Are you having trouble saving enough money for your next trip? Check out these tips on how to grow your vacation savings account so you can travel.
Traveling usually isn’t cheap. Nearly three-quarters of Americans admit that they’ve gotten themselves into debt by taking a vacation they couldn’t afford.
This doesn’t have to be you. Travel, like many other luxury expenses, is something you need to plan for. Here are some tips on how to grow that vacation savings account so you can enjoy your next trip guilt and debt-free.
Keep Your Vacation Savings Account Separate From Other Accounts
First, it helps if you designate one savings account as your vacation piggy bank—and nothing else. Use separate accounts for paying the bills and other expenses. This ensures that you’ll be keeping money in it at all times that will continue to grow as it collects interest.
If you have to, shop around at various banks to determine which one can give you the best interest rate. You may want to consider putting your vacation savings into a CD if it will return higher interest for you.
Find Out How Much You’ll Need
Whether you’re planning on taking a road trip through the U.S. or a European tour, you’ll need to estimate the total costs of your vacation to have a savings target. This means researching not only hotel and air rates, but any activities and tours you plan on partaking in during your trip. Don’t forget to factor in the cost of meals, souvenirs, and even tip money.
You should include everything you think you’ll be spending money on during your dream vacation so you can budget and plan accordingly. The last thing you want is to overspend and have to look into payday loan options to get out of debt.
Cut Expenses and Put the Savings Into Your Vacation Account
Now comes the tricky part—actually padding your vacation savings account. You may need to cut expenses here and there.
What are some items or services you pay for monthly that you don’t really use? Maybe it’s a gym membership, cable channels, a daily cup of latte, or magazines and newspaper subscriptions.
You don’t have to quit these forever, but maybe just until you take your trip. In the meantime, set aside the savings and put it towards the vacation fund.
Sell Some Items
Everyone has unused or unwanted possessions lying around the house that they can make a few bucks on. Consider holding a yard sale or using eBay, Craigslist or Facebook Marketplace to raise money for your vacation. Unload gently used or new clothing and accessories on sites like Poshmark and Etsy.
Put Cash Rewards Into the Account
Is it time to cash in your credit card rewards? Many credit card companies will let you connect a bank account to your card account. Deposit your cash rewards into your vacation savings account to further pad it.
Know How to Save For a Vacation
Growing your vacation savings account may require making some sacrifices on your spending, but it’s worth the feeling you’ll get knowing that your trip is practically paid for before you board the plane. Follow these tips and your vacation saving goals will be met before you know it.
Check out our trip planner to build your customized trip plan and get an idea of how much money you’ll need to save for it.
The post Tips on Growing Your Vacation Savings Account for Your Next Trip appeared first on David's Been Here.
from David's Been Here https://davidsbeenhere.com/2020/04/02/tips-on-growing-your-vacation-savings-account-for-your-next-trip/
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