How To Save For Vacation

by How To Mommy on 03.15.12

Families today are cutting back on their expenses and making an effort to live below their means.

The recent economic conditions have reminded many families about the benefits of buying only the necessities and saving for a rainy day.

Many families have already made significant budget cuts. Many have shopped for cheap house insurance, auto insurance, and homeowner’s insurance using a price comparison site. They have adjusted cell phone and cable plans to save money and have made other similar changes.

Yet families also need to take time to really enjoy life, and taking a vacation from time to time is a great way to relax, spend time together, and share wonderful, new memories.

Saving for a vacation can help you to avoid making unnecessary charges to your credit cards.

Plan Your Vacation

Before you start saving for your vacation, it is a good idea to plan it out. By planning your vacation today, you will have a firm idea about what your vacation will cost. This provides you with a target amount you want to save for as well as a time line for saving that money.

Consider all related costs of your vacation including hotel, airfare, rental car costs, food and gas, money for souvenirs and excursions or tours, and more. It is a good idea to over-estimate than under-estimate on vacation costs. After all, you don’t want to run out of money on your vacation.

Establish Regular Savings

Once you understand more fully what the cost of your vacation will be, you can adjust your regular savings
accordingly. Consider how many pay periods you have available to save between now and the date of your vacation.

Then do the math to determine how much money you should be saving each pay period. If you find that the amount of money you need to save is more than your budget will allow, you can consider either moving your vacation dates farther into the future to allow more time to save or making changes to your vacation plans to cut down on expenses.

It is often best to establish regular savings through an automated draft on your account.

Saving Extra Money For Your Vacation

Many families may find that their budget still does not allow them to save the full amount of money they need for their vacation. You can consider making a few additional changes to your spending habits in order to save extra money for your vacation. With the motivation of paying for a vacation, the whole family may be interested in contributing to the savings effort.

Consider cutting out meals at restaurants entirely and finding fun, free activities to do on the weekends and evenings. You can even cut out cable or satellite TV altogether and opt for more affordable streaming video options. When your family bonds together to find ways to save, planning and saving for your vacation may be as memorable and fun as the vacation itself.

After making these efforts to save for a vacation, you will be able to more fully enjoy your getaway knowing that it is completely paid for with cash. More than that, once you return home, your family will be in the habit to regularly save.

This can help you to more easily save for that next big vacation your family takes!

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{ 2 comments… read them below or add one }

1 whiskybaker March 16, 2012 at 8:36 AM

Some very good advice! I think it just helps to sit down and plan it all out. Once you break it down the impossible seems very doable.

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2 Alysa March 18, 2012 at 6:51 PM

Excellent advice! We have been attempting to save for Disney for over a year. Maybe sitting down and planning everything will help us a little better. 🙂

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