How to Save for a Summer Vacation

This article was published on: 05/1/19 10:49 PM

Summer is fast approaching and with it the busy travel season.  Whether you’re planning a major trip overseas or a few days lounging at a nearby lake or oceanfront, you’re going to need some funds on tap to make your dream vacation a reality.  What can you do if the coins in your coffer simply won’t meet your needs?

It’s time to start saving in earnest for your planned summer vacation, and there are plenty of ways to get the cash you need in time for your trip.  Here are some strategies to help you save for the summer vacation you’ve been dreaming of all winter.

Cut Back on Unnecessary Expenses

If you want to save for a stellar summer vacation, you might have to tighten the belt a bit where your entertainment costs are concerned leading up to your planned trip.  If you dine out frequently, see a lot of movies in the theater, or take pricey day trips or weekend excursions, the good news is you have an easy avenue of curbing costs while you save for your trip. 

Naturally, you don’t want to give up your social life and swear off fun for months just so you can save for a summer vacay, but it’s actually easy to cut back on dining out by simply eating at home, packing sack lunches, and even inviting family and friends for a weekly potluck to cut costs for everyone and still pack in plenty of social activity.

Instead of dropping cash on weekly trips to the theater, save some money by joining a plan like AMC A-List (3 movies a week at AMC theaters for a monthly fee of about $20, or the equivalent of two movie tickets these days).  You don’t have to give up everything you love to save for the trip of a lifetime, but with a few simple adjustments, you can rejigger your budget to account for your upcoming trip. 

Set Up a Dedicated Savings Account

When you start adding cash to an envelope at home or put it in your regular savings account, it’s just too easy to tap into for other expenses.  By setting up an account just for your trip, you’re less likely to take out the funds you put in.

Of course, you have to plan to make sure you’re putting enough away to account for your trip, and this could mean doing more than monthly contributions.  Consider putting in a set amount from each paycheck, or even making a point of moving money into the account once a week to help you save more and see your nest egg grow more quickly.  If you’re having trouble remembering, set up your checking account to automatically move a specific sum to the savings account when your direct deposit clears.

Work with a Financial Planner

Sure, you can partner with a financial planner to get on track with saving for a planned summer trip, but the real reason to work with a qualified financial planner is really to rework your entire budgeting, savings, and long-term financial strategy so you don’t have to engage in added planning or belt-tightening every time you want to take a trip or you’re faced with a major expense.

Your financial planner can help you to set up investments, create a sound retirement strategy, and get your current budget in order to help you reach short-term goals like saving for a trip or buying a car, as well as long-term goals like buying a home, sending kids to college, or enjoying a comfortable retirement.

If you’re ready to get your financial house in order, contact the caring and experienced professionals at Investment Watch today at 888-350-4957 or online to schedule a free consultation and learn more.

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