We all have that dream vacation but when we think about how much money it involves, we suddenly get discouraged and just push that thought aside. But you shouldn’t just let that dream float in the air forever. You don’t need to be rich to travel to your dream destination. With a few sacrifices and lifestyle adjustments, your ultimate dream can come true.
Here are 10 ways to save up for your dream vacation:
1. Do Your Research
Now that you have your travel destination, make a research to know and determine how much you need for your vacation. It doesn’t have to be exact but at least you have an idea about the possible expenses and fees.
2. Set a Goal
Aside from the budget that you need, you also need to consider your travel date. This way, you’ll know how much you need to save every month till the day of your vacation. For example, if you need $4,000 and you plan to travel in a year, then you will need to save at least $333 per month.
3. Open a Separate Vacation Account
This account will be exclusive for your vacation funds. You’ll also be able to maximize the growth of your money by doing this.
4. Set Aside Your Work Bonuses
Save up those Christmas or 13th month bonuses and deposit all or most of it to your vacation account instead of spending it on electronics or clothes.
5. Keep Your Tax Refund
Same with your bonuses, setting aside your tax refund can jumpstart your dream vacation and help you achieve it sooner and faster.
6. Take a Look at Your Monthly Expenses
Evaluate where your money goes each month. You could actually cut back on some of the services. Do you really need a cable or telephone service? Why not stop your gym membership and just work out at home instead? You’ll thank yourself later when you’re already enjoying your dream vacation.
7. Cook More and Pack Meals at Work
Eating out often can hurt your budget so if you really want to save more, home cooked meals and packed lunch at work will help you with that.
8. Avoid Making Large Purchases
Of course, you still need to shop from time to time but always be wise about it. Hold off on large purchases such as spending money on gadgets, ]expensive concert tickets and the like.
9. Make Use of Credit Card Rewards
Use your credit card for everyday purchases to earn more rewards that you can redeem for your vacation. But of course, make sure to pay your credit card dues on time every month to avoid debt.
10. Work Extra Hours or Get a Second Job
If time and current health condition permits you to work longer than usual, it’s a great way to earn more and save more for your dream vacation.