With summer coming to an end, you may feel the need to put on some sad background music and imagine yourself walking down the street shivering in the coming winter. But before you do — stop! It isn’t necessary to succumb to the winter blues quite yet. Sure, you may have missed your chance at going south and drinking pina coladas, but there is no need to mope. Instead, begin planning for the vacation of your dreams, to come NEXT summer!
Budgeting for a summer vacation involves planning and consistency. The sooner you begin, the better! Think of what your dream vacation will look like next summer, and start that planning. To help, here are some tips:
- Begin a vacation savings account
A vacation savings account is a great way to begin storing extra cash away immediately. If you set up automatic monthly payments, then money will add up in the account in no time. By keeping a separate account for your dream vacation next summer, it keeps you from spending it now. Remember not to dip into it, not even in times of emergencies! If you receive any extra cash at any point in the year (promotion, tips, bonus), it can also go into the vacation savings account. When you eventually embark on your journey, the money is also in one place so you don’t overspend. Worried about extra fees? Another option is to load all of the vacation savings onto a prepaid debit card before you embark on your journey. That way, you don’t have to deal with those pesky (and sometimes expensive) banking fees.
- Look for good deals
Looking ahead for great deals can help save on costs for the vacation. By researching on Groupon and other discount savings websites, you may be surprised at the great deals you can find for your dream summer destination. This is useful for accommodation costs or events that can be otherwise pricey. If you are going with a group of friends, groupons also help everyone save money.
- Buy tickets ahead of time
If your vacation is overseas, buying plane tickets ahead of time is essential to cutting costs. By watching the cost of plane tickets and looking for deals, it allows you to catch the best price in plenty of time before your vacation. There are websites that supply the cost of several airlines in one consolidated spot, which makes the search for the best price much easier.
- Cut back on draining expenses
A part of budgeting is finding out which costs are wasteful and draining to your bank account. Cutting back on expendable purchases can help make your vacation more affordable. By printing out your bank statement and highlighting every non-essential purchase, you can see which of your expenses are wasting a lot of money and can be cut out. By monitoring these draining expenses, it helps to save money and budget for more important expenses like beautiful vacations. Another way to monitor expenses is to download a an app that allows you to see what you are spending your money on and how it contributes to your overall budget.
- Research cheap local favourites at your destination
Since you are planning way ahead of time, there is time to plan and research fun activities and restaurants at your destination. Explore local blogs of affordable restaurants instead of eating at expensive tourist destinations. This is a good way to cut costs when you are on the vacation. By finding free or cheap activities that are commonly done in your destination, it will help to save money. It is also a more authentic way to enjoy a place rather than by taking part in the the touristy, and often very pricey, outings.
Budgeting far ahead of your vacation is the best way to ensure you can afford it. The more time you have to save, the better off you will be. Keep these tips in mind, and don’t forgot the most important thing; have fun!