Not having sufficient funds when on holiday can dampen the mood and can be stressful. Especially when traveling with the kids, a family vacation can be expensive.
Determine how much you will need for your vacation, set a goal, and save consistently for your family vacation. This article will give you some ideas on how to save for a dream family vacation.
How To Save Up For Your End Of Year Family Vacation
Savings Account
First, open a bank account. Use this account for your savings and vacation needs only.
When opening a bank account for your vacation, it is a good idea to choose a bank that has the least penalties and transaction fees. While on holiday, you will use this account to help you track all your expenses, making sure to stay within budget.
Current Expenses
Examine your current budget carefully and know exactly where you are spending your money. Are you unsure about where to start?
Begin by making a list of everything you spend money on monthly. This will help you determine the little things which can be eliminated. Once this is done, transfer the cash that you would have spent on these small purchases into your vacation savings account.
The Right Mind-Set Of Saving
In order to achieve your dream vacation and have enough money for your holiday, you need to have the right mind-set. This will ultimately help you to save.
Set a goal and determine how much you will need to save weekly or monthly and stick to it. The key is to simply be positive and believe that you can do it.
Involve the rest of the family and make sure they are aware of your plans. As a family, decide on what you will be saving on. Allowing them to be part of the decision making on what to save will make it easier to reach the end result.
Buy Vacation Items
Consider buying special items like swimsuits or hiking boots at factory shops, or when the shops have sales during winter. This way, you get a good deal, and you can save much-needed money.
Don’t forget travel insurance. Travel insurance covers unexpected events while on vacation. Ideally, it’s better to purchase travel insurance earlier rather than later to help avoid any insurance loopholes. An early purchase can also save time and money.
Reduce Drinking Cost
You want to save yet not miss out on socializing with friends. Limit or reduce drinking costs by meeting friends during happy hour.
Simply take advantage of deals or choose to socialize at bars which offer more than just drinking. Search for bars offering entertainment and dancing. That way you will spend time dancing and enjoying the entertainment – and not just drink expensive beverages.
Another way of saving is to pay cash for your drinks. Studies have shown consumers spend less when paying cash for items.
Extra income
Should you have some extra time on your hands, think about taking on a side job to earn extra money. This will speed up the savings process and add to the family vacation savings account.
Fortunately, there are ways of making that extra cash. Identify your skills and strengths. Determine what people will be prepared to pay for and turn your passion into profit. Watch and see how your family vacation savings account grows.
Sell Stuff
Another way of earning that extra cash is to sell unwanted items on CraigsList, eBay, or Kijiji.
Dig through your closets at home and find items you no longer need. For example, kids clothing or clothing you’ve bought for yourself and not worn.
Other items, like furniture which can be used in DIY projects, sell fairly easily. Old phones or charging stations could sell quickly as well. Other necessities are tools and sports equipment, which you should be able to sell easily.
Cancel Subscriptions and Membership Fees
Listen to the news on the radio or watch it on television – and cancel those monthly newspaper and magazine subscriptions. Buy magazines as needed. Better yet, save more money by canceling your cable subscription and watching the news and shows on the internet.
Cancel your gym membership and add the saved money to your family vacation fund. A good work out and fresh air can be experienced outdoors. Local parks and sports locations are open to the public and are free of charge.
Rent A Room
Renting a room in your home can offset your expenses. Choose a fair rental price and screen for the perfect tenant. Make sure the tenant signs a lease that suits you both. If you are not sure how to go about renting a room, an estate agent or rental agencies should be able to assist you.
Alternatively, rent your home on Airbnb to make extra money. Transfer the additional income into your family vacation savings account.
Consolidate Debt
Debt consolidation is combining smaller accounts into one loan. The goal of debt consolidation is to lower the interest rate and make one monthly payment.
Use the extra money available and pay your debt off sooner. The sooner your debt is paid, the sooner you will be able to contribute towards the family vacation savings fund.
Lower Car Expenses
Ditch the convenience of your car and think of your family vacation at the end of the year. Your car is convenient but, it requires all kinds of pricey maintenance. To get you from point A to point B, use public transportation and you will not only save on gas but, on maintenance too. Reduce wear and tear on your car and save plenty of gas. Take advantage of carpooling lanes – a convenient way to travel to and from work.
Do you have any other great ideas for ways to help you save for your end of year family vacation? Share them in the comments below!
