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6 Easy Ways to Save Up for Your Next Vacation
Need to get away? Then a vacation is exactly what you need. Whether you’re craving the mountain air, some time at the beach, or an international getaway, any vacation you have planned is going to require the same thing: a little bit of extra money. Between hotels, flights, gas money, and all those other pesky travel expenses, vacation spending can add up. To help you stay out of the red, make an effort to save up some money well-before your time away. Here are six easy ways to save up for your next vacation.
Create a Dedicated Travel Fund
The idea of saving money is almost never as exciting as the idea of spending money. To make saving more exciting, set up a specific savings account that’s dedicated to your next vacation. You can even label the account “Bali” or “The Grand Canyon,” or whatever your dream destination may be. By associating your savings account with an actual, tangible place, you may psychologically feel more connected and compelled to contribute.
Set Up an Auto-Transfer
After you’ve set up your dedicated travel fund, one of the most painless ways to start saving money is by setting up an auto-transfer on a recurring basis. A simple way to do this: every week (or every month), set up a recurring transfer from your checking account to your savings account. It can be a small amount; it just has to be consistent. The idea is that, with these auto-transfers, you’ll start saving money almost “in the background” of your day-to-day life, with little time or extra attention needed.
This solution works best if you have at least a few months to save up for your vacation. If you have a shorter time period prior to your trip, consider downloading an automatics savings app that rounds up each of your regular purchases to put away money in smaller doses.
Limit Eating Out
Let’s face: going out to eat is expensive. More often than not, you can make the same dish at home for less than half the price! What you’re really paying for when you go out to a restaurant are the convenience and the ambiance.
To start saving money quickly, limit the number of times you go out to eat each week or each month. A very impactful place to make this change is with your daily lunch habit. If you’re used to grabbing a quick sandwich or going out for lunch each day, making the switch to a “bagged lunch” can cut back on your spending significantly.
Scale Back on Other Unnecessary Expenses
Especially if you’re trying to save money for a vacation in a shorter period of time, it’s a good idea to take a hard look at your current spending habits and see where you can make cuts. Sure, it might not be sustainable to stop getting your hair done completely, or to never go out to the movie theatre again, but is that a change you can make in the short term? Probably!
Consider Public Transportation
If you drive a lot, you’re probably spending a decent amount of money on gas each month. There are a few ways you can save money when it comes to transportation. If you work at an office with friends or colleagues who live nearby, consider proposing a carpool. Even a few days of ride-sharing each week will help make an impact. You could also take public transportation, or if the distance you’re traveling is short enough, leave some extra time and walk or bike.
Cut Back on Drink Spending
One “luxury” expense that’s easy to overlook isn’t our food, but our drinking. Drinks at restaurants and bars can be a huge money sinkhole, since they are usually very overpriced. Plus, if you’re drinking alcohol, after you have one drink, it’s easy to say yes to another, and then maybe an entrée, and then maybe some dessert, and you can see how one drink turns into a $50-$100 check!
If you suspect that alcohol may not only be impacting your wallet, but also your lifestyle, find the right treatment and begin your path to heath and wellness today. Getting the help you need will improve your quality of life, and that’s worth more than the cost of any vacation.
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