4 tips to help you save for your next vacation

November 6, 2014

If you've always wanted to see Antarctica or the Rio Carnival and wondered how you would ever afford it, here are a few ideas to help you start saving for your next vacation.

4 tips to help you save for your next vacation

1. Sell your junk

Most homes have unwanted items stored away, so take a look around and sort the things you no longer need. Unwanted clothes and books in good condition can be sold on websites like eBay and Amazon, and furniture items on sites like Kijiji and Craigslist. It's an easy way to earn some cash for your trip. You can also hold a yard sale with unwanted items that may not sell online.

2. Cut your food budget

Packed lunches taken to work will save money and can also be a lot healthier than eating out every day. Cutting out expesive coffees on the way to work will also save a significant amount of money. Cooking from scratch at home is cheaper than buying ready prepared meals and large batches can be frozen for future meals. Track your savings and set the extra money aside for your trip.

3. Put away a small amount from each pay

Saving a small amount from a salary each month will help those savings grow. If the amount is deposited automatically you'll hardly notice as those dollars start mounting up. Make sure to check your statement regularly to keep an eye on your spending, and consider cancelling any subscription services that require monthly payments. Another great idea is to set up a vacation jar in which members of the family throw their loose coins at the end of every day. Let it serve as a motivational tool by designating it to pay for a single item or ticket, this will provide a concrete goal that can be celebrated when it's met.

4. Ask or cash birthday gifts instead

If it's nearing a birthday or the holidays, then let your friends and family know you'd prefer cash as a gift if they ask you what you would like this year. You could also ask for any equipment that might be needed during your vacation.

Once the money starts building up, aim for a date and book flights and hotels early, as there are a lot of early bird deals out there that will cut the cost of your vacation even more. Plus, you'll learn a thing or two about saving money and maybe develop some better saving habits for years to come.

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