Best Practices to Save for Your Summer Vacation

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Planning for a summer vacation often begins in the spring, but the earlier you can start, the better. This way, you’ll have less hassle finding the accommodations you want. Plus, the extra time will give you more opportunities to explore your future destination’s excursions and other amenities. 

But if you’re wondering how to budget for your dream vacation, you’ll be happy to know with proper planning, that trip to Greece can become a reality in just a few months. Consider these best practices to save for your summer vacation:

Create a Vacation Budget Early

Getting a head start on planning your summer vacation allows you extra time to hunt for the best prices on hotels, airfare, rental cars, and more. But first, decide where you want to go. Then, start researching how much your trip will cost. If you aren’t sure how much you’ll be spending, make an estimate and add it in. 

Once you have an idea of the total cost, you might consider opening a savings account that you can designate as your vacation fund. For example, if you’re planning a vacation that will cost $1,200 in six months, you’ll need to save $200 per month. Plan to make monthly or weekly contributions to your fund and watch your savings grow.

Utilize Savings Tools and Resources

Another convenient way to save money for your vacation is through online banking apps such as Monorail. The app allows you to create wish lists where you can deposit money as frequently as you want. Additionally, it connects directly to your banking account and allows you to track your savings progress. And, best of all, you’ll be saving for all the things you want without having to finance them! Indeed, this savings resource is a handy tool for people looking to save and reach their financial goals.

Earn Extra Money for the Vacation

Taking on a temporary side hustle to fund your summer vacation might be another good idea if you have extra time to spare. Consider remote work that matches your skill sets. Or, if a part-time job doesn’t fit your schedule, you might hold a yard sale.

Purging your closets and selling unwanted items through online platforms is another way to add to your vacation bankroll. And if you have an extra room in your home that you aren’t using, consider becoming an Airbnb host. Use the extra money you earn for renting out your space as your vacation savings. Before long, you’ll be on your way!

Cut Back On Expenses

It only makes sense to suggest cutting back on expenses. Overcome the urge for impulse shopping, or instead of eating out twice a week, cut back to once a week for a while. You’ll quickly realize how much you could have been saving all along by eating at home more often. The ideal scenario includes taking the money you would’ve been spending and depositing it into your vacation fund. The less money you waste now, the more you’ll have to spend later on the fun!

Bon Voyage!

By planning early, you’ll have much to look forward to as you watch your vacation savings grow each month. Consider the aforementioned practices, and don’t forget savings tools that can help you save for your dream getaway. With these tips and tools in place, you’ll soon be on the road or sailing away to a destination of your choice. Bon voyage!