Every year you find yourself without the money to go on a trip? Here are some tips to help you save for your vacation!
Choose a trip according to your budget
The first thing to do is to establish a realistic budget within your means and try to adhere to it as much as possible. The key to success is to allocate a percentage of your income to intangible expenses (like a tow) and variable expenses like back to school, in addition to fixed expenses that you know the cost of. If you make the mistake of calculating only fixed expenses and forgetting contingencies, you may end up dipping into the holiday budget.
You can use Microsoft's Excel program to set up a personal budget and include a section dedicated to vacations as well as a special table for you to manage your holiday budget according to the activities you want to do during your trip. The Financial Consumer Agency of Canada also offers an online budget calculator that gives you a template to follow that you can modify to suit your particular needs.
Find an affordable trip that fits you
When you have made your choicedestination and you have an idea of the kind of trip you want to make, find out the best times to visit the place since prices vary throughout the year depending on traffic and the weather. Also watch for specials advertised on travel booking sites like Expedia, itravel2000 and Discount Travel, which are a great way to compare the costs and services offered by the different hotels, flights and packages offered.
Do not hesitate to visit a travel agency that can guide you and help you choose. Talk to family and friends who may know of a killer deal you haven't heard of.
Changing your habits
Do you have the habit of going to the steering wheel every morning to get yourself a coffee and a donut that you enjoy in the car on the way to work? Have you been thinking about quitting smoking for years, but haven't had a good enough reason to make you do it yet? Do you eat fast food several times a week?
It's time to finally change these bad habits, since you have a valid and motivating reason to do so! If you have a coffee machine and a carafe that will keep it warm, it's time to start using it. When you plan your meals for the week, try to include lunch options that will be interesting and appealing in order to avoiddetours to the restaurant. If you feel able, quit smoking! It's very rewarding to see the money we spent on cigarettes accumulating in our vacation account.
Tips for saving
Here are some ideas to help you stick to your budget and save money for your dream trip:
- Always keep all your loose change in a large piggy bank.
- Bring back your cans of soft drink and beer and pour the amount obtained into your piggy bank. In fact, find other occasions in your daily life that you could "divert" the profit to the holiday jar. You are in the best position to know what sum would not encroach on your daily life while allowing you to save a little more. The contents of the jar will be for holiday extras, the little extras that make the holidays particularly pleasant!
- Take your annual vacation budget, for example $2000. Divide this amount by pay period, for example 26.2000 ÷ 26=$77. Make an automatic transfer from your checking account to a savings account that will be specifically reserved for the next vacation.
- Enjoy the benefits of a virtual savings account on Tangerine that charges no user fees and pays more interest than a traditional account. You can have up to 5 separate but linked savings accounts, which will allow you to have other budget projects by saving away from temptation.
- Motivate yourself by watching thetotal amount accumulate over time and by displaying a visual of your trip on your computer screen or on your fridge. By dint of seeing your destination, you will dream of it as a family and you will motivate yourself all the more.
Do not hesitate to share with us your tips for planning and respecting your vacation budget and we wish you a good trip for next year!
