Transportation, meals, and accommodations are going to be your biggest expenses—together, they might make up close to half of the total cost of your vacation. The good news is these are also areas where you can get some of the biggest discounts if you plan ahead. One option is to let each family member choose 1 thing that they really want to do. Then you can schedule your vacation based on the best days to do those things. For example, you might find that you get the cheapest tickets if you fly on Wednesday and the museum you want to visit has discount rates on Thursdays. Don’t forget to include incidental expenses and souvenirs in your budget—these can add up if you’re not paying attention.
For example, suppose you’re going on vacation in 7 months, and you’ve determined your vacation is going to cost $7,000. That means you need to save at least $1,000 a month toward your vacation expenses. Take note of expenses that need to be paid before you leave. For example, if you have to pay half the cost of your accommodations at least 30 days before you get there, that money is actually due earlier. Adjust your monthly goals so you can make sure the money will be there when you need it. This is a lot easier if you’ve started planning close to a year before you’re going to head out, but even if you’ve only got a couple of months to save, it’s still doable! You might just need to look for more ways to bring in extra money to make it work.
If you’re earning cash for different side projects, get in the habit of making a deposit to your vacation account every week or so. Divide the total amount you want to save by the number of weeks you have until your trip to get the amount you need to save per week. You might even make a chart to put on the refrigerator or family bulletin board that shows the amount saved each week and whether you’re on track to meet your goal.
Compare your bill to your bill for the same month last year—you can pocket the difference towards your vacation. For example, if last year’s November heating bill was $100 and this year’s bill is $90, that’s $10 toward your vacation.
Check for other yard sales going on in your community. Go to a few before you hold yours to get some pricing ideas. Encourage your kids to compare the prices and condition of items for sale to the stuff you would offer. If you have collectibles or media that you’re ready to part with, consider taking them to a resell store instead—you’ll likely get more than you would at a yard sale. Online platforms, such as eBay and Facebook Marketplace, are good for this too. Clothing in good condition might sell at a brick-and-mortar consignment shop—especially designer stuff. You could also use an app, such as LetGo, Poshmark, or ThredUP.
For example, you might find out that your neighbor has always changed the oil in his car. He’s willing to change your oil too if you’re willing to watch his kids for an hour on Friday afternoons. You’ve just saved yourself the cost of an oil change (minus the cost of the oil itself), money you can put toward your trip. You might also offer to teach something in exchange for services. For example, if you’re good at math, you might tutor your neighbor’s kid in math in exchange for mowing your yard. Apps such as NextDoor and Facebook can help connect you with people in your area who are interested in trading services.
For example, if you normally get a manicure every 2 weeks, start doing your nails yourself and put the money you’d normally spend on your manicure towards your vacation. If you feel a little braver, you might also try your hand at trimming your hair (or your kids’ hair)—although it’s still probably best to go to a professional for more substantial cuts.
You might designate one night a week (or every other week) for eating out—no need to completely deprive yourself and your family! The rest of the week, you can eat the food you’ve already made. If you want to spend more money on take-out and restaurants, you’ll need to cut back your budget in other areas. [10] X Expert Source Trent Larsen, CFP®Certified Financial Planner Expert Interview. 22 July 2020. Get the kids to help you and you can teach them how to cook in the process. Older kids can help with the cooking, while younger kids can help put food in containers.
Many libraries also have tools and spaces where you and your kids can create arts and crafts or work on other projects. If your library or community center has health and fitness programs available, you might also consider canceling that gym membership. Remember to take the money you would’ve otherwise spent and put it away toward your vacation. Include canceled subscriptions as well! If you cancel a print or digital magazine subscription because you get free access through the library, go ahead and sock that money away.
If you already paid for a year’s subscription to something but don’t use it anymore, they’ll usually refund you the balance for the rest of the year when you cancel. Just shuffle that money right over to your vacation fund. Likewise, there might be some that you use but don’t really need to. For example, if you have subscriptions to several different streaming services, maybe pick the one you like the best and cancel the others. You can always swap them around if you change your mind.
For example, suppose you call your cell phone company and they evaluate your usage and recommend a cheaper plan that better suits you and saves you $50 a month. That’s $50 a month that can go straight into your vacation fund. You can also try shopping around for lower rates. If your insurance or cell phone company won’t work with you, you might be able to get a better rate elsewhere. If the idea of negotiating makes you nervous, there are apps, such as Trim, Truebill, and BillShark, that’ll do it for you! Read the fine print, though, and choose carefully—many of these services charge up to 50% of the amount they save you, and some require you to buy a subscription. [14] X Research source
Here’s how this helps your vacation fund. Say you have $200 a week budgeted for groceries. Before you go to the grocery store, you make a list and pull $200 out of your bank account. When you check out, your total comes to $146. 72. There’s $53. 28 to go toward your vacation fund.
If you live in an apartment building or community, get the landlord’s permission to have a car wash in the parking lot.
These things don’t have to be complicated. Does one of your kids like making bracelets? They could easily sell those! If you’re not particularly crafty, look at Etsy shops for ideas of things you could do or maybe take a class at your local library or community center. It’s true that you’ll spend some money on supplies for this venture, but hopefully you’ll sell enough to turn a profit! Keep your craft money separate and use it when your supplies are running low. When it gets close to time for your trip, you can transfer the profits over to your vacation fund.
The week before your trip, take the change to your bank and get bills. Split it among family members to use as spending money for souvenirs on the trip.
