7 Creative ways to save for a vacation

mlava jan 2017Article Written by : Total Merchants

Taking an annual vacation is a much-needed break for most. But saving up for a well-deserved vacation can be hard. Here are some tips on how to get started.

Open a dedicated savings account – To make a commitment to save for your vacation, it is an important to open a bank account for this purpose alone.

Then set up automatic transfers – You can ask your bank to directly debit a specific amount into this account every month. This could be as little as $50 every month.

Have a change jar – Although you may think that a change jar on your kitchen counter will not amount to much, you may be surprised to know that a mere $1.37 a day will get you $500 a year.

Budget – Budget your vacation and understand how much you will need for your trip. This will help you save more, for example, if you want to add more activities, upgrade your seat or hotel stay, you will be more motivated to do so.

Sell unused stuff – Check your closets for items that you will never use and place them on eBay or Craigslist. Put this money straight into your travel fund.

Relook at your subscriptions – You may have subscriptions for magazines, cable or gym memberships that you rarely use. Cancel these subscriptions and place the annual payment into your travel fund.

Travel grants – If you are planning on traveling for your profession, education for research, you may qualify for a travel grant.