Last updated on June 24th, 2020 at 11:28 pm
I know it may be difficult to think about summer vacation while it’s cold outside, but there are so many great ways to save money over time. If you start right now you can save plenty of money to spend on a summer vacation or supplement your already-established vacation fund. Whether you like to set aside one lump sum or slowly build up your funds over time, there’s something on this list for you. Everyone has success with saving money in different ways, so feel free to pick and choose, and find a combination of plans that work best for you. These tips will help you save now for your summer vacation.
Save Your Tax Refund
Many people count down the days until they can claim their tax refund. If you already have that money spent in your head, maybe this is not the plan for you. When tax season rolls around, and you file for your refund, you may get some money back from taxes paid throughout the year. Try using a free tax calculator to estimate how much your refund will be. If you don’t already have a plan for that money, consider setting a portion of it aside for your vacation fund. This can be a great time to set up an account, and get started with saving now for your summer vacation. One lump sum at the very beginning can really be a motivator to keep going in order to reach your goals!
The Penny Savings Plan
Everyone can find pennies…usually when we are digging for quarters or dimes. If you can find pennies each day, you can save as much money as you’d like. If you start out by saving just one penny on the first day, by the end of the year, your daily donation to the jar is only $3.65! No big commitment means you can always make your daily deposit. If you are trying to save in time for the summer, consider doubling the penny deposit amount. Day four would mean an 8¢ deposit instead of 4¢, and so on. This way, by the time summer vacation rolls around, you will have saved over $600! It’s amazing the saving you can do with just a few cents each day.
Start a Side “Job”
Much like fundraising but for your vacation fund instead, you can start a side job! Maybe you like to craft, write, or make jewelry, or cool wooden signs. These are all marketable skills. Take a little bit of time in the evenings or on the weekend, and make a few things that you can sell on etsy. There are also tons of Facebook groups for selling and buying items both new and used; if you use a group like this, you’ll avoid paying fees and shipping costs by only targeting local buyers. This can really make your side “job” less time consuming and manageable. There is no limit to the amount you can earn for your summer vacation fund while working at your second “job.”
Make a Sacrifice
If you and your family really want to go on something like a dream cruise to the Caribbean for your summer vacation this year, but you can’t figure out how to get that extra $2,000 or so, consider making a sacrifice. Cut out your cable bill, shut off your additional media and entertainment platforms, agree as a family to scaling back on a big expense each month in order to be able to deposit that money into your vacation fund. You can save yourself big money right now by cutting out non essentials from your budget!
Clean up, and cash in!
Is it time to clean your closets? Use ebay, ThredUp, or your favorite site to sell your unwanted clothes, kids’ toys, or gadgets. (You can even sell a junk car and get cash.) Just make sure to set the profits aside for your vacation.
How do you save for your summer vacations? Are you a slow but steady saver or a “one big deposit” type saver?
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