Tips on Saving for Your Summer Vacation

Summer is quickly approaching, and you might not have thought about an awesome summer vacation yet, but it’s never too soon to start planning. Summer vacations can cost thousands of dollars and can break your budget if you don’t plan ahead. The last thing you want is to be worrying about the cost of your vacation while you are supposed to be relaxing. Here are some tips to help you save for that most amazing vacation.

Set Up a Separate Vacation Savings Account Saving money can be hard, especially when it is readily available to you. In our culture of being materialistic, it is easy to overspend. To keep from doing this, you want to set up an account allotted for saving for your vacation. Make it unavailable, and the urge to spend it will diminish.

Utilize Automatic Transfer The easiest way to get your money into an account without realizing it is with an automatic transfer within your bank. Most banks will let you set up an automatic transfer from your checking to your savings each time you get a paycheck. If you have direct deposit, you can set up an allotment to go into your vacation savings account each pay period.

Determine Your Vacation Costs Now Set up your costs for your vacation now. It’s important to make a budget for your vacation including everything that you think you will spend. This way you will know how much you need to save and how you can allocate the money from your paycheck.

Use Your Tax Return This is a perfect source to use as a big chunk of your summer vacation savings. Of course, your aim is to not have a huge return, but if you do, put it towards this cause.

Cut Out Extras Are you spending money on expensive coffee, or eating out for lunch every day? These are simple things to change to save a little extra money each month. Even an extra 20-25 dollars a paycheck can add up quickly. The great thing about saving for a goal is that the cutbacks are not permanent. You never know, you may realize you can live without these extras, and save even more money throughout the year.

Save Your Change This might not be the ideal way to save for an entire vacation, but it may help with the parts like gas and meals if traveling on the road. Grab a jar and clear out your pockets and coin purse each week. You might be amazed how change adds up quickly.

Sell Your Stuff There’s bound to be things around the house that you are not using that could be worth something to someone else. Consign clothes and household goods to earn some extra money. Have a garage sale. Not only do you get money for your vacation, but your home becomes less cluttered with the stuff you don’t use.

Even if you employ these strategies, but still feel like you won’t have enough for that great summer vacation, you can scale back this year. Try all inclusive, or visit spots that aren’t as popular during the summer, therefore, less expensive. If you can’t make the vacation of your dreams happen this summer, start saving earlier this year and you will be likely to reach your goal.

Contact Carolina Money Minders for more help on how to save!