A vacation is supposed to take you away from the daily grind and help you de-stress completely; but that’s easier said than done when you are wondering how you are going to manage all the travel-related expenses.
If you feel the urge to take a break and head out on that much-needed getaway, it’s probably a good idea to start saving for a vacation.
Like, REALLY saving.
While this may seem like a Herculean task, all you need is a bit of creativity to fatten up your bank account and be vacation-ready without having to take out a loan for it.
Here are a few effective ways to save money for a vacation without breaking the bank:
Open up a new bank account specifically for your vacation
This may seem like overkill, but the best way to save for a vacation is to open up an exclusive vacation savings account; set up automatic payments to it and make it a point not to dip into that money until you are ready for your trip.
If you open up an interest-bearing account, the dollars will build-up even as you wait for the right time to take the vacation.
You should consider setting up the account with an online bank; some of them also offer bonuses when you open new checking accounts.
Some of our favorites include:
Barclay Online Savings Account | 1.30% APY
Synchrony Bank | 1.30% APY
GS Bank | 1.30% APY
See what can be cut out of your food budget for the month
For most people, especially those with kids, food represents a significant monthly expense.
Take a look at where you can trim these costs and notice that after some time there is a comfortable amount of cash for your getaway.
You can easily save some money by shopping at farmers’ markets or purchasing food products in bulk. Some affordable grocers also make it convenient to purchase products at a cheaper cost than competitors.
A Few of our favorites include:
Aldi – Retail chain selling a range of grocery items, including produce, meat & dairy, at discount prices.
Trader Joe’s – Grocery chain with a variety of signature items, plus produce, dairy & more (most sell wine & beer).
Little known fact: Aldi OWNS Trader Joes. Yep, it’s TRUE.
Consider growing vegetables in your backyard or even refrain from buying those goodies that can be categorized as luxuries.
In simple words, be smart with the way you spend your money.
Leverage your current vehicle
You can rent out your car or check which communities will pay you to use your vehicle to carpool to work. Alternatively, you may be able to make some money on the side as a Lyft or Uber driver.
Also, sidenote, a new company called TURO has made renting out your vehicle when not in use a reality.
Consider picking up a side job
Taking up an extra job may seem like a lot of hard work that will eat into your leisure time, but you should keep your goal in sight and look at it as the best way to save money for a vacation.
If you work consistently at an extra job for a few months, that can add a sizeable amount to your vacation fund to allow you to enjoy a stress-free vaca.
With the emergence of Digital technology there are TONS of things you can do without leaving your home! Some of these include:
There are TONS more!
So, buckle down, prepare and save for that trip to Dubai. It will be WELL worth it!