Best Ways to Save for Your Summer Vacation

With summer just around the corner, you realize you have not set aside enough money to cover the cost of a summer vacation. Besides scheduling your holiday later in the summer, giving you more time to save, here are five ways to save money fast.

  • Create a spending plan. With a goal, you can quantify the cutbacks necessary to fund your vacation. When creating a vacation budget include transportation costs, lodging, food, and entertainment. Then break down the amount you need by the weeks before traveling. You now have a set amount you must save each week.
  • Cut the budget. Make short term sacrifices for the summer. For example, you can suspend cable or satellite service and potentially save over $100 a month. The weather’s warm and the outdoors provide ample opportunity for supplemental entertainment. Enroll in Netflix or another online streaming service for your movie fix.
  • Reduce monthly entertainment costs. Instead of buying entertainment, look for low-cost Free concerts, movies in the park, and other outdoor activities provide free entertainment for all ages. Take advantage of the city, state, and national parks nearby for outdoor fun. Local community pools can also be a source of inexpensive entertainment.
  • Cut the food budget. Eat out less by preparing food ahead of time, planning a weekly menu, and breaking out the grill. Eating at home can save hundreds of dollars each month, leaving you with more vacation money. Other ways to save on food include using food from the pantry and shopping smart.
  • Make it a challenge. Getting everyone involved in the savings game will help you save more. Games get children involved and help them understand that there are financial trade-offs when it comes to spending money.