Vacation planning is exciting — it’s the chance to get away from reality and rejuvenate. But finances always play a factor; saving is essential to having the vacation of a lifetime without heading into debt.
Angel Bernal Robles of Montgomery says that with expert tips such as budgeting early, cutting back on monthly spending, earning extra income, and utilizing cashback rewards, travelers can plan and save for a truly memorable vacation that won’t leave huge holes in their wallets.
Saving for the Vacation of a Lifetime
The whole ordeal becomes easier with these five suggestions:
#1 Beginning Budgets Early
How much will it cost to go on vacation? Those who know where they want to go can easily work out this. But for others who aren’t sure, take a guess. Ideally, people should choose a figure they can comfortably save for to avoid disappointment.
With this figure in mind, certified financial planners suggest opening a new checking account to use as a vacation fund. Setting up automatic monthly contributions on payday ensures payments are never missed.
The earlier individuals start this process, the easier they’ll find saving for their memorable vacation.
#2 Using Cashback Rewards
Cashback credit cards allow shoppers to obtain money back when shopping at an array of retailers. Since they were going to spend that money anyway, they utilize the cashback to plump their vacation fund.
#3 Increasing Income
While it’s often easier said than done, starting a side hustle for a bit of extra cash to fund a vacation is a viable route. With many companies looking for remote workers, now may be the most lucrative time to hop aboard the WFM train with a side gig.
#4 Slashing Expenses
For people who plan to go on a once-in-a-lifetime-esque vacation, cutting back on at-home expenses is a must to accelerate their trip. From canceling unused subscriptions to switching broadband providers, small changes could equal big savings, freeing money for vacation use.
#5 Avoiding Impulses
Last but certainly not least, individuals can increase their vacation savings by avoiding impulse shopping and eating out at restaurants multiple times a week. While some may argue these luxuries make life worth living, it’s one of the best tactics to employ when planning for a truly memorable trip.
Preventing Vacations from Negatively Impacting Bank Accounts
Arriving at dream-like destinations can be enough to make anybody forget (or no longer care) about their budgets. But the relaxing, jovial time can be quickly ruined upon realizing all that enjoyment has made a massive dent in vacationers’ wallets.
To prevent this less-than-ideal scenario, holidaymakers should follow these top tips:
- Only use a prepaid Visa or debit card when on vacation
- Set a daily spending limit
- Cook some meals while away to limit money spent on food
- Use a travel credit for perks and cashback rewards
Following the tips and tricks above ensures vacationers have a fantastic time away and when they arrive home. Vacations that don’t break the bank are memorable for all the right reasons.