Despite the way the world and trends change, the family summer vacation is still going strong. A 2017 report from the American Automobile Association revealed that more than one-third of families had planned a summer trip for their families that year. If you want to plan an adventure for your family this summer but money is tight, there are a few money-saving strategies you can use to finance a trip without your household budget ballooning out of control.
1. Set Up an Automatic Savings Deposit Plan
Even the best-laid savings plans can tank if you are constantly tempted to spend money instead of putting a set amount into your savings account each month. One way to curb your impulse and unnecessary spending is to have that amount deducted from your checking and transferred into your savings each month. Not only will you no longer have to remember to transfer the money, if it goes into your savings as an autopay, you might be less likely to miss it.
2. Find Money Within Your Budget
You may be surprised to find additional funds within your household budget if you are committed enough to look for it. To accomplish this, sit down and revise your current budget by going over each expense individually. For example, if you spend up to twenty dollars or more a week on morning coffee runs or take-out breakfasts, start brewing your own at home and pack portable snacks. At the end of the month, add up what you saved by curbing your spending in this area and add it to your vacation fund to help it grow faster.
The whole family can invest in your vacation by making their own financial sacrifices. Ask your kids to cut back on the family’s cell phone data usage, have them donate their pocket change once a month, and remind them to care for their clothing and shoes so they last longer. When your kids are involved in the saving process, they may appreciate the result more.
3. Change Your Insurance Deductibles
While having a low deductible for your car or homeowners’ insurance premiums can ease your budget, you may save more if you raise them. For example, if you live in central Pennsylvania and currently carry a $500 deductible, you can ask your Harrisburg insurance agency to adjust this amount to $800 or even $1,000, depending on what the company can offer you. You may have to pay more out of pocket if you file a claim, but the risk can often outweigh the cost when you are trying to save money.
Saving money for that dream trip this summer can be a challenge, especially when you are raising children. However, with a bit of effort and wise planning, your vacation account can grow by leaps and bounds.