Enjoy your next family vacation without breaking the bank
The typical vacation can cost thousands of dollars, leaving many of us wondering how to come up with the money for a family getaway.
Fortunately, with a little advance planning, you and your family can vacation in style without coming home to a load of debt.
Plan ahead. Decide ahead of time where you’d like to go, then do some research on the costs. Websites like Travelocity and Expedia can be good sources for approximate costs—although prices can vary dramatically based on the time of year you plan to travel. Sitting down to discuss your vacation plans with a travel agent can also help you determine how much you’ll need to save.
Make it automatic. After you have an idea of what your vacation will cost, figure out how much you’ll need to save each week to achieve your goal. Then set up a vacation savings account and put a portion of your income on autopilot to be deposited into that account each week, pay period, or month.
Cut back to stash more cash. Come up with ideas for little cutbacks that you can make between now and your vacation to help you save additional money. Hint: Think skipping your morning latte, or drinking water with meals out.
Explore additional funding options. Deposit cash earned from extra work hours, your tax refund, or other found money into your vacation savings account. Another option is a vacation loan, although you’ll want to make sure you pay it back in the shortest possible time.
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