How to Save Money for Your Family Vacation

Going on vacation is a luxury but it is one that most people can afford. Vacations can be taken for a price that you can afford as long as you plan ahead. If you want to go away with your family, but you are not sure where to get the money from, there are some simple ways that you can save for your trip. Here are five ways to find the money for vacation.

Reallocate the dining out and shopping budget

If you know that you want to take a vacation in the upcoming months, the best way to find money is to reallocation it from other places in your budget. Instead of dining out, cook at home and put the money that you would ordinarily use to dine out towards your vacation savings. Cut shopping out completely except for needs and groceries. This money should also be put inside of your vacation savings account. The reason you want to stop shopping and eating out is because going without these fun things for a few months will make it much easier for you to afford a vacation.

Get a separate vacation account

If you are constantly adding to and using money from your personal checking and savings accounts, this will make it difficult to see what you have actually saved for your vacation. Open up a checking account for the vacation itself, so that you know exactly how much money you have to go towards your goal. This can help you save faster and it is also a good way for everyone in the family to be able to contribute and see the goal moving up.

Find inexpensive gift cards

If you can find or purchase gift cards at a discount, you may be able to save on vacation. For instance, some hotels, airlines, and many restaurants offer gift cards and gift certificates. If you can find a gift certificate at a good discount, you may be able to purchase this and use it towards your accommodations or towards dining out while on vacation.

Work an extra day each week

If you have a saving’s goal, one of the quickest ways to meet it is to get more hours in at work or take on more projects. Once you plan for a vacation, decide to work one extra day a week on average. This can mean that you spread out the time and work an extra hour and a half every weekday, or you can take on a part-time weekend job and work a few hours every day. Dedicate this money towards the vacation.

Look to earn rewards

If you can do surveys for extra money or earn rewards from your credit cards or phone apps, you can use these to get extra cash. If you can take out an installment loan for the vacation, you may be able to pay it off with the rewards that you earn and cash in, without having to use your regular paycheck. Earning rewards is the perfect way to pay for or pay off a vacation.

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