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How to Save for a Vacation

Posted by in Money Saving Tips
15
Mar 2014

Starting A Vacation Account Going on vacation can cost a lot of money, even when you take a fairly modest trip within the country. The costs of hotel rooms, vehicle rentals, gas, and food add up quickly. If you follow these tips, though, you can start saving money for your next vacation. That way, you will have enough money reserved for your trip that you won’t need to worry about every expense.

#1: Start a Vacation Account

You should have a vacation account that’s separate from your other banking accounts. This lowers the temptation to take money out of your savings before the trip. It’s best if you pretend that the money doesn’t exist.

#2: Have Your Bank Automatically Deposit Money

Find an amount of money that you can contribute to your savings account every week or month. For some people, this might be $50 a week. For some, it might be $500. The exact amount doesn’t matter. You have to work with what’s affordable for you.

Once you know how much you can devote to your vacation savings account, set up an automatic transfer. Most banks will let you do this online. If you don’t know how, talk to your bank for assistance.

After a while, you won’t even notice the missing money. You’ll feel like you’re getting paid a little less, but you can adjust your lifestyle to accommodate that.

#3: Avoid Debt

If contributing money to your vacation account forces you to use your credit cards more often, then you need to rethink your strategy. Maybe you’re contributing too much. Maybe you need to cut some of your expenses.

The problem with debt is that it always grows faster than your savings. Putting $50 on your card so you can afford to put $50 in your savings account does nothing but cost you more money. Eventually, that kind of lifestyle will catch up with you.

If at all possible, you should concentrate on reducing your debt before you start saving for vacation. That might mean delaying your plans for a year. The financial freedom is worth it.

#4: Make More Money

Part-time seasonal work is a great way to make money for your vacation. Restaurants usually need extra help during the holidays. Lawn service companies might hire you during the summer. Even if you only make an extra $500 or $1,000 one month, that could potentially pay for your hotel room and airfare.

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