Saving for Vacation? Here Are 10 Tips to Make It Happen.

How to Save for a Vacation

Everyone has a different travel style, but the desire to get away on a trip is something we all feel from time to time. Vacations can be relaxing, exciting, adventurous, or filled with family and friends. But they can also be really stressful if you don’t know how to save money for a vacation or if saving for a trip is getting in the way of your travel goals.

From the financial pros at Tower Loan, here are 10 tips for how to save for a vacation and get the much-needed trip you deserve.

1. Start Budgeting Early

From a financial perspective, the earlier you start planning your trip, the better.

If possible, start planning your trip a year in advance so that you have ample time for trip saving. Try using a budgeting app to start planning ahead for your trip so that you feel prepared when departure day comes.

2. Utilize Cashback Rewards

Did you know there are ways to earn money just by spending it?

Another tip for how to save for vacation is to sign up for cashback rewards programs. Many credit cards offer incentives for cash back, travel points, and discounts at popular retailers. If you book travel costs with one of these cards, you can often recoup one, two, or three percent of what you spend.

3. Find Ways to Make Extra Money

If you’re planning a pricey trip, it might be time to start getting creative with your income.

Look into freelance opportunities or pick up side gigs, such as doing yard work, cleaning jobs, babysitting, or dog walking. Apps like TaskRabbit and Rover can help you connect to people in need of services that you can provide. You might also be able to pick up extra hours at your current job or sell personal belongings you no longer need when saving for a vacation.

4. Choose Your Destination Wisely

Some vacation destinations are inherently more expensive than others.

Destinations that top the list include Paris, Maui, Singapore, and Aspen, Colorado. But when you are trying to figure out how to save money for vacation, you might consider more budget-friendly places Thailand, Vietnam, Mexico, and Myrtle Beach, or somewhere close to home.

5. Choose the Off-Peak Season

As you settle on travel plans, also consider the time of the year you want to book a trip.

Some seasons and months are more affordable than others because they are considered “off-peak” due to the weather or popular travel patterns. The best way to save for a trip is often to travel during a time of year when most other people aren’t going there to save money on flight and hotel costs.

6. Cut Back on Expenses

If you are serious about finding the best way to save for vacation, it’s time to really cut back your expenses.

Curb your impulse spending and costly habits. Cook more meals at home rather than eating out, say “no” to pricey concerts and festivals for a while, and shop at second-hand stores instead of buying new things as often as possible.

7. Open a Vacation Savings Account

Still trying to figure out how to save up for a vacation?

Open a specific savings account that is solely dedicated to travel. Simply having this account in your financial portfolio will remind you about your love for travel and inspire you to contribute to it. Aim to put 5% of every paycheck into a vacation savings account to budget for future travel. Even if you don’t have a trip on the books, keep adding to your account as often as possible to make future planning easier.

8. Plan Budget-Friendly Activities and Accommodations

Regardless of your travel destination or time of the year, you can cater your travel style to be more budget-friendly.

When focused on trip saving, choose budget-minded hotels or consider camping if you enjoy the outdoors. Choose just one or two costly activities that will make your trip truly epic, and then focus the rest of your activities on exploring the local life and spending time outside. Depending on your destination, you may be able to save money by taking public transportation rather than renting a car or grocery shopping to prepare your own meals in a kitchen instead of eating out at restaurants every time you’re hungry.

9. Take Out a Personal Loan

Another best way to save for vacation is to take out a personal loan. Tower Loans offers vacation loans to help you finance your next trip. Our vacation loans are flexible and can be used for any purpose you need while on your getaway.

To apply for a vacation loan, you can complete the process 100% online. Many people are able to complete their documents online and sign electronically to have the funds deposited into their accounts. You can also apply over the phone or in person at one of our conveniently located branches. Our knowledgeable and friendly loan representatives can walk you through the process of applying for a vacation loan and perhaps the best way to save for a trip.

The benefits of obtaining a personal vacation loan include:

• Fixed number of payments
• Fixed interest rate
• Same day financing
• Easily understandable, upfront details
• No hidden fees or surprises

10. Track Spending on Your Trip

When your travel dates are finally here, your financial work isn’t done!

Make sure to track your spending throughout your entire trip so that you have a better understanding of your habits when you travel. When you return back home, evaluate this data to determine even better solutions for how to save for a vacation. Once you get into a good mindset about finances and travel, you might be in a better position to take more frequent trips and see the world in amazing ways!

Choose Your Adventure and Financial Path

As you can see, there are many ways to make your travel dreams and save for a vacation. If you are curious to learn more about taking out a vacation loan as part of your process of saving for vacation, please contact us or stop by your local branch.