Vacations are a must so it’s important to learn How to Save for your Next Vacation without Compromising your Quality of Life.
They provide the self-care you need to unwind, unplug, and get yourself back to feeling ‘good.’
Whether you’re overworked, tired of the same thing every day, or just need a break, a vacation does the body, mind, and soul good.
But how do you save for it without feeling like you’re sacrificing today?
Optimize your Spending Based on your Rewards Credit Cards
If you have good credit and can use credit cards responsibly, consider rewards credit cards.
If you plan to fly to your destination, consider an airlines reward credit card that allows you to earn miles for your trip.
If you aren’t flying, consider credit cards that offer cashback rewards or gift cards that you can use on your vacation.
Every time you spend, you’re saving for your vacation too.
Start a Side Hustle
If you have some free time, consider starting a side hustle.
There are hundreds of jobs you can do from home, including taking market research surveys, using cashback shopping sites, data entry, freelance writing, and transcription.
You can even start a side hustle that you work outside of the house.
Consider driving for Uber or Lyft, delivering for Uber or DoorDash, or walking dogs for Rover.
Cut Back on Monthly Spending
Everyone has room in their budget to cut back on expenses without feeling like they’re sacrificing.
Take an honest look at your spending – where could you cut back? Look at things like:
- Excessive clothing expenses
- Eating out too much
- Coffee shop spending
- Online shopping habits
- Gym memberships you don’t use
- Memberships or subscriptions you pay for and don’t use
Make Room for Savings in your Budget
Always pay yourself first instead of waiting until the end of the month.
When you get paid, move money directly to your emergency savings (money in case you have unexpected expenses, lose your job, or fall ill).
Next, move money to your vacation account, then use the rest to pay your bills and cover your monthly spending.
Your budget should always have line items for your emergency savings account and your ‘fun’ savings account for saving for things like vacation.
When you choose your savings account, make sure it’s at a bank that offers a high-yield interest rate.
Find Ways to Save on Vacation
Vacation doesn’t have to be expensive, even if you go to the most luxurious destinations.
Visit at off-peak times, fly during the week, avoid staying at a hotel on a Saturday night (if possible), and look for coupons for the area.
If you aren’t sure how to save on vacation, contact a travel agent or look online for ways people save at the destination you’ll be visiting.
There are plenty of ways to save for vacation without feeling like you’re sacrificing.
Small, consistent changes, and consistent deposits in your ‘vacation fund’ will get you the money you need or want to take your dream vacation.
Think outside the box and get creative with how you make money and save it and before you know it, you’ll be on your way to crossing another destination off your bucket list.