Summer vacation is something that we all look forward to. This holds especially true for children as Summer Vacation becomes the highlight of their year and often creates lasting family memories. However, affording a summer vacation can be tough on most of us. Often people will simply put the expense on their credit cards and end up paying massive interest on the debt. A better plan is to start saving beforehand so you can keep the interest in your own pocket. Here are a few things you can do to budget for your next summer vacation.
Decide on an Amount
Before you can really bring a laser focus to your savings efforts, you need to know how much money you’ll actually need. Otherwise, your summer vacation is just a dream and not a “goal”. Talk to your family and decide on a vacation destination. Develop a list of all the items that will go along with the trip such as food and lodging. Then, do some online research to figure out what each item will cost you. Add then all up and you’ll have your desired amount that you’ll need to save for.
Pick a Safe Place for Your Savings
While having a vacation savings jar may seem like your first thought, you may want to think again. When you leave the money out in the open, it can make it super easy to “borrow” a dollar here and a dollar there.
Instead, get a savings account at a bank, or better yet a Credit Union (FCU) where you can deposit the money. This way, the money is physically out of your reach and you are less likely to tap into it.
Decide on Bills to Cut
Realize that saving for the family vacation should be a family project. Bring the kids in the mix and let them see your monthly expenses. If you’re not used to budgeting on your own, then you may need to sit down first and figure out where your money is going. A quick assessment of your bank account should help you to determine what your expenses are. Let your kids know and come up with a plan on how to reduce or eliminate certain expenses. For example, instead of going to the movies on Friday night, your family can stay at home and save X amount of money per week.
Encourage Odd Jobs
If you’re starting to save for your family vacation in the dead of winter, consider adding some odd jobs to the mix for everyone. As an adult, this could be moonlighting as an Uber driver a couple of nights a week. Your child could shovel snow for the neighbors and make some extra cash to contribute to the vacation fund. Even the simplest of odd jobs like walking dogs can help to make some more money to throw towards your vacation fund.
I read an interesting response on Quora about a Dad who offered to match however much his kids saved up for a Disney vacation (which is a great way to get the kids on board with the saving process.) He gave them several months to begin. The oldest brother saved up $75 so the Dad gave him another $75. Another sibling saved up a bit more and the father matched it. The writer of the article, however, was already mowing lawns and he saw this as a great way to double his money so he skrimped and saved every penny and actually ended up saving $1200. His Dad was floored and said he couldn’t possibly match that. Fortunately, the Mom jumped in and said a promise is a promise (so you might want to put a cap on how much you will match). But this ended up being the poster’s most memorable vacation. He was able to treat the family to meals and buy stuff he wouldn’t ordinarily be able to. So by getting the kids involved in the finances you not only will be teaching them valuable life skills but also making great memories.
You might also like:
- How to Tackle Debt From Your Summer Vacation
- Dream Family Vacation: 5 Money Saving Tips That Add Up
- Manage Your Money for Recreation and Fun
- 10 Great Educational Family Vacations
- Safe Summer: 3 Ways to Protect Your Kids from Recreational Injuries
