You work hard for your money, and it pays to be careful with it. Saving money for your summer vacation doesn’t mean you have to sacrifice your lifestyle, it just means you have to spend your money more wisely.
Review your spending
Learn more about your money by writing down all of your necessary outgoings, and calculating how much you need to cover your bills and rent/mortgage. Then, assign yourself a small amount of money each week for extra spending, and save the rest for your summer vacation. Decide if there is anything you’d rather give up now (such as daily lattes, take out restaurant meals, etc.) so you can have an enjoyable summer vacation later.
Set up a separate summer vacation account
Consider setting up a separate bank account for summer vacation savings. Put a percentage of your income into it every time you get paid. Or transfer a small amount each week or each month, and vow not to touch that money for anything other than vacation spending.
Help your kids get a job
If your kids are old enough, help them get a part time job either after school or on a weekend day. Then teach them about saving money for the summer vacation. Encourage them to research the destination online so they get excited about seeing it. The summer vacation starts to seem real and helps motivate them to save money for it.
Talk to a financial planner
It can sometimes be difficult to see where you can save money and budget better. Talking to a financial planner is a great way to get a fresh perspective on your finances and understand where your money is going. You can get help and ideas on how you can be smarter with your money.
Find good travel deals
Once you’ve saved your summer vacation money, keep the frugal mentality and try to seek out the best travel deal. Be smart when you book your accommodation. Consider doing a house or condo swap so you get a home to stay in with a kitchen to make meals. You won’t have to eat out your entire vacation and you’ll reduce your overall vacation spending.
It may be hard to do it all. Save for the long-term, enjoy your lifestyle, do the right thing and protect your family with insurance while saving money for your summer vacation. I encourage you to stay focused on the prize – and look forward to giving your kids experiences to remember.