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SIX WAYS TO SAVE FOR YOUR DREAM VACATION

SIX WAYS TO SAVE FOR YOUR DREAM VACATION

SIX WAYS TO SAVE FOR YOUR DREAM VACATION

Spring is just around the corner, and many of us are starting to dream big about possible getaways and vacation trips. But sometimes the monthly budget gets in the way of fulfilling those dreams. There are ways to turn those dreams into real plans. Here are a few suggestions on how to save enough to finance great summer trips:

  • BUDGET! If you do not have an established monthly budget, start one now. Budgeting is easier than ever with available budgeting apps such as MINT, which tracks expenses, manages account balances, and even gently reminds you when bills come due. Every week, Mint sends a snapshot of your spending, which will keep you on track for large, long-term expenses. Check your app store for other free-to-download  budgeting apps. Tracking your spending will help you determine how much you can set aside each month for your vacation.
  • Sacrifice now to reap the benefits later: You might be surprised how some minor alterations to your discretionary spending can contribute to your vacation plans. Fewer dinners out, fewer impulsive purchases, and overall greater discipline in your daily spending habits are all ways to rack up some much-needed vacation dollars.
  • Cash-back reward credit cards: If you start paying monthly expenses on a cash back rewards credit card, and discipline yourself to pay that card in full every month, you may be able to pay for that fantasy vacation much more easily than you think. Many people reap these benefits by using their cash back cards for essentials such as groceries, utility payments, even rent or mortgage payments. U.S. News and World Report recently compiled a list of the best cash back cards for 2020. Click here.
  • Make saving a family project: If your whole family will be traveling together, have a family meeting to determine how each of you might be able to contribute something toward the vacation fund. Even your teens with their part time jobs might jump onboard and participate in the summer savings program. That way, once you have amassed enough cash for the trip, everyone will have the satisfaction of knowing they made it happen.
  • Start planning now: Since this is only February, maybe you can plan your trip for late summer, giving you five to six months to save. Set target savings goals for each month and establish a dedicated account in which you will make deposits solely for your trip. By setting benchmarks for saving, you will likely live up to your goals. After all, nobody wants to disappoint himself or herself once you set a goal.
  • Do your homework! Research destinations for your summer travel. By amassing information on various types of trips and specific places, you may find that traveling can be less expensive than you anticipated. Spend some free time frequently studying different types of trips and locations. Travel smart and economically by educating yourself on what is available to travelers on a budget.

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