How to Save Money for Your Upcoming Summer Vacation By Finance Solutions
NEW YORK, June 13, 2018 /PRNewswire-PRWeb/ -- Vacations can provide better health and happiness, along with increased productivity at work. Despite the benefits, finances cause many families to forgo paid time off from work every year. Recent estimates confirm that American workers only used 54% of paid vacation days.
Even with paid vacation days, families who failed to set aside money throughout the year may wonder if it is feasible to plan a family getaway. Fortunately, you can use the following strategies to save the money needed for your upcoming summer holiday.
Start with a Budget?
The first step to any getaway is knowing how much money you need for the trip. Without a budget, you will likely spend more than you have and run up debt in the process. The most important factor in the cost is where you decide to travel. Be realistic. If you have not saved ahead of time, you can still enjoy a low-cost regional destination, which can offer many of the same benefits of a more expensive or exotic holiday.
A long weekend trip to the beach or a nearby lake can provide a sense of rejuvenation at a fraction of the cost of flying your family to a destination. Enjoy the outdoors with a vacation to the mountains, or travel to another state you have yet to explore. Outlets such as TripAdvisor can help you plan for the cost of activities and hotels, thus giving you an accurate budget for your trip.
Save on Lodging
Where you stay will be a major portion of the budget. You can save money on lodging by finding last-minute deals, vacationing at a less popular destination, or a less popular time of the year. Other ways to reduce the cost of accommodations include staying with family or friends, camping, house sharing on a website such as Airbnb, cabin rentals in state parks, or home exchanges.
Save on Food Costs
Eating out three times a day will drive up food costs. To save money, you can choose accommodations with cooking facilities. Even a microwave and mini-fridge can significantly lower food cost by allowing you to heat up a meal or store cold drinks. You can also bring a cooler, pack picnics, or stay in a hotel that serves a free breakfast to keep costs in check.
Your budget should include the cost of driving to the destination and an allotment for souvenirs. Once you have an estimate in mind, tabulate the number of weeks before you leave to determine the amount you should set aside each week to pay for the trip.
Reduce Spending
Based on the amount you need for your vacation and how much time you have before departure, you can cut unnecessary costs to increase savings. Consider eliminating cable for a few months by freezing the account or cutting food costs by eating out less.
Automatic Transfer
One of the easiest methods of saving money is through an automatic transfer. Each payday, put a set amount in a separate account. Some people prefer to put savings in a different bank, so it is harder to access. Leaving funds earmarked for a holiday in the checking account will tempt you to spend the money on impulsive buys rather than save for your upcoming vacation. An automatic transfer means you only make the decision to save once. Then each payday it automatically goes to a savings account. If your employer does not offer the option to split your paycheck into multiple deposits, you can set up the transfer through your bank. When money is not readily available, you are less likely to spend it on other things.
Tax Return
Earmarking tax refund money can cover all or most of your vacation costs. The average family of four spends $4,580 on vacation, amounting to $1,145 per person. With the average refund at $3,120, the windfall can go a long way to contributing to the cost of your trip.
Every Penny Counts
Almost eight in ten people carry less than $50 in cash on a regular basis. Fifty percent of Americans carry $20 or less daily. When you pay with cash, save the change. To increase the amount faster, save both change and $1 bills at the end of each day. Over a couple of months, it will create a slush fund for your vacation.
Begin a Side Hustle
When you are short on cash, working a side job can help you save money fast. Today, there are many ways to earn money on a temporary basis.
Deliver food: Online companies such as Postmates or DoorDash allow nearly anyone to deliver food to others who order takeout. To ramp up your hourly rate, work during peak hours and earn bonuses through company incentives. In addition to the delivery fee, you can also receive tips. These jobs allow you to work around your current schedule.
Walking pets/pet sitting: Taking care of animals for others on vacation can provide a solid side hustle without requiring special skills. Advertise your services on websites like Facebook or Craigslist or spread the word to friends and neighbors.
Babysitting: Watching children is not just a job for teenagers. If you enjoy kids, offer to babysit while parents shop or go on a date. You can also watch children for someone working an evening shift when it is harder to find daycares.
Get paid to teach. Use your current skills to teach others in person or online. People are willing to pay others to learn a second language, play an instrument, cook, or just learn a new skill. Another market for tutoring, are students who struggle with a subject you know well. Increased competitiveness in school leads parents to seek tutoring for children of all ages and skill levels.
Spring Cleaning
In a survey of 1,015 adults 18+, 66% participated in spring cleaning, which is the perfect time to earn extra money while getting rid of items you no longer need or want. Go through your clothes, shoes, books, DVDs, kitchen appliances, and tools to find items to sell. Closets and the garage are great places to find unused items to sell. If you have not used the item for more than six months, consider selling it. Yard sales and consignment shops are great places to get quick cash. Online options include websites such as Let Go, Facebook Marketplace, Amazon, or eBay.
Before you resign yourself to a staycation or forgo a vacation all together, consider using these methods to save money. It is possible to enjoy your summer holiday without adding new debt, even with a late start.
If you are struggling with large amounts of high-interest credit card debt, contact the specialists at Finance Solutions today at (855) 331-4852 to receive a FREE debt analysis. They will review your current situation and develop a customized plan to help you reduce your credit card debt.
About Finance Solutions
Finance Solutions is a leading financial services company that provides information about debt relief programs which are designed to help consumers achieve payment relief and reduce debts. Founded in 2007, Finance Solutions works with individuals struggling with debt to explain their options and develop a customized plan. Finance Solutions has helped thousands of consumers reduce their credit card debt through strategies that align with their budgets and goals. More information can be found at http://www.financesolutions.org.
Shift4 , the leader in integrated payments and commerce technology, will release its first quarter 2024 financial results before market open on Thursday, May 9, 2024. Management will host a live conference call at 8:30 am ET to discuss these results....
The global digital lending market size is estimated to grow by USD 19140.24 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 19.89% during the forecast period. The digital lending market is experiencing...
Calling attention to the growing problem of construction industry tax fraud, the United Brotherhood of Carpenters (UBC) is proud to expand the 'Community Builder' recognition campaign to shine a light on some of the many contractors who play by the...
Attorney Advertising- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Sonder Holdings Inc. ("Sonder" or "the Company") and certain of its officers....
Cresilon Inc. ("Cresilon"), a Brooklyn-based biotechnology company focused on hemostatic medical device technologies, today announced it has entered into distribution agreements for its revolutionary hemostatic gel, VETIGEL®, to be sold directly to...
Beard Club is thrilled to announce the debut of its beard trimmer, body trimmer, and premium beard care products at Target stores across the United States. This strategic partnership marks a significant milestone for Beard Club as it expands its...