Who wouldn’t want a bit of time to rest and relax – a chance to get away from the 9 to 5 and spend some time with the family?
Of course, we all know that vacations can be expensive. Many people shoot for a goal of $1,000 per week per person (although that can vary widely based on where you go and what you plan on doing). That’s a lot of money. However, there are ways to make it happen. Let’s look at some ways to save money for a vacation.
Have a Goal
Your first need a goal in mind. This will take research. You first need to decide where you want to go. You then need to know when you want to go. Next, you can start researching the cost of hotels, attractions, etc. You also need to add in the cost of food, souvenirs, gas and/or plane ticket prices, etc. Make a list of everything and then create a budget for each item. Once you add it all up, you’ll have your goal.
Do a Savings Challenge
A savings challenge is a great way to put money aside each week that can then be used for a vacation. The 52 Week Savings Challenge starts with $1 the first week and then continues until you add $52 the last week. This adds up to $1,378 before any interest is added from a savings account. If you can do this for each member of your household, you’ll have more than enough for your vacation.
Save That Pocket Change
Pocket change can really add up. At the end of each day, drop your pocket change into a jar. Continue saving this money until it’s time for your vacation. This is a great way to save up money for souvenirs. You can get your kids to start their own jars to encourage them to save as well.
Cut Unnecessary Expenses
If you want to reach your goal, you may need to cut some unnecessary expenses. For example, if you and your family don’t watch a lot of TV, cut the cord. The average home spends $150 a month on cable/satellite TV. That’s $1,800 a year or almost enough money for two people to go on vacation for a week. Take the money you would pay towards your bill, once you’ve canceled your service, and put it in your savings account each month.
Save What’s Leftover
If you use the cash envelope system to pay for groceries and other variable expenses, take what’s leftover at the end of each month and put it into your vacation savings account. Believe it or not, this will actually encourage you to be more careful with your variable expenses.
A vacation may seem like a lofty goal, but you can make it happen. Sometimes it’s as simple as cutting a few expenses around your home or doing a savings challenge. Either way, you can take that vacation you’ve been dreaming of.