Going on vacation is a dream for many people, but saving for this goal can be daunting. However, there are several ways to save money that will have you saying “bon voyage” faster than you may think!
Set up a savings account just for your trip. This will keep the money separate from your spending money and from your emergency fund, making it easier to track. Watching this account grow can be highly motivating as you work.
If you’re a PSECU member, you can open a Vacation Savings Share to make it even easier to save for a special trip. PSECU’s Vacation Savings Share has a slightly higher interest rate than a Regular Savings Share and prohibits you from accessing the funds with your debit card, making it easier to keep the money earmarked for savings. Another benefit is that you can make deposits and withdrawals any time you’d like.
Decide how much you can afford to put aside for your trip each month, and then set up automatic transfers to your dedicated vacation savings account. When you can’t see the money, you’re less likely to miss it, and it will be free to earn interest, getting you closer to your goal.
To help your family stay dedicated to saving money for a trip, create a big chart in your home to track progress toward your goal. Watching your savings grow can help encourage you to keep putting money away. You can even put pictures of your dream destination near your graph to inspire you more.
When everyone is involved, you may be more likely to motivate each other to save. Even if you’re traveling alone, consider asking friends to act as accountability partners. If they encourage you to save up for your dream, you may find it easier to reach your goal!
If you will be volunteering, researching or doing work on your vacation, you may be able to apply for a travel grant. Check for opportunities with your workplace, volunteer organization or other association and research travel grants online. In general, these can defray your costs by hundreds or even thousands of dollars.
Get a second job, freelance or take on seasonal work to save more money just for your trip. Keep this income separate from your job wages by having it go to a completely different account that’s not available through your debit card.
If you still use mostly cash, you can add change or one-dollar bills from your wallet into a jar and deposit your accumulated money each month into your vacation savings account. A handful of change each day can add up to hundreds of dollars every year.
If you get a bonus at work or a tax return, put this money directly into your vacation savings account. If you don’t plan to spend this money on other items, you’ll be unlikely to miss it.
Create a budget with your monthly expenses, outlining where your money goes. Go through your budget line by line, looking for places you can save. Consider giving up splurges, like your typical morning specialty drink, and instead put that money toward your vacation account.
If you are saving money for a family vacation, consider giving something up as a family, such as dessert or meals out.
Sometimes the best way to make your vacation dreams a reality is to build savings into your vacation itself. If you’re traveling with your family, get them excited about saving money on your trip, too. For example, research family-friendly attractions that offer discounts for children or students, or find local restaurants that let kids eat free on certain nights.
Getting your family excited about saving doesn’t have to wait until vacation. If you’re a PSECU member, your immediate family members can become members, too. With our cash rewards credit card, low to no fees, and higher-yield savings account for youth, opening a PSECU account can help family members of all ages keep their money where it belongs – with them. Click to learn more.