Tips For Saving For A Vacation

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Going on vacation takes a lot of planning. You need to make sure that you have someone to take care of your plants and pets, that you can get the time off of work, and that you actually have the money to go in the first place. Here are some tips for being able to save for vacation easily. 

1. Open an Account Specifically for Your Vacation Savings

The first way that you can save money is to open an account that is specifically for your vacation savings. Find an account that has a minimum balance of zero and does not have any fees for keeping a low balance in there. Once you have the account, set it up so that a specific amount of money from each paycheck goes directly into that account. Then, make the account untouchable for a certain amount of time. You can talk to your bank about putting an order down that is associated with the account that says that no one is allowed to withdraw any money from the account for a specific amount of time. This will keep you from dipping into your savings for other events and ensure that you are able to reach your vacation goals.

Having automatic deposits will also allow you to trick yourself into saving. Once you adjust to the lower amount of money that you have to spend each month, you will probably forget that you are saving money at all.

2. Put Away Any Money You Would Have Spent Otherwise

Suppose that you want to go out for lunch rather than packing your lunch. You know approximately how much it costs to go out for lunch, as opposed to bringing a lunch from home. This means that you will be able to calculate the amount of money that you saved from not going out to lunch. Chose to bring a lunch and then put the difference away in a jar to save for your vacation. For example, if you tend to spend $15 when going out for lunch and $5 when bringing your lunch, put $10 in a jar to keep for your vacation savings.

3. Don't Impulse Buy, Ever

Finally, before you buy anything that is not the basic food that you need to survive or anything that you need for work, take a night to sleep on every purchase. Decide if you would rather have the item or have a little bit of extra money to spend while you are on your trip. Then, put the money that you would have otherwise spent in your travel savings account if you decide that you can truly live without the item.

For more information, talk to a financial advisor, such as one from Wealth Builder Advisor