Even in the heart of all the craziness in the world right now, vacation is still on top of mind for a lot of us especially after months of quarantine. Now one thing I need to emphasize is vacation will be different for everyone. Never feel the need to go on vacation to impress anyone because while one person may see a trip to Monaco as a vacation someone else might see a long weekend at the lake as a vacation. It all depends on what you can afford and what makes you feel happy. So to help you turn those daydreams of the sandy beach into reality, we will go through a few simple ways to help you save for your dream vacation.
The first thing you need to do when trying to save is to determine where you want to vacation. When setting your destination make sure you can realistically save enough to go there. I have seen it too many times, where people will go on this overblown vacation only later to find out it was funded through credit cards and retirement account distributions (NEVER DO THIS!!). Remember you are going on vacation to recharge the batteries and have a fun time, so make sure you aren’t overextending yourself financially because it will eat away at your fun.
Establish a Budget
You can’t get where you want if you do know where you are and that is never truer than when it comes to spending. So first make sure you breakdown your expenses for the month. Next highlight expenses that aren’t necessary (i.e. your Starbucks Pumpkin spice lattes and your daily drive-thru visits to McDonald’s). Next total all these up to determine how much you can shift towards saving for your vacation goal.
Vacation Savings Strategy
After you have your budget, now it’s time to put a plan in place. When I saved for my vacation last summer, I set up an automatic contribution to a savings account specifically for my trip. After reviewing my budget, I noticed I was spending $3 every morning for coffee. So now instead of my coffee purchase, I had $3 going into savings each day. Fast forward 1 year and that coffee turned into nearly $1100 for an amazing trip to Austin Texas!
There you go, a few foolproof tips to help you go from day dreaming in the cubicle to drinks on the beach. I hope this helps you put a plan together to get away for a few days because after the past few months, we all deserve a little me time.
We will be doing challenges each week, so you can apply the information that you learn from us. This week’s challenge is to set your destination for vacation and build a budget. Have Fun!! Go get after it! See you guys next week!
Thanks once again for reading and I hope you found something useful in this post. We here at Strong Dollar want you to become the best version of yourself and that’s why we preach fitness and finance. We truly believe that the two go hand in hand when creating an amazing life. I hope you stick around to follow us on this journey, so we can continue to educate the masses.
Don’t forget, now that you figured out how to save for a vacation, let us help you get that body ready for the beach! Check out our fitness blog with the link below.
Remember: Fitness + Finance = Freedom!
-Strong Dollar Team
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