4 Ways to Save Money for Summer Travel

Posted by Seacoast Bank on Apr 28, 2016 11:40:32 AM
Now that summer is right around the corner, you're probably making vacation plans with your family and friends. Without a doubt, summer is the most popular season for travel. The weather is warmer and the kids are out of school. Unfortunately, one factor that holds many people back from taking the vacation of their dreams is a lack of funds. If you're struggling to save for your summer vacation, the following tips may help.

Create a Separate Savings Account
A separate savings account will help make your goal more achievable.

Consider opening up a savings account just for your vacation fund. While you may have a savings account already, a separate account will make it easier for you to track progress towards your goal. If you simply rely on your main savings account, you will have a difficult time keeping your vacation funds separate from the money that is for emergencies, retirement, etc. A separate savings account will keep things organized and simple.

Contribute to Your Savings Weekly
Calculate the cost of your trip to determine how much money you should contribute weekly.

Another strategy for saving more money is contributing to your savings account weekly rather than monthly. The sum you contribute on a weekly basis doesn't have to be substantial, but it's important to set a target amount so that you stay on track towards your goal. To determine your target, start by calculating how much money you need to save within a certain time frame and planning from there.

Not only will contributing so frequently to your savings account keep you motivated, it will also ensure that your goal of saving for summer travel remains at the back of your mind.

Prepare Your Own Meals
Many families spend hundreds of dollars every month dining out, and they don't even realize it. While eating at a restaurant one night during any given month probably won't put a major dent in your family's budget, the money adds up if you dine out once every week. If your family dines out frequently, an easy way to save money is to prepare your own meals more often. Not only will making your own meals help you save money for summer travel, it may also prove to be a healthier choice for your family.

Spring Cleaning
One effective way to earn money for summer vacations while getting your spring cleaning done simultaneously is by planning a garage sale. Consider selling clothing, books, and other unneeded possessions for cash in your neighborhood. If you're not interested in having a garage sale, you can also opt to sell items on eBay. As long as your possessions are in good condition and in demand, you can expect them to sell rather quickly.

If you are interested in saving money for summer vacations, there are a few different approaches to take. For more information about how you can make your funds for summer trips grow quickly, don't hesitate to contact us.

Topics: Money Management, personal, Seacoast Bank

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