6 Easy Ways to Finance Your Summer Vacation
With months of icy cold winter finally coming to an end, now might be the perfect time to start thinking about summer and the vacation opportunities that go with it. We all love an opportunity to go out and explore the world with our friends and family. Unfortunately, even a basic vacation can be quite expensive – mainly if you want to go away at peak times when the children are free from school.
The good news is that just because vacations are expensive, doesn’t mean that they’re impossible. If you’re willing to start making changes to your lifestyle straight away so that you have more money in your pocket, then you can finance your summer vacation with less stress than you’d think.
Here are some ideas to get you started.
1. Set up a Savings Account
Deciding to deliberately stop spending money isn’t as easy as it seems. If you see your cash sitting there, waiting for you to use it, you can often convince yourself that it’s okay to simply buy something and pay yourself back. This is particularly true when you’re constantly surrounded by things that are designed to tempt you into spending.
However, if you set your money aside and make it unavailable in a savings account, that can take some of the pressure off. Set up a savings account with an automatic transfer from your current account each month. That way, your money is essentially saving itself.
2. Know How Much You Need to Save
If you want to make sure that you’re saving enough to achieve your financial goals, then you’ll need to determine how much your vacation is going to cost. Look up the deals that are available online in the summer and figure out how much you’re going to spend. Don’t forget to take all of the expenses into account, including flights, parking, car rental, food, and even spending money.
Knowing your target number will give you a goal to work towards. This will both help you to budget more efficiently and motivate you to stay on track.
3. Get an Extra Job
Sometimes, one job isn’t enough to pay for all of your bills, and also give you extra cash to spend on whatever you want. If you want to have vacation money on top of everything elsethen an extra side-job might be the best way to go. Don’t run yourself into the ground but look for opportunities that might fit into your schedule.
These days, it’s possible to try out a range of job opportunities just by logging into a freelancer website online. You can design websites, write blogs, and more, at times that suit you.
4. Consider Borrowing Money
If you’ve found an excellent deal for your vacation, but you know that you won’t have enough time to save up for it by yourself, a loan or other form of credit could be a great option. Ideally, taking on the credit will stop you from paying the extra money it would cost to get the vacation without the deal.
Importantly, when you’re taking out a loan for any reason, it’s important to ensure that you’re getting a deal that you feel comfortable with. Before you sign on the dotted line, compare all of your options based on things like interest fees, additional costs, and terms. Remember, the longer your loan takes to pay off, the more you’ll spend in interest in the long-term.
5. Sell Things You Don’t Need
When’s the last time you raked through your garage or your basement? The chances are there are a few boxes full of items that you own but no longer use. If that’s the case, then you can always try selling your unwanted things on eBay or a social media site to help you raise a little extra money.
We all hold onto things that we don’t need sometimes because we tell ourselves that we might want it again someday. Just ask yourself whether holding onto those items is more important to you than your summer vacation.
6. Cut out the Extras and Save your Change
Finally, one of the best ways to make sure that you can afford your summer vacation is to manage your budget. Forget buying coffee on the way to work and make your own instead. Avoid eating out and pack a lunch that you can take with you.
Even the smallest reductions in spending can have a big impact on your ability to reach your financial goals. Whenever you have any cash left over from your positive financial changes, putt it into a jar or your savings account where you can’t touch it. You’ll be amazed how quickly it adds up.
