5 Helful Tips for Saving Up for that Dream Vacation

by Redeeming Riches on January 8, 2013

Have you been dreaming of spending a week in Hawaii? How about a weekend on the ski slopes in Aspen? Regardless of what type of dream vacation you have in mind, you know one thing to be true – it is going to cost some money.

While money may not be the only thing holding you back, it is definitely something that will come into play.

Below are five ways to save money for that dream vacation, allowing you to reach your goal without having to turn your life upside down:

1. Cut back on eating out. Do you find yourself in the Starbucks drive thru line every morning? Do you stop for fast food on the way home from work on a regular basis? If you cut back on this expense, you may be surprised at how much you can save in a short period of time.

2. If saving with a spouse, eliminate all gifts for each other for the time being. This may be a big change to the way that you currently do things, but in the long run you will benefit. Remember this: you are not being cheap with one another. Instead, you are saving for something that the both of you will greatly enjoy.

3. All leftover money at the end of the month should go into your vacation fund. Did you have a few dollars leftover because your utility bills were not quite as high as usual? Any money, no matter how much it may be, should be pushed into a separate account for your trip. Try a rewards checking account for the highest interest rates on your funds.

4. Save any bonus that you may receive from your employer. Are you due a bonus or commission check in the near future? Since this is not money you rely on to “get by” you shouldn’t have any trouble saving it for your vacation. Don’t even give yourself the chance to spend the money. Instead, deposit the check directly into the account that is housing your trip savings.

5. Put that tax refund to good use. If you are lucky enough to receive a refund, you can add this money to your current total. In some cases, your refund may be big enough to push you over your target number.

Final Word

It would be nice if you could afford to take a dream vacation on a whim. However, this is not something that most people are able to do.

Fortunately, you don’t have to miss out just because you are short on cash right now. Instead, you can use the five tips above to save money for your trip. The more of these ideas that you implement the quicker you will begin to close in on your end goal.

Bio: This is a guest post by Dan Nelson. Owner/Writer for BankVibe.com.

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