How to Save for an Upcoming Vacation

During the colder months of the year, it’s hard to avoid dreaming of a sunny escape. And while our imaginations can drum up the most extravagant and gorgeous vacations, the realities of life mean that our wallets often can’t keep up. With everyday expenses and the efforts of saving for an emergency fund, it can be difficult to think that a real vacation could be yours. After all, living expenses are high and it always seems like there’s another cost that needs to be covered.

And while we do our best to save and spend money wisely, accidental or sudden costs can eat up a good portion of our budget. You might even find yourself in a difficult position where you need to find extra funds to tide you over before your next paycheque arrives.

The good news is that there are online payday loan lenders that can help you when you need a hand covering costs. Just follow this link to learn more at GoDay about how an online short-term loan from a reliable payday loans direct lender can solve your cash flow problems. When unexpected costs stretch your money out too thin, payday lenders can help you out.

Use Technology

There has been a recent boom in financial technology (fintech) and the selection of new apps and software available to consumers is impressive. To help you budget and save, you can use a budgeting app that automatically tracks and categorizes your spending for you.

With the help of one of these apps, you can set saving goals for yourself and track your progress. Say you want to put aside $300 every month for six months to pay for an upcoming vacation. You can set this goal and see how your money gets distributed to stay on track with your saving plan.

The Side Hustle

Do you have a skill that you can sell on the side of your regular job? Do you have the time in your schedule to pick up a seasonal or part-time job? You can save for a vacation by getting creative with how you earn money outside of your regular income stream.

This can also help with visualizing how your money gets divided. You know that the money you earn from selling your hand-made bookshelves (if you possess carpentry skills) is going right towards your vacation fund. It’s easier to conceptualize your goal and keep track of the progress you’re making. If you’re a confident driver, own your own vehicle, and have the time to spare, you can always make a little extra cash driving Uber of Lyft as a way to earn extra.

Trim Your Food Budget

We spend a lot of money on food per month, with the average Canadian household spending about $214 per person a month on food. Free up room in your budget by making smart food purchasing decisions like buying in bulk, joining a food co-op, buying more fresh produce, and ordering less takeout.

You can take out items like treats and cut back on your alcohol income and you’ll be surprised to see how much extra money you have in your wallet. Small changes really make a difference, especially for tight budgets. It’s possible to go on a vacation on any budget, you just need to plan and save accordingly.