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4 Tips To Save Money For Your Family’s Summer Travel

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With the new year approaching, summer vacations are right around the corner, which, as many of us know, can cost quite a pretty penny. And while planning out a budget for your trip ahead of time might not be the most fun, it also will save you quite the headache financially. Which, luckily for you, I’ve come up with a few helpful tips to get you started. Check them out below:

Know Exactly Where You’re Headed and What You Have To Save

One of the first steps you should take when planning a trip is knowing exactly where you’re going to head as well as how much it will cost. While a lot of us love to splurge on vacations, no one likes the feeling of being in over their head in debt afterward. However, that’s why you need to factor in every detail down to the last drop.

Make a list of where you and your family are trying to go, as well as what the average cost is. This will start to give you an accurate ballpark figure that you can work down, honing in on what aspects of your vacation you find imperative (and how you can save). For example, as noted by Value Penguin, the average cost of an international trip comes in at around $3251 per person, which can be quite a hefty price tag for a family of three or more. Yet, that’s why searching around for specials beforehand is imperative. Whether that be discounted Paris Catacombs tickets or a last-minute flight deal, making the most out of that target figure will help you enjoy your vacation stress-free.

Look Out For Little Things You Can Cut Out

Another great trick to saving for a vacation is by cutting back on the little things. For most of us, this includes items like going out to eat less or foregoing some weekend nights to stay inside. The overarching goal is to itemize out the different expenditures you have and decide what’s worth keeping versus getting rid of. Granted, I’m not saying that you should not have fun at all while saving for your trip, but asking yourself which one is more worth it will help you develop the mind-frame on how to approach your finances.

I’ll note that there are going to be certain items many of us can’t do without regardless, but might be able to find an alternative on. For example, according to The Balance, the average smoker spends approximately $2,292 per year, which is a significant expense. And while giving up smoking entirely might be a tall task to many, considering an alternative like the popular vapes from Juul or other tobacco products might save you hundreds, if not thousands. Although it’s ultimately up to you when picking and choosing your options, there are most likely some things in your lifestyle that would be advantageous to pick up.

Pick Up A Side Hustle

If you find yourself still short on what you potentially might need for your vacation, then picking up a side hustle could be a great way to help you reach your goal. From driving for Uber to selling vintage items, there are plenty of avenues to go down regarding your approach. All you need to do is start looking at what’s available to you, as well as how it can work into your schedule.

Perhaps one of the most popular (and lucrative) options is hosting on Airbnb, which, according to Priceonomics can bring in an average of $924 per month. This is by far the easiest and quickest way to make some extra money for your trip, however, it requires some additional space in your home. And if Airbnb isn’t your cup of tea, platforms like TaskRabbit and Uber/Lyft come in around $400, which is still a sizeable take home to bring on. See what type of gig might work for your schedule, as this will help you come up with exactly what you need for a vacation.

Get Into Investing

Finally, although it’s a long-term gain, investing can be a great way to both build up a nest egg for a vacation, as well as have an emergency fund in place. Granted, while I’ll advise against day trading (in fact, as noted by Statistic Brain, 80 percent of day traders actually lose money), talking with a financial advisor about how you can invest to make some extra money for a vacation isn’t a bad idea. Start reading up on investment publications, such as Insider Monkey to keep up with the latest news. The overarching goal is to prepare you and your family for any future endeavors, giving you enough breathing room to having an amazing time.

What are some strategies that you’ve used to save for a vacation? Comment with your answers below!

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