How to Pay for Your Next Vacation

How to Pay for Your Next Vacation

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The summer is coming, and you’ve probably already started thinking about what you’ll do during your vacation days. While staying home is always possible, going somewhere else for a vacation could be a great way to see something new and have a change of scenery. However, going on a trip might seem like a distant dream for many people, who see it as a luxury. But if you’re savvy enough, there are some ways almost anybody can afford a vacation, even if you have a limited budget. Here are some things you could do to pay for your next vacation.

How Many Days Is Considered a Vacation?

Consider Setting up a Vacation Savings Account

One of the things you could do if you’re planning to go somewhere on vacation is to consider opening a savings account, especially for your trip. Then, you’ll be able to have automatic deposits made directly from your paycheck. Once this is done, forget these accounts and only look at them once vacation time is closed. And don’t pay too much attention to interest rates since they’ll usually be negligible and only over a short period.

Check how much you can expect to pay for your vacation and what you can actually afford to have taken out from your paychecks. If you can’t really get enough for this summer, it’s alright. All that means is that you’ll have more time to save. Saving as little as $125 every two weeks could be enough to get you $3,000 after a year, which will be enough for a nice trip to many destinations.

Sell Anything You Can

You never know what kind of treasure you might have lying around. Make an inventory of anything you may have and sell it online or through a garage sale. Anything from kitchen appliances, clothes, antiques, furniture, or electronics can be sold.

Also, be careful about when you sell items. Your ski set might not get you much this time of the year, but it could be the perfect time to sell that wakeboard, so be careful with seasonal items and only trade when it is the right time. As a rule of thumb, one or two months before the season when it will be used is usually the best time to sell any seasonal item.

Look at Financing Options

You could start looking at financing options as well. But, whatever you do, I suggest you don’t use your credit card to finance your trip. You won’t get favorable terms, and keeping your debt under control will be difficult.

The better option would be to get an installment loan. If you have poor or no credit, many institutions like Bonsai Finance will easily get an installment loan. They will allow you to access many lenders, all from one place. All you’ll need to do is prove you’ll be able to pay. The process is super easy, and you will have access to your funds shortly after you’re approved. The best bit is that the whole process is done online, making it much more convenient.

Get a Card with Rewards

While you don’t want to use a credit card to finance your trip, you should consider getting a credit card with rewards and make it work for you. There are tons of great rewards credit cards out there, so pick one with the best tips for travelers. Ensure you use it for as many transactions as possible, and make sure you pay on time. Look for credit cards with no foreign transaction fees and hefty signup bonuses.

Cut Back Where You Can

Rearranging your finances is another way that you could start saving for your next vacation. And it’s much easier than you think. One of the areas where most of us can afford to cut down is food. If you eat out a lot, you could save tons of money by learning to make your own food at home.

Once you learn how to cook, you’ll be amazed and appalled at how much cheaper it is. Things like pizza, for instance, can easily be done at home for a third of the price you’d pay at a local pizzeria, and once you learn how to make your favorite foods yourself, you might never spend a penny at a restaurant again.

Try to buy in bulk when you can. Try to restock anytime you see non-perishables on sale. And invest in a used chest freezer if you have space; this is one of the best investments you can make. This will allow you to freeze meat, bread, and anything else that can be frozen and buy them in bulk.

Another way you can save on food is by growing your produce. Even if you have no gardening space, growing your own herbs can be done easily. And cut down on anything that isn’t a priority. You can easily live without treats and soda for a while.

Use What You Own as an Asset

If you have a car, you could consider using it to make a little bit of money. You could start making extra money as a Lyft or Uber driver. Or you could consider setting up a carpool and changing some of your coworkers. Another thing you could do is rent out your vehicle while you’re gone. If you have a free room in your basement, consider listing it on Airbnb. Services like TravelCar will make renting your car super easy, and you could come home to a nice paycheck.


If you want to go on a vacation but money is tight, these few suggestions should help you save up for a nice trip. Ensure that you take inventory of your assets, have a savings plan, and look at where you can save in your everyday life if you want to be able to afford that vacation you’ve always dreamed of.

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