There are plenty of ways you can enjoy your getaways; be it a cruise, a road trip or taking a flight to that dream holiday destination for some days or even weeks with friends, family or just by yourself. Vacations or holiday trips are necessary for any human because they allow time to reflect, unwind and have some fun. However, this may not be a reality if at all you’re constantly in deep though and stressed about how you’re going to pay for it. Well you don’t have to spread yourself thin to make this a reality why, because there’re plenty of ways you can financially plan for as many vacations as you want within a year without going into debt or ‘robbing a bank’. Thus, there are few simple tips to help you save money for vacation.
How to save money for vacation
Simple tips to help you save money for vacation
It is important to set a timeline and fix the date you’re going. Ensure its a few months or a year prior to. This way you will have ample time to prepare.
1. Open an exclusive bank account
Saving for vacation is one of the best decisions so as to ensure its success. A savings account is a good option. Better still you can opt for a high-yield account because with that you can earn some extra income in form of interest. Ensure you make deposits constantly to build it up. Some moneys like gifts from friend, change you get from shopping etc. will go a long way.
2. Make budget estimation
It is important to budget for your gateway in advance. That way, you will avoid unnecessary stress about the costs. A simple research would be better to know the cost of travel tickets, meals, stays, rental cars etc. This will give you a clue about how much you’re expected to save at the end of the day. For instance if the estimated cost is $3,000 and the vacation is one year away, you will be required to set aside at least $250 per month.
3. Look for a side job
If your regular income may not help realize your dream vacation, a side job can be an alternative depending with your daily schedule. Examples of these jobs include home tutor, online freelance, Emcee, personal trainer etc.
4. Work extra hours
This is only applicable to the people that are paid per hour and their employers’ work policies allow for overtime payment. Request your supervisor if it is workable. If yes, ensure your employer is well informed about it.
5. Trim your variable expenses
Variable expenses are the home expenses that keep on changing month after month e.g. groceries, entertainment, car/home maintenance, clothing etc. For instance, if you’re used to buying new clothes every month, you can decide to forego that expense for some time and save the money for your vacation.
Achieving your dream vacation is never that hard as many people would think; after all it’s a once in a while adventure. Remember though, when you’re making the financial sacrifices and trade-offs, do not over-do it. If you discover you’re straining yourself at the expense of a vacation, just expand the time frame and in the meantime, go for a weekend gateways in nearby hotels/resorts.
Licensed Moneylender in Bugis– Singa Credit Pte Ltd
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