7 Budgeting Tips for Your Next Family Vacation

Guest Article Feature

Is it getting harder than ever to picture affording a vacation this year? Take heart, there are ways to organize your budget to get in a fun trip for the family. But get started as soon as possible so you’ll have enough saved up by the time you need to make reservations.

Image via Flickr by Images_of_Money

1. Make Savings Your #1 Priority

The mistake many families make is spending first and saving what’s left over. Financial experts say this is the opposite of what we should do. Set aside a reasonable amount to save out of each paycheck, and transfer that money into a special vacation savings account before you do anything else. This way, you’re not tempted to spend your vacation money on other things.

2. Set Aside Certain Funds for Vacation Savings

Do you have a part-time job, get an annuity payment, or any other income from a source other than your primary job? This makes a perfect contribution to your vacation savings. Take the small amount you’re earning from a secondary source and dedicate it to your vacation savings fund.

3. Prioritize Spending

When you’re shopping or browsing online and find something you’re tempted to buy, ask yourself, “Would I rather have this or the vacation?” If the answer is, “A great vacation!” then put the money you would spend on the item into your vacation savings fund. Also, it teaches you to make purchasing decisions based on long-term goals, not whims.

4. Eliminate Unnecessary Spending

Most families eat out, go to the movies, and hit the mall too frequently. Swap your nights or weekends of spending for low-cost fun at home. Dedicate one night per week to prepare a meal together and get out some of the old home movies or a DVD you picked up and never got a chance to see. For the average family of four, you can save almost $200 by swapping a family movie or game night with a night of dinner, a movie, and a trip to the mall.

5. Watch Your Fuel Costs

Are you in the habit of jumping in the car and running to the store every time you realize you’re low on something? This is just one mistake people make that eats away at their ability to afford a good vacation. Keep a list handy and combine those trips into one. Also, invest in a more fuel-efficient vehicle like one from Arrigo Automotive used cars in West Palm Beach. This saves you money on regular errands, but also makes a driving trip more affordable by consuming less gas.

6. Sell Unwanted Stuff to Fund the Vacation

Have you got closets and a garage stuffed with things you never use? Turn this wasted space into a nest egg for your vacation fund. Sell it off on Craig’s List, eBay, or have a yard sale. It’s amazing how much cash you can get for unwanted clothing, shoes, furniture, housewares, gardening tools, and other old items.

7. Have Kids Contribute to Vacation Savings

It’s never too early to start teaching kids how to contribute to the family, even when it comes to affording a vacation. Consider having little Johnny cut the grass to save what you’re paying the neighbor kid, and put the money into the vacation savings. Or, get Jenny to clean the house or babysit to save the money you’d pay for those services. Explain that they are getting paid, but the payment comes at vacation time. Learning delayed gratification is healthy for young people.

With a few minor changes in your daily routines, you can soon have the money you want for a rocking vacation this year.