How to Save for an Extravagant Vacation

 

Spring is here, and summer is right around the corner! Your dream vacation is just a ‘disciplined saving plan’ away. Which leads to the question, how do you save for an extravagant vacation?

Pick a Date

The first thing to consider is when you would like to go. The date you choose will impact how much you need to save between now and the time of your trip. Next, you need to determine the size of your group and how much financial support you provide for that group. If you’re paying for your expenses, then there’s not much else to think about it. If you plan on paying for the whole family, then you need to consider that for your budget.

Research 

Start by identifying what kind of trip you would like to have. Do you want to go to a beach? Are you looking for adventure?
 
Do you want to learn more about a specific culture? There are several websites and publications that list alternative destinations that could save you big money. For example, instead of South Beach, you can probably vacation around the Ft. Lauderdale beaches. Depending on your preferences, you may need to contact a travel agency and ensure you get your facts right. Once you’ve selected a destination, identify the list items to bring for trips. Take an inventory of what you have and what you will need to purchase. Cover all the basics and determine what each item will cost.
 

Save

Start the saving process by creating a vacation saving plan, share this plan with all the parties involved. When all of this is sorted out, go ahead and open a savings account specially for your vacation. This could be a bank account, massive piggy bank, or a trusted person. I recommend online savings accounts because you can automatically contribute to this account. No matter what method you choose, choose something that will keep you accountable until vacay time.
 
Create a priority list or budget over the period leading to your set a date for the vacation and spend strictly according to this list. Avoid spontaneous shopping and be very disciplined. To help you save more, create an alternative source of income; get a second job, get involved in freelancing, babysit for friends, become a content writer or get involved in photography. There are a million and one ways to earn extra cash, explore these avenues and ensure payments for these services are made directly into your vacation account.
 
If you have other people joining you, ensure you aren’t the only one saving up for this grand vacation, get everyone involved, split the vacation bills if necessary and keep tabs on everybody’s saving plan.
 

Enjoy! 

The key to having a fun vacation is preparation. This preparation allows you have guilt-free spending, no additional credit card debt, and a ton of memories. Also be sure not to limit yourself too much as well. If something unexpected does come up, pay for it and be sure to budget for the next trip. The more you’re prepared, the more you can enjoy your well-deserved time off.

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