5 Ways To Save Money for A Dream Holiday In 2020
Everyone needs a nice holiday where there can disconnect and just enjoy life for a bit. However, most people find it hard to save enough money and go for cruise or getaway they’ve been fantasizing about for years. How do you do it?
Check out these tried and tested saving strategies you can use to save up for that dream holiday in 2020:
Budget for The Holiday Before You Start Saving
This might seem weird at first, having to draw a budget when you haven’t even started saving for that vacation. However, having a clear picture of what you might need to save will not only motivate you to hit the ground running but also help you plan how to save.
Perhaps you would like to finally make that trip to South East Asia. Sounds awesome, right? A Komodo island cruise could be in your holiday bucket list. Do some digging online and see how much it would cost to take the cruise. You’ll be surprised how cheap some of these exotic cruises can be.
Start Saving on Household Expenditures
You might find it challenging to direct all your monthly savings towards a holiday fund. Perhaps you are making mortgage payments too, or paying that student loan. It’s easier to save for a holiday with money that doesn’t make you feel guilty. Household expenditures like food, clothing, jewelry, are just perfect for this type of saving.
Try and cut your daily household spend by at least a quarter the first month, then by half the next month and on and on in that fashion. This could even become easier if you are saving up for a family holiday since you can convince the others- including the kids- to sacrifice and make the holiday happen.
Stash All Your Windfalls
That bonus, allowance, stock profit, and any other lucky money that might come your way could boost your holiday fund. Stash all the windfalls that come your including gift money, unexpected earnings, among others. You might be tempted to treat yourself with a boon but take a look at the holiday budget you made at the beginning and let it motivate you.
Look for Other Sources of Income
To increase your chances of hitting your goal, you should consider trying other forms of income generation outside your regular job or business. Perhaps this could be the best time to start a side business, look for freelance gigs, put in some overtime, or even rent out a room in your home.
The dream of finally getting to go on vacation should be enough to motivate you. Perhaps you could also start selling items you don’t need in your home, like unused jewelry or electronics.
Open A Dedicated Holiday Savings Account
It would help if you didn’t mix your regular savings with the holiday funds. See if you can open separate savings account for the holiday. You might actually find that your banker or another bank in your area has specialized holiday accounts that provided incentives for holiday savers. Take advantage of them.
Remember to Draw A Savings Plan and Follow It Religiously
It’s not enough just to draw a budget and start saving towards your holiday. You need to have a solid savings plan that will take you to point A to Z. You can even print it out and paste in your study or, better yet, create reminders or a spreadsheet to guide you all the way. This way, you will be able to measure your progress and see when you need to adjust and, more importantly, when to book that cruise!
Congratulations, if you have followed this journey all the way to the end. Finally, you can go on that holiday you have always wanted. Why not use these strategies every year to save and go on holiday? It’s good for you and your loved ones. Bon Voyage!