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 of what you’ll be doing during your vacation days. While staying home is always a possibility, going somewhere else for a vacation could be a great way to see something new and have a change of scenery. For many people, however, going on a trip might seem like a distant dream and they 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.

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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 close. 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 realistically 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 laying around. Make an inventory of anything you may have and sell it either online or through a garage sale. Anything from kitchen appliances, clothes, antiques, furniture or electronic 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 though, so be careful with seasonal items and only sell 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, there are many institutions like Bonsai Finance that will allow you to get an installment loan easily. They will allow you to get access to tons of 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, which makes it that 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 rewards for travelers. Make sure that you use it for as many of your transactions as possible, and make sure that you pay on time. Look for credit cards with no foreign transaction fees and hefty signup bonuses as well.

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, then you could save tons of money by learning how to make your own food at home.

Once you learn how to cook, you’ll be both 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 as well if you have the 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 as well.

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

Conclusion

If you wanted to go on a vacation but money is tight, these few suggestions should help you save up for a nice trip. Make sure 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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