Saving for that dream vacation is easier than you may think. It takes planning and forethought, but you can do it. Best part is, you can use your nest egg for anything – a major life change, retirement, new wardrobe or new car. Budgeting for a trip is easy when you follow these tips:
- Create a separate vacation fund rather than use an existing savings or checking account. By having a special account, you won’t be as prone to taking any out when you need extra money through the year.
- Set up automatic deposits into your new account. You won’t even notice the extra money missing from your check, and you won’t forget to add to it or be tempted to skip a week of saving.
- Sign up for email alerts from travel companies and airlines for flash sales and limited-time-only offers. By scouring the deals, you can better save money where it counts.
- Sell your stuff. Threadflip.com, Swappa, and Etsy are all great place to try. Take it a step further and do some buying and selling at flea markets. Instead of selling direct to consumers, sell to wholesalers like Alibaba to bypass the reseller here.
5. Put that tax return to good use. You don’t need to get a huge tax return at the end of the year, so instead of loaning your money to the government interest free, set that money aside throughout the year to earn interest on it and treat yourself to a bigger and better trip, says Money Crashers.
- Run errands for others. Perhaps you love getting out of the house to run errands. However, many people don’t have the time, resources or patience to do this. Use apps like TaskRabbit, Agent Anything or Door Dash to earn extra cash running errands for other people in your community whenever you have spare time.
- Rent an extra room on Airbnb. There are travelers out there who can’t stand staying in sterile hotels and just want a cozy, homey experience while on their vacation. Rent that spare room or loft above your garage for extra cash to put towards your own vacation.
- Invest in mutual funds or stocks for your trip. Instead of saving $1,000 for that vacation to Mexico, invest $20,000 at a conservative 5% and take a “free” trip every year. You still keep the $20,000. $20K x .05 = $1000! You’ve made a smart investment yet you’ve made the money you need to take your trip, all with no work on your part. Being smart about investments starts with doing your research and hiring someone you can trust. Know a securities fraud lawyer if you have a stockbroker who is managing your accounts.
Thomas Law Groups has been helping investors recover investment loss since 1991.