation expenses. Here are a few:- Car rentals: Travel Channel suggests using public transportation as much as possible and avoiding car rentals while abroad.
- Book your flight on a Tuesday (the cheapest day of the week) and travel on a Monday or Tuesday.
- While on vacation, save money by visiting parks and other free places such as national monuments. Some museums offer free days—usually Sundays.
- Minimize spending on souvenirs.
- Cut dining expenses. Eat local food, ExpertVagabond says, which is less expensive because ingredients for American food are often not found locally. Do not eat at tourist attractions, which are always pricier. Plan some meals as picnics.
- Plan on some downtime—simply time to relax, rather than filling every moment with an activity. Choose budget-friendly accommodations (such as an Airbnb) instead of resorts and fancy hotels.
Get Paid to Travel
Expert Vagabond mentions several ways that he makes money while traveling. He helps finance his trips through travel writing and photography, increasing the audience for his blog, as well as influencer advertising, affiliate marketing, and more.Determining what you need to save, evaluating current expenses, and then cutting costs in a variety of small ways can make your dream vacation a reality.
One Final Tip: Start Today.
The Epoch Times Copyright © 2022 The views and opinions expressed are only those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
