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Saving For Your Holiday

  • April 15, 2016 at 12:47 pm

I and my family went to Greece for our last summer vacation and it was nothing less of a paradise. The beaches, the oceans, and the sunsets were nothing less of a drfamily-holidayam that we didn’t want to wake up from. It was a bonding experience for us all, given there were no daily life distractions and routines. It was hard for us to pack our bags and head back home. We all came down to a conclusion that if we want to travel more then we need to maximize money by cutting our expenses and saving more.

An ideal vacation is supposed to cause a little more expenditure than the trips you take to visit your family. There are a lot of factors that contribute to your total expense like airfare, hotel bills, food, entertainment etc. and using a credit card to pay them all is not a good idea. It’s always a better idea to save and spend money in cash. The idea of saving that much amount of money might seem a little difficult but there are some techniques that you can use to save up for your dream vacation.

Revise Your Budget

You will be amazed by knowing that how much money you can save each month just by going through your monthly budget. Some days ago, I and my husband did that and we were shocked by the results.  We summed up all our expenses that we from last few months including the major ones like the house mortgage, car and personal insurance, internet and cables bills, and we also went through our variable expenditure on groceries, clothing and entertainment. We were shocked by knowing that we were spending more than we thought we were. We use to follow up on our expenses each month but over time we became lazy.

We came to a conclusion that we need to follow a strict budget in order to maximize our savings. I think it is very important to have a monthly budget restriction, create it if you don’t have one and follow it strictly if you do. There is this website called Bankrate.com which helps you create a monthly budget and follow up on it with the help of their budget calculator. You will have to know your monthly income and all of your necessary expenditure in order to work with it. It will help you determine what unnecessary expenses you made in the previous month and you can also set up a saving account or emergency fund as well as save for vacation money.

Increase Your Savings

It is very important to save a little bit money each month for an unexpected expenditure or emergency. If you want to save money for a vacation, I’ll suggest you open a separate savings account which will help you know how much you have saved and how much money you need to meet the vacation money target.

Manage Your Expenses More Wisely

Once you have set up a budget and started saving, if you realize that there’s isn’t that much flow to the vacations saving account as much it is supposed to be then you need to get aggressive about your expenditure. At this point, you have to know that you can’t have it all, like brand clothes, nice car, and a big house at the same time you want to travel and have your dream vacations unless you’re filthy rich or you have your finances figured out for yourself. If you can relate to this situation, like most of us do. You need to pick whether you want a nice car, a big home or you dream vacation. You can save money by cutting smaller monthly expenses like eating out, movies, and useless monthly subscriptions. In the end, it’s all about what makes you happy.