If you’re ready to get away this summer but don’t quite have the funds, it’s smart to start coming up with a realistic savings strategy now. And remember, your vacation doesn’t have to be anything fancy – even a relaxing camping trip or a trip to visit friends could provide the type of break you need to feel your best.
Regardless of the type of trip you hope to afford, the best thing you can do for a potential summer trip is start figuring out the financial side of the equation today. Here are some steps that can help you start saving right away:
Step up weekly bank transfers.
With only a few months until summer break, monthly deposits into a savings account may not cut it. If you want to afford that summer trip you’ve always wanted it is a better idea to look at how much you can save on a weekly basis.
If you hope to have $1,000 set aside for a trip in July, for example, you’ll need to save around $56 every week from the beginning of March through the end of June.
One of the best ways to make sure this works is to set up a separate vacation savings account and set up direct deposit transfers. With a separate savings account, you may not be as tempted to spend your vacation fund on regular bills. Meanwhile, setting up direct deposit or automatic transfer will make sure your savings account is funded whether you remember or not. The main thing you’ll need to remember is to deduct the amount from your checking account each month so you don’t overspend.
Start a change jar.
If you use cash at all, starting a change jar might be more profitable than you think. By adding your spare change – and extra bills – to a change jar each time you enter the house, you could pad your vacation fund with an extra $5, $10, $20 or more each week.
I’ve even had a friend go so far as to put any $1 bills he receives as change into his vacation fund. This is a great way to rack up a significant amount quickly.
Make a few temporary lifestyle changes.
If you want to afford a summer trip this year, cutting back on splurges for a few months can help. This could mean cutting out your daily stops at a local coffee shop, cooking at home an extra few times a month, or not drinking alcohol quite as much. It’s up to you to decide what splurges are worth cutting back on in exchange for a vacation.
Since dining out and entertainment are luxuries that are fairly easy to spot and cut, start there. Still, the key to making this work is actually putting that money aside. Whether you cut out dining, going out to the movies, playing golf, or another hobby, you need to put the money you save into a savings account for it to help.
Start earning cash on the side.
If your current income leaves you struggling to save each month, earning a bit of extra money might be your best bet. And if you don’t want to get a traditional part-time job, don’t despair. There are plenty of ways to earn money on the side without picking up retail or restaurant work.
The opportunities to earn more money are endless, but don’t forget to think outside of the box. If you have a clean car and driving record, you could consider driving part-time (and on your own schedule) for Uber, for example. If you love animals, you could set up a profile on Rover.com and watch dogs in your spare time. You could also scour Craigslist for weekend gigs, but just be sure this money goes into the vacation fund.
Spring clean your home and sell your stuff.
When you’re short on vacation cash, a yard sale can help. The good news for you is that it’s almost spring cleaning season as well. As warm weather approaches, it’s an ideal time to clean out your closets, spare rooms, and garage. As you clean each room or area, look for stuff you no longer use that you could sell.
Gather all your unwanted clothing, tools, supplies, housewares and exercise equipment, then find the best way to get top dollar. Depending on where you live, this could mean having a traditional yard sale or selling your items online. Either way works fine as long as you’re getting cash for stuff you no longer want or use.
The key here (as always) is making sure those profits go directly into your vacation fund – not toward more stuff that’ll just end up in the same junk pile two years down the road.
Start Saving Now for the Vacation You Deserve
If you’re ready to relax this summer, the best thing you can do is start taking actionable steps now. By saving weekly sums of cash or earning a little more in the short term, you could have a burgeoning vacation fund by the time spring is in full swing.
While the right strategy for you will depend on your lifestyle, it’s worth giving each one a try. Over time, you might even build habits that improve your finances for the long run – and well past your summer travels.
Either way, like it or not, summer will be here before you know it. If your idea of summer includes a getaway with your family, you need to start saving now.