Just a mere two years ago, a shocking 85% of Americans polled in the month of August (peak time for a summer trip!) said they simply couldn’t take a vacation as they didn’t have enough money saved or had to use what disposable money they did have for other expenses and important bills.
This clearly suggests that we’re in a phase of society where taking a yearly vacation is no longer ‘the norm’, simply because of the financial stress we face on a daily basis. But, whilst vacations can be expensive and will require a lot of planning and preparation, there are plenty of creative ways to take control of your finances and guarantee that vacation happens – every year!
So, if you’re desperate to take your family away, or simply want to experience a new country by yourself, here are some top tips to help you achieve a bigger vacation fund than ever before.
When planning a vacation or a long-term travel trip, it’s essential to have a solid budget for travel in place for the entire duration of planning. In fact, it’s often best to over-budget as there’s nothing worse than running out of money when on the road with no emergency funds to turn to.
Before you even start booking anywhere, make sure to accurately calculate exactly what you can afford whilst ensuring to include both spending and emergency money within this budget. Then, once you’ve got a figure in mind, you can then make your vacation choices accordingly whilst coming up with a realistic savings plan if necessary to guarantee you have enough money when the time comes.
Read more about how to build a travel budget here.
Get everyone saving
Whilst not applicable if you’re traveling with young kids who have no income of their own, encouraging everyone to save if you’re planning a vacation with friends is a great way to ensure no one ends up missing out due to lack of money.
The last thing you want is for a couple of group members to be struggling so, by helping each other out with saving strategies, funding your trip will be a lot less stressful in the long-run. And, if you find yourself needing added help beyond your personal finances, it’s important not to feel ashamed and to learn about a personal loan option that will suit your vacation costs. Be sure to explore country-specific offerings, as lån & krediter is different in Sweden than it is in, say, Greece.
Perhaps one of the most old-school methods of saving out there, a change jar can be surprisingly effective! Simply find a large jar/container you’re no longer using and, each time you find yourself with some loose change in your pocket or purse, toss it in the jar and count it up when the time comes to pay for your vacation.
Traveling and taking vacations is loved by millions, if not billions, around the world. But with the financial pressures of modern-day society, finding the money to enjoy these luxuries is often easier said than done, leaving many feeling like they can’t take a vacation at all. But saving for a trip doesn’t have to be all doom and gloom and, if you utilize the above tips and get others involved, you’ll be ready to take the trip of a lifetime (and comfortably afford it!).