Whether it is in the Caribbean or the Mediterranean or perhaps high up in the Swiss Alps or within the walls of the Forbidden City, everyone has his own idea of what constitutes a dream vacation. While you can plan all your life on where to go the next time youre given a break, all of these will remain a dream unless you start saving for that dream holiday now. Heres how:
Consider opening a bank account that is solely for your vacation savings.
In the past we all had piggybanks or even old jars to serve as depositories for our change and loose bills. A more efficient way to save for your next holiday vacation, however, is to open a simple savings bank account which you can put a certain amount of money on a monthly basis. At the very least, it is secure and will not be used for contingencies, provided you show restraint in drawing from it. You can even earn interest while saving up.
Revisit your monthly household budget and make the necessary adjustments.
All of us have monthly expenses to take care of. That is why we have to revisit our monthly budget and determine which areas we can do less of. For instance, if were wasting a lot of money on food that mostly end up in the trash, perhaps we can start considering cooking lesser portions per meal. You can also try checking your expenditure on utility services such as water and electricity. If you can save several tens of dollars per month on these alone, then you should be able to start building on that savings to finance your vacation.
Consider more resourceful ways of generating income on the side.
If you have a car that youre not using during weekends, then maybe its worth using it as a personal transport service. There are now plenty of slots on Uber and Grab and other similar services providing opportunities to full-time employees to gain additional income on the side. Do you love dogs? How about offering your services to be a dog walker or even a dog sitter? If you have a passion for making baked goodies, you can sell these online or even ask your kids to sell them door-to-door like Girl Scouts do. Be creative in how you can generate extra income. As long as it is perfectly legal and youre not infringing on the inherent rights of others, then you should do just fine.
Declutter and monetize on things you no longer need.
Start going through your stuff, organizing things, and de-cluttering your home. Youll be amazed of the amount of items that you have accumulated through the years. Some of them may hold sentimental value while others you can already let go. Decide on the things that you want to keep and those things that should definitely go. Your trash might ultimately be another mans treasure, as the saying goes. So to add to your savings, better start selling some of the items you no longer need.
Saving up for that dream holiday vacation is easy. The important thing is to get organized and to exercise discipline.