5 Ways to Save Money for Your Next Vacation

Thinking of pulling from your Current Account for your next getaway? That’s certainly one way to get the funding you need, but every great vacation is best pulled off with good planning. Take our advice now, and by this time next year, you could be on a vacation you never believed you could afford. Here are five ways people just like you afford great trips.

1. Start a special savings account

You could always go the traditional route and open a new savings account. This is a good option for people who have trouble not spending most of what they make. Over time, if you leave this money alone, it will gain interest, possibly affording you the chance to add extra amenities to your trip.

2. Cut out local recreation expenses

But where will you find the money to put in your savings account? One strategy we swear by is avoiding paying for activities that we could “save” for our trip. For instance, if you avoid eating out for a month or two leading up to your trip, that means you’ll have the money to have nice meals out while on vacation. If anything, “fun” costs money, ask yourself if you could hold off until your trip.

3. Get a “vacation fund only” side gig

A whole new job for one vacation? It doesn’t have to require as many hours as you think, if you dedicate every penny from this side gig to your trip. For instance, if you do some freelance graphic design on the side part-time, you could get an extra ₹10,000 monthly. That’s enough to upgrade your travel, and the extra work will only make you appreciate your vacation that much more.

4. Don’t buy for your trip

What will you need for the trip you have in mind? These costs can end up taking away from what we spend while we’re on the trip itself. Don’t buy a new suitcase, borrow one. Don’t buy a new swimsuit – just use last years. The less you spend preparing, the more you can spend enjoying. After all, we don’t want to come home to empty accounts or debt thanks to those “vacation outfits” that don’t seem half as appealing now that the trip is behind us.

5. Use a money-saving app

Some people have the income for their vacation, but they’re just not the greatest at managing their money. There are apps available that can take small amounts of money from your account and set it aside. This is a great thing to do continuously, not just for vacations; it means that whenever something unexpected pops up, from a medical emergency to a spur-of-the-moment weekend getaway.

Now more than ever, people are realizing the value of experiences over material things. Pursuing more of these experiences through travel means you’ll have memories that stay golden for years and years to come, unlike the fleeting infatuation of a shiny new object. This alone means that no matter the destination, your travel plans are worth it. Create a smart financial strategy to make it happen, and you’ll have a responsible way to enrich your life.