The travel season is here and a lot of people want to go on vacation but their bank account won’t allow them. If you have not started saving, it is not yet too late, You can start now. With a little creativity, you can bulk up your bank account and be ready to hit the road or beach in style, without going into debt to do it or breaking the bank.
Open a dedicated bank account
One easy way to save for a special trip is to open a dedicated vacation savings account. If you choose a high-yield savings account, your money might even grow a bit while you’re looking forward to your trip. You can open a savings account at your local bank, but if you go with an online bank, you’ll be less likely to withdraw the money. Set up automatic payments on the account, and, with a little restraint, leave that money there until it’s time for your trip.
Create a savings goal
If you budget for your trip in advance, you don’t have to spend time stressing over your spending while you’re on vacation. Research the costs of your expected expenditures, such as airfare, rental cars, gas, hotel stays, meals, souvenirs, special excursions and tickets to attractions or events. After totalling those costs, you’ll have an estimation of how much you’ll need to save. Afterwards, create a saving goal and ensure you achieve it.
Download money-saving apps
Take advantage of technology for extra assistance with saving for a vacation. There are so many apps that you can download and will help you automatically transfer money to your savings account. Some of these apps use an algorithm to calculate how much money users can afford to have pulled from their checking account without causing them to overdraft. You can even set a vacation savings goal within the app.
Cut back on your monthly food budget
For many households — especially those with little ones or teenagers running around — food can be a huge monthly expense. Shave a little off the top and in no time, you’ll notice you’ve got some extra cash to put toward your getaway. Save money by buying in bulk, by shopping at farmers markets. Or simply look for a few items you don’t really need, like soda and treats, and keep them out of your grocery cart.
Use your car to make a little cash on the side
Why not use your car for a little extra income? You could make additional money as an Uber or Lyft driver or set up a carpool and charge coworkers for rides. If you’re flying to your destination and want to park at the airport for free, let you can rent out your car to other travellers while you’re gone, and you could have a check waiting for you when you return.
By Damilola Faustino
Read also: Tips For Taking The Perfect Vacation Photos