How to save for your summer vacations in 2019

How to save for your summer vacations in 2019

Summer can be the perfect time for a holiday, but sometimes traveling in the summer is not cheap. The warm climate, combined with the fact that children are on holidays, can result in expensive flights, less availability in hotels and resorts, and additional costs that make summer travel inaccessible to people. Summer vacations can undoubtedly cost thousands of dollars, exceeding your budget if you are not ready. 

If you want to take this summer trip, but have not started planning yet, it’s good to start now. However, there are many ways to save up for this year’s summer trip, but you have to be adaptable and imagine outside the box. Even if you have to commit to a budget, it should not be as complicated as you can imagine. It only requires planning, forecasting, and motivation. 

Read how to start saving for your vacation so as to be able to enjoy the vacation you dreamed of 

Create a budget 

The first step to save on vacation is to plan for it. Before you even think about your savings, plan where you want to go, where you want to stay and what you want to do while you’re there. During the planning, considering the cost of airline tickets, accommodation, food, and activities is essential. Once you have planned a lazy roadmap, calculate the total estimated cost and enter it in the schedule for the scheduled departure date. Count the numbers of weeks that is remaining before the departure date to know how much time you need to save. You now know how much you have to pay each week to pay for the trip of your dreams. Consider this “future expense” instead of saving yourself or depriving yourself of the popular entertainment, a system that financial advisors find most mentally-effective. 

Learn and understand Travel Hacking 

If you have a credit card, you probably have already accumulated points and milestones. Travel hacking is a strategy of deliberately using credit cards to maximize the number of reward points you earn.  More points mean more opportunities to travel with little or no money! There are also smart solutions to get the most out of loyalty programs. From the hotel to your rental car and your flights, you should never travel without receiving a reward. 

Create a separate holiday savings account 

It’s hard not to spend money. If you realize you are available, you will probably spend more. It is an unfortunate side effect of the mundane nature of our culture. However, if some of your money is not available for shopping, it will not be possible to enjoy your vacation to the fullest. An uncomplicated way to do this is to open a separate savings account just for the vacation fund. 

Choose a destination with free entertainment 

Vacations will mostly invariably be cheaper if the chosen destination has its entertainment value. With typical beach holidays, for example, children can be very busy playing on the sand and sailing. If you decide to spend a vacation in the mountains, you can take care of your family and explore the outdoors. And in vibrant cultural cities, you’ll often find music on the streets and many museums or historic sites free. 

Some vacation packages also include entertainment as part of the trip. Cruises and resorts are a good example. After paying your rate or room, most of your activities and entertainment options are included. 

Be flexible with your plans 

Do remember that traveling during the week can save you money. This type of flexibility can help you save on other parts of the trip. If you can get one of these insalubrious flights before dawn or late at night, can help you save more money for the trip. 

Make weekly contributions 

Even if you fancy a monthly budget to organize your income and expenses, consider creating a separate implementation category in which you can contribute weekly to the summer vacation fund. Making a habit of making money in the summer vacation fund every week instead of every month can help you save money for a particular purpose, a higher priority in your life. Whether in the form of a check, bank payment or merely a transfer of funds between weekly accounts, add it to your calendar, so you do not miss the opportunity to accumulate this savings account. 

Take online loans only in case of emergency 

Taking online loans for vacation purposes usually are easier to secure than their equivalents if you have decent credit. The applying process is much simpler, and you need to know immediately if it’s time to book a flight. However, your loan will not be without interest. Many credit cards offer extended interest-free interest periods, provided you do not exceed a certain percentage of your line of credit and pay your balance before the end of the period. Nonetheless, it is advisable not to consider taking online loans when planning a vacation unless in the case of an emergency. 

Sell things you do not want or do not need 

When was the last time you checked your inventory at home? Most likely, there are many things that you have not touched over the months or the years. The same goes for the clothes rarely worn in the back of the cabinet and the tools that barely reach the corner of the garage. 

The good news is, however, that selling stuff you don’t use again is easier now, whether online or through a traditional garage sale. Even if you can collect an additional $400, it is better to keep this money in hand and use it rather than allow them to accumulate dust which might make them wear off with time. 

Use economic and budget applications 

If you’re having trouble tracking your daily expenses or if you cannot achieve your savings goals, use money budgeting apps to manage your budget and cash flows smoothly. By introducing your expenses and saving in real time, it is much easier to define and achieve your financial goals. It can also increase your knowledge of your spending habits. 

Last words 

Remember to combine these strategies to maximize your vacation fund. If you think you cannot save enough for your vacation, choose a cheaper one this year and start amassing in the fall for next summer. The more you plan and save early, the more likely you are to reach your goal. Should you finance your vacation this year with an online loan? Honestly, it’s not a bad idea, but you have to analyze the pros and cons carefully. However, only consider it if that’s the last way out. 

Author Bio: 

Kathy Weirr is a seasoned writer with in depth knowledge of FInancial Management. She’s featured on many prominent financial blogs, and works as a financial writer for several clients in USA & Canada.