Just about everybody needs a holiday once in a while. When it comes to family vacations, they tend to take place around the summers, when children have breaks from their schools.
It is not uncommon for parents to worry about how they will manage their finances in such scenarios. Fortunately, following a few simple measures can, quite literally, take you a long way.
Saving for the Vacation
While setting up a separate savings fund for your next summer vacation is a good idea, do not keep the money in your checking account or at home. This is because the money remains accessible and you might end up spending part or all of it.
Instead, set up a savings account specifically for this purpose. When doing so, compare the interest rates offered by different banks, online ones included. Consider setting up a recurring deposit coming in from your checking account every payday.
Here are other tips that can help you save some money for your next summer vacation:
- Cut down on expenses such as cable TV, pet grooming, professional car washes, and eating out.
- Use the money you get from your tax return or annual bonus
- Get a part-time job or moonlight as a freelancer
- Use credit cards that come with travel reward points
- Sell items you no longer use or need
Planning for the Vacation
You need to know how much you might money you might require on your vacation to decide if your plan is workable. While airfare and accommodation typically account for the biggest expenses, there are
other aspects to consider as well.
For instance, if you’re taking a road trip, determine how much money you will end up spending on fuel. Other costs can come in the form of:
- Eating out
- Paying for entry tickets
- Road Tolls
- Car rental
- Taxi fare
- Public transportation
- Buying souvenirs
- Boarding fees for pets
If you plan to take a fight to your destination, go through the internet to look for discounted airfare. Look for offers that you can use toward your accommodation. If you’re planning a road trip, get your local mechanic to give your car a once-over to minimize the chances of your requiring expensive emergency roadside assistance along the way.
Saving When on the Vacation
You don’t have to burn a hole in your pocket on your vacation, especially if you take advantage of local offers. After you’ve decided where you want to go, turn to online platforms such as Groupon, Amazon, Local Deals, and LivingSocial to look for region-specific offerings. This gives you the means to experience new places in an affordable manner.
Using Your Credit Card
Unless you have a well thought out repayment plan in place, consider not using your credit cards at all. After all, you don’t want the financial burden of one vacation troubling you for years to come.
If you take your credit cards with you, there’s a good chance you’ll use them, and you might end up spending way more than you had planned.
You don’t have to view summer vacation as a financial nightmare, especially if you play your cards right. Start by saving some money regularly, and make your plan in advance to get the best deals.
Refrain from using any kind of credit to finance your holiday, because paying it off might be easier said than done.
About the Author
Jon works as a researcher with iCompareFX. This website lets its users compare the world’s top overseas money transfer companies and also gives them access to special offers. Outside of work, Jon is passionate about discovering new music.