7 Ways to Save for a Vacation

vacation-fund.jpgDo you feel like it’s time to take a vacation? Now is always a good time, but what we really want to know is “Have you been budgeting for it?”

Being able to enjoy a trip to some exotic locale or the cabin down the road is much easier when you’re not worried about where the money is coming from or juggling credit cards for all the fun you’re trying to have.

Here are some tips to help you prepare and save money for your next trip.

1. Fit Your Budget to Your Plans

Figure out what you want to do and start saving for it. If you have a specific trip you’re looking for, figure out the price tag. Check out flights that would fit in your budget, hotels in those cities and any other activities you would want to enjoy.

2. Fit Your Plans to Your Budget

If you need to be a little more cost conscious, use a map to find what’s within driving distance and what you would like to do once you get there. Don’t forget those fees that always appear, the wifi at the hotel, extra bags on the plane, golf clubs, skis, etc.

3. Plan to Save for It In Advance

If there’s a specific place you want to go. Get a price and start saving for it. Take the total price tag and divide it by how many months until you’ll be going or would like to go. A trip to Las Vegas can be paid for easily if you’re planning on taking it six months from now, while a big trip to Europe will require a little more foresight so squeezing it in before the end of the year isn’t as likely.

4. Find a Good Price on Airfare

When buying plane tickets remember, “the No. 1 influence on the price of a flight is how full it is.” Fly during the week and not on holidays and buy your tickets sooner than a week or two before your trip and you should be able to find a good price.

5. Off-season Deals

If you’re looking for value in your vacation, going somewhere close to home or in the off-season can provide nicer experiences than at peak times. Think ski resorts in the summer to enjoy a lower-cost retreat.

6. Use the Rewards You Earn 

If you have credit card rewards or airline miles, you can use those instead of spending money on flights, hotels or other offers that are available through your rewards programs.

7. Find Extra Money to Save Faster

When it comes to finding the money for your vacation there are a couple things you can do.

  • Save money in a separate account than what you spend money from. Most Mvelopes users even have two different envelopes, one for the bigger, more expensive excursion and another for those weekend trips.
  • Give up something you don’t need to help save money even faster. Anything discretionary can be squeezed and the extra money added to the fund. Eating out, happy hour, new clothes, entertainment expenses can all be cut so you can enjoy your trip sooner.
  • Finding a way to make more money on the side until you have saved enough is another option. Freelance, find an extra part-time or weekend job or sell some things you no longer need to help you save faster.

Get started today saving and budgeting for your vacation with the Mvelopes app on the web or your mobile device. You can create a plan for your finances and track every dollar and each expense as you save money and pay down debt.

Mvelopes is an award-winning budget app that helps you set up a digital envelope budget so you can manage all your expenses, track your transactions and achieve your financial goals. Get started today with a free account.

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