Having an annual summer vacation is a great way to explore new places while spending time with your family and friends. It’s also the perfect opportunity to see more of the world, relax, and recharge your batteries. Unfortunately, it can be very expensive to go on vacation, particularly if you want to go overseas. This guide will help by providing five clever ways to save money for your next summer vacation. These tips make saving the money you need for an annual holiday simple and will guarantee that you’ll have an amazing time on your summer vacation.
1. Sell unnecessary items. Most people have dozens of valuable items in their home that are rarely used. Why not sell them for some extra cash to fund your holiday? You can use eBay, Craigslist, and other online marketplaces to sell your unwanted possessions for a good price.
Go through your cupboards to find old clothes you no longer need, sell your old Reader’s Digest magazines that may be worth a fortune, or consider parting with that extra fridge in your garage. You will be surprised by how much your unused possessions are actually worth. Separate the funds that you raise from your sales and place them directly into a separate bank account dedicated to your summer vacation.
2. Reduce your entertainment expenses. It’s important to spend some money entertaining yourself each week, which gives you a chance to relax and have some fun. However, these weekly events can cost a lot over the course of a year. Have a think about the kinds of entertainment expenses you incur — are there any events that you could skip? You could save almost $1000 each year by simply having one less dinner at a restaurant each week.
There may be other entertainment expenses that you can also reduce, like magazine subscriptions, cable television, or online entertainment services like Netflix and Spotify. Take a closer look at your current subscriptions and cancel any which you rarely use. You could pay for half of your annual holiday by canceling unused entertainment services!
3. Open a dedicated vacation bank account. If you are going to save for a special event like a vacation, it helps to place those funds into a separate bank account. This will help you resist the temptation to withdraw money prematurely and prevent you from accidentally spending vacation money on other things.
When you open a dedicated vacation bank account, use a bank with very low fees and no minimum balance penalties. In most cases, you will be best off using an online bank account that does not have fees charged by traditional banks, like Bank of America of Chase bank fees. That means there are no overdraft fees, no monthly maintenance fees, no minimum balance fees and no foreign transaction fees. This helps you to save the maximum amount possible for your annual holiday.
4. Reduce your utility bills. Did you know that you can make dramatic savings by simply changing your electricity, telephone, internet, and gas providers on a regular basis? Shop around for new deals or call your current providers and ask them if they can give you a discount. Many companies will offer you significant discounts to attract or retain your business. You can easily shave between 10 to 20% off your bills which will pay for airfares to your next summer holiday destination.
5. Pick up a part-time job. The gig economy has proven to be quite useful for people looking to make a little extra cash in their pocket. You can easily pick up some additional work on the weekends or evenings, mowing lawns, tutoring students, teaching music, driving people places or delivery. There are thousands of jobs offered online, so you will be able to find something that you are happy to do. This will help you easily earn enough money to pay for your next holiday!