Families who’ve been affected by unemployment, inflation, and credit card fees are always on the lookout to save money to go on a tour!
With many families opting for months wherein they do not spend on any stuff and try to live frugally, or choosing to do manual work themselves instead of hiring a laborer, or even garner enough reward points to buy gifts are some useful ideas to save money for a trip.
Every holiday tour costs a lot of money. Savings are highly important so that you do not have to depend on credit cards only. Or you would have to spend another year, trying to pay off debts.
How much will your holiday cost?
Holiday savings depend on how much one will need. It also depends on the places where you want to go, and the number of people from your family, you will have to spend. Some costs that need to be considered include:
- Airfare costs or other transport costs
- Visa for traveling abroad and passport charges
- Travel insurance costs
- Food and Accommodation Costs
- Entry fees to special sights and activities like paragliding, bungee-jumping etc.
- Souvenirs from your destinations
- Additional entertainment costs
- Emergency costs in case of accidents, sickness etc.
- Phone costs when overseas
Considering all the above costs, one can judge the overall savings you would need for your holiday. A savings plan is all you need now.
Money Access Management: Tips to Save For Your Holiday Tour
When overseas on holiday tours, accessing money is highly important. Carrying loads of cash around is prone to risks. Opt for a travel prepaid card or check out without paying high fees.
1. Set a Budget: With a specific weekly savings goal in mind, one can then set out a budget. Cut back on all kinds of spending with an adequate amount to be saved for the trip.
2. Cut Back on Restaurant Meals: Cut back on the times you go outside for dinner. Try all kinds of cheaper alternatives when you go outside. Skip on fizzy drinks or desserts, choosing for cheaper alternatives from other places.
3. Set Tax Refund Amount aside: In case you receive tax refunds with help your trusted tax consultant this year, do not spend on discretionary purchases but save them for your vacation fund instead.
4. Cut Clothes Costs: Visit secondhand shops to buy something cheap that you need instead of buying new items. Swap or borrow clothes or choose long-lasting items instead of new styles that cost more.
5. Save on Groceries: Buy groceries in bulk for the month instead of the week. Shop less and buy goods at a discount. Avoid impulse buying and reduce eating junk food.
6. Reduce Takeaways and Coffees: Plan meals for the week so that you do not skip lunch or dinner at home. Make extra food for both lunch and dinner to save on costs. Eat breakfast before going to the office. Fill a reusable bottle with water before you go out so you won’t need to buy drinks. Pack snacks and fresh fruit so that you don’t need outside food during breaks.
7. Grow Your Savings: Once you’ve cut back on spending, put your savings where you can earn better interest, like a terms deposit. Refrain from saving money in transaction accounts.
8. Save Reward Points from Credit Cards: Using credit cards has some advantages. Try to use low-cost credit cards that offer consistent rewards points so that you can use reward points to buy what you need.
9. Set Performance Bonus Amount Aside: If you are expecting a bonus, especially annual performance bonus at work, save some money for the vacation fund. Use the bonus wisely on different things too but make sure your vacation fund is also in priority.
10. Pay Off Credit Card Debt: Pay off high-interest debt, since it will benefit you in time to have a slimmer debt load for ensuring a discretionary budget, and also helps in freeing up more funds for vacations. Set aside a manageable portion of your income for the same.
11. Cancel Unimportant Subscriptions: If some subscriptions eat in your monthly budget, they should be best avoided completely. Habit and inertia seldom help us in stopping these subscriptions but the fact is that you can save more for the holiday tour with these savings.
12. Get a Part-Time Job: If you are working on a full-time job, you can work on part-time gigs for some time too. Choose one that pays decently, and also preserves your dignity. Such gigs can help you save more money. Become a teacher for a couple of hours, serve beer at a pub, etc. The gigs can help you save hundred extra bucks each month, and help you fund your next vacation.
13. Work Extra Hours: Instead of working part-time, you can work for extra hours especially if you’re paid by the hour and can spend more time for the work you devoting 8 hours every day. Picking up extra shifts can help you with some extra wages and tips, and even more especially if you cross the 40-hour-per-week threshold since the rate becomes 1.5 times your regular pay rate too. Get your employer on board for this idea and you will have good money at the end of each month for your vacation fund.
It’s inevitable that you’ll need to make some basic sacrifices on a daily basis for planning your vacations. Just do not refrain from taking a minor break or two in between or else the stress will be too much to bear, and the purpose of the vacation will be lost too.