How You Can Save for Vacation
Are you seeing photos of everyone’s summer vacations and dreaming of going on one yourself? Let’s talk about how to save for vacation.
First step in my mind is to decide if you are going on vacation in the near future or in the more distant future. If you are like me, I am planning the next vacation while I am still on vacation because I LOVE VACATIONS. I work so that I can vacation. I am always down to get away. I don't care what kind of trip it is as long as I get to go! Planning when you can travel may be different from when you wish you could travel. If you are in debt and living paycheck to paycheck I recommend waiting to vacation until you are in a more stable place financially. I implore you to not put vacations on credit. Please wait until you have the cash to spend on your trips so that your time away can be a blessing and not stressful or a guilt trip when you get home and have to pay for fun you already had. If you are ready to travel and pay cash here are some ideas that can help you start to plan.
Think about off-season trips when rates drop or there are incentives like bundles and discounts available.
Plan a trip to somewhere that all your friends aren’t going! Just because everyone else is going south in the winter to warm up doesn't mean you have to. Winter vacations in the snow can be fun and summer trips to places other than the lakes can be cool too. Think outside the box. Where and when do you want to take your vacation? Is there something you have always wanted to try or a place you want to see or experience. What is a good time of year to go there or do that?
Do you have paid vacation time? How long until you can use it? How much can you use at a time and do you need to save some for emergencies or future vacations?
If you fly mid week you can get cheaper plane tickets and usually hotels are cheaper on the weekdays also.
Remember to consider events that are coming up that you might want to attend, school schedules and holidays from work as these all may impact when you want to vacation.
Let’s take this moment to dream a little. Are you picturing yourself alone, with one person, a group, is it friends or family along for the fun? Next what is around you? Are there stacks of books and 5 star accommodations in your plush hotel? Are you on a beach with your friends playing sand volleyball? Maybe you are in full winter gear driving a dog sled team or snowshoeing down a candle lit path. Perhaps there are skyscrapers, friends by your side, lots of shopping bags in your hands, and a fresh pedicure on your toes. How about waves crashing in the water against the boat or ship and it is just you and one person enjoying the fresh air, sun shine and activities available, could it be fishing in a small boat, or pickle ball on a cruise ship. The point is vacations should be perfect for you and those going with you. That means the location and activities should interest you and fit in your budget.
Now that you have imagined what you want to do and with who (totally okay if the who, is just you), you should select a location where you can do what you want to do. Once you know the location you can start to determine the cost of the trip. Things that might cost you on the trip would include:
Transportation: airfare, car rental, gas money, train tickets, RV rental, cab fare, any maintenance your personal car may need if you choose to drive
Lodging: Tent site, RV site, hotel, Airbnb/VRBO, hostel
Food: groceries, restaurants, snacks, drinks
Entertainment: Activity fee, tours, attraction tickets, events
Miscellaneous: tips, souvenirs and unexpected fees
Budget time. Since you know the things that could cost you on your trip you need to plug it into a trip budget and figure out the cost for the trip that you are planning. Then in your monthly budget plug your total expense for the trip into a Saving budget category. Title it something fun so you know what you are saving for. Maybe something like Bahama Mama if you are headed to the to Bahamas with your other mom friends or Winter Vacay if you are headed up north for a snowmobile trip. It's totally up to you, the important thing is you are setting aside money every month to pay for your vacation in cash. Take the total estimated cost of the vacation and divide that number by the amount of months you have before your vacation. That will equal the amount you should be saving each month to meet your goal to pay for the vacation. If you can’t afford to put that much away each month, consider pushing your trip back to when you can afford it or cut back on some of the expected expenses on the trip. Try swapping out an expensive attraction for a free one that is offered in the area you are headed to. You might be surprised by all the free offerings available.
Quick ideas to find extra vacation money:
Cancel unused subscriptions or all but one streaming services at least for a limited of time to help save for vacation
Try a no spend challenge for a month. That means you cut out all extras in your budget except essentials. This is a great opportunity to use up all the stuff stocked up in your pantry to cut the grocery budget to basics. Freeze all spending outside of utilities, insurance, household bills, food (restaurants and gas stations don't count), and transportation costs.
Limit or eliminate any entertainment, shopping on Amazon or fancy restaurants while saving up.
Find a side hustle to make some extra cash.
Does your job offer overtime? Throw all extra earnings into vacation fund
Have a garage sale or post old/extra items up for sale.
You can try meal planning and don't make it complicated. Try meals that take 6 ingredients or less.
Don't forget to actually use your trip budget when you are on vacation. Budgets aren't just meant to be set and forget. You have to interact with the budget as you spend your money in each category so you know where you are at. This means when you book your plane tickets be sure to track that in your trip budget. If you buy a souvenir for every person in your social circle you don't have to feel bad about over spending because you already set money aside to spend on the extras, just go track what you spent. If you went over on souvenirs you may need to move money from another category and have less money there. Budgets are flexible and remember you are in charge of where the money goes. So have fun with it and enjoy your vacation. Are you ready to go have some fun. I know I am.
