Money Saving Tips for That Next Big Vacation

saving for a vacation

Being able to afford a major vacation is not always easy, and not something that can be done without actively saving. If there is a once in a lifetime trip you have always wanted to take, or a big anniversary or event you want to celebrate with a trip, saving up for them can take a considerable amount of time. The last thing you want to happen is that you keep putting off opportunity after opportunity because you have not planned and started saving money.

Try some of these money saving tips that cause minimal disruption to your life and will have you on your way to saving for that next big vacation in no time.

New Account

One of the biggest reasons for not being able to save money is that people often go into the money that they have mentally set aside. To help save for that big trip and keep yourself from dipping into money for vacationing, set up a new account at the bank. The new account should be designated just for your vacation fund, and being able to see the amount available to you month to month also serves as motivation to keep saving, or to save even more.

Limit Your Petty Cash

A lot of people agree that they spend more by the end of the month than they were aware of, and that spending is the result of swiping at the register on a whim. Budgeting the miscellaneous expenses is always easier when you limit the amount of petty cash you have on hand because it is easier to see how much you have spent and how much more you can spend.

Do this by pulling out a specific amount of cash at the beginning of each week that you allow yourself to use, and put away the credit and debit cards. Once the cash is out, your spending is done.

Make Saving Automatic

To ensure that you are putting something into the new bank account each week or month, set-up automatic deposits. Automatic deposits, like automatic payments, that are arranged each month give the savings the same status as your monthly bills and when your money is removed every month it is easier to arrange and avoid spending.

Reward Yourself

Setting up at least one account with redeemable rewards is a smart money choice and trip planning tool. You will be saving for a big trip for a significant amount of time, and that time can be used to accrue travel rewards. Flights, hotels and car rentals can all be redeemed through credit card spending when you plan it out right. Look for a card that will save balances out the interest fees that you will have with the ability to earn you the most rewards. This is one of the easiest ways to make your money work for you.

So tell me, where is your next vacation to?

Comments

  1. I have to say, I have a big trip that I would like to go with in the spring of 2015 but money is tight. I do like your suggestions and think I'm going to implement some of them. Thanks Kim!
    My recent post Black Dog Village Pub and Bistro– Bayfield, Ontario–Hit & Miss -The Beer Was Good – Restaurant Review

  2. I have an automated saving account and it is included in my budget.. Those are great tips. We are heading South the upcoming vacation.

  3. Thanks for sharing! i love to travel and wish that i could have an unlimited budget to do so with, unfortunately i dont, so i really appreciate tips like these.
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  4. I would really like to bring my family to New York because my son wants to set foot on the One World Trade Center and although I am saving up for that, it is just not enough yet. We are four and so it would really cost a lot. Thanks for these tips!

  5. Jeff Skidmore says

    Just got back from our honeymoon where we went to Vancouver, Tofino and Seattle. Will head out to St. John's NL this fall to visit family!

  6. Great ideas! I like the idea of giving yourself an 'allowance' in the week.. It would really keep you mindful of excessive spending.

  7. Ann Bacciaglia says

    Great tips! I really need to budget better but I find it hard!

  8. sababa613 says

    These are some great tips! thanks for the motivation!
    My recent post Etsy Seller Tips – Branding and Creating an Identity

  9. Awesme tips!! Inever thought of opening a new acct
    My recent post Frugal 101 : Renting vs Buying

  10. It is so easy to just swipe and go, but I prefer using cash to stay on budget too.

  11. The Domestic Diva says
  12. mongupp (@mongupp) says

    I would love to take my girls to New York City. Better start saving!

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