You work hard every day and all year long. What about vacations? If you’re the type-A, tireless worker, then you’ve been asked about this before. Is vacation a dirty word? Apparently, it is to some because the U.S Travel Association found that “…four out of ten Americans are not going to take all of their vacation days. Why? Because they’re not exactly enthusiastic about the work they’ll find on their desk when they return, the survey found. There is also the belief some have that they are the only ones who can perform their jobs.
Believe it or not vacations are important and actually are necessary. According to the National Deseret News the seven key ways vacations can be beneficial are: More productivity, better physical health, closer family relationships, newer perspectives, increased mental power, lower chance of burnout, and improved mental health. Convinced? Of course you are, but now the question becomes cost. Vacation expenditures such as lodging, transportation, meals, and entertainment add up.*
In a typical American home, vacations amount to about 3% of annual household spending, according to the Bureau of Labor Statistics. Respondents to Visa’s annual travel survey indicated they spent about $2,300 for their vacations and planned to spend 5% more on their next ones.
1. Set Up a Travel Savings Account
First, have an idea of the vacation you want and how much it’s going to cost. Most of us are goal oriented. In that respect if you don’t have an ultimate dollar figure in mind, it can become more difficult to save consistently and effectively.A separate bank account provides a methodical way to accumulate travel funds. It’s easy to track how much is saved, which also helps motivate further savings. If possible, set up automated transfers to move set amounts from your primary account every week, every paycheck or every month. Online banks can move money over on a schedule, from one account to another. Alternatively, employers are more and more flexible with direct deposit. Ask if they can split your pay between your main and travel accounts.
If you’re depositing manually, still set up a schedule. Monthly contributions are doable, but think about putting in a certain amount weekly for additional motivation. While you’re away make sure there’s ATM or online access to your vacation account. Instead of your savings account, you can withdraw from here and still have money when you get home.
2. Change/Bills Jar
Adding bills or change to a jar can add up; it can be just the amount you need to pay for a better hotel or to add extra activities. Just contribute any spare change or bills at your convenience. Because the jar is in your house, you don’t have to go out of your way to start saving.You can also challenge yourself by choosing types of bills. Go from $1 bills to $5s. One plan is the idea of saving dollar amounts based on what week it is. So, for example, $1 the first week, $2 the second, up to $52. This alone would give you $1,378 in savings, a pretty fair vacation budget.
3. Cut Expenses
It’s always a good idea to revisit what you spend a few times a year to save money. One big savings area is to cook meals instead of eating at restaurants. A Harris Interactive poll in 2012 said that 70% of people in the U.S. were cooking more, while 90% chose a restaurant based on lower prices. Cutting back on entertainment expenses just for a couple months will save money, as well. Also, avoid ATM fees wherever possible, these mount up quickly.4. Sell Items for the Travel Fund
Clean house and see what you can sell. Old appliances and furniture you don’t use, even magazines, may quickly be someone else’s treasure. A simple yard or block sale with the neighbors can work well. Many also use Craigslist, eBay, and even Facebook for selling items. Add the profits to your travel savings account and it might pay for at least a night or two of your trip. Look into housesitting, babysitting, or providing other services where you can earn some extra change. Make certain all of it goes right into the travel fund.5. Budget
People don’t often think of savings in this manner, but there are ways vacations can save some money. While you’re away, money is not spent on routine household expenses. Food, movie rentals, and energy bills are some examples of expenses that can add up. Subtract pet boarding (or try to get a pet-loving friend to look after them), or hiring someone to watch over your house, and you can assess the true cost of a trip. If you have a friend who’s obsessed with finding deals, tap into that resource and request they look out for travel-related opportunities.Consider credit card points and cash back shopping offers that may contribute to travel funds in the end.
If you can make time for a summer vacation, you will usually be able to save for a summer vacation.
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