4 Ways To Save Money For A Family Vacation

If you want to take a much-needed vacation with your family this year but have concerns about the cost, you are not alone. A recent survey performed by Project Time Off revealed that about one-third of those who participated in the study admitted that they could not afford to take time off for a vacation. However, taking a family vacation does not have to break the bank, and there are five ways to participate in effective saving that can put you on the road to the beach, the mountains, or a resort sooner than you ever thought possible.

Review Your Spending Habits

Before you can change your spending habits in order to save money for a vacation, you will need to take more than a cursory look at what you spend the most on. Your monthly bills should be tallied first, but since it might be a challenge to cut costs there, look into your flexible spending instead. For example, how often do you eat out and how much do you spend, on average, per meal? What is the total cost of your monthly entertainment expense? Taking an in-depth look at these costs may help you find areas where cutting back is possible.

Lower Your Utility Bills

Since every dollar saved adds up, consider making an effort to lower energy costs around the home so you can put the savings toward your vacation. Turn off lights and ceiling fans each time you leave a room, use energy-saving light bulbs throughout your home, and offer your family members tips on how to save water, such as taking shorter showers and not letting the water run while they brush their teeth. Track your bills and then subtract the savings from what you usually pay so you can add it to your vacation fund.

Look for Discounts Everywhere

You may be surprised about the kinds of discounts you can find in almost every aspect of your household expenses. Online coupons, free membership reward programs, and even discounts on your monthly car insurance premiums may help you set money aside. For example, if you have been accident-free for more than a year or bundle your car insurance with your homeowner’s, this could add up to significant savings.

Get A Loan

If all else fails and you can’t save up enough money to go on a vacation with your family. Perhaps your best bet is to obtain a loan in order to fund your trip. There are several easy ways of borrowing money that you should look into if you’re in need of extra cash.

Be Honest With Yourself

Before you can cut unnecessary spending, you have to be honest with yourself when it comes to which expenses can be cut. Of course, this does not mean that you have to cut out all of lifes pleasures, but you may be spending more than you care to admit in some areas. For example, when you go grocery shopping, do you stray off the list and buy a bunch of goodies? Do you stop off for a $5.00 fancy coffee more than a few times a week? If so, then it is time to practice some self-discipline if you really want to save.

While it is never easy to change your spending habits or actively search for ways to save money, the memories you will make as a family while you are vacation are sure to last a lifetime. If you need further help with saving for a vacation, consult a financial advisor or local community programs that may teach you how to save more effectively.


Anum Yoon is the founder and editor of Current on Currency. She loves all things personal finance, which is why you'll find her work all over the PF blogosphere.