Are you planning to go on a vacation but money is tight? Don’t put your vacation plans on hold just yet. You can save the amount of money you need to fully fund your vacation with your significant other in a surprisingly short amount of time. Here’s tips on how to save for a vacation as a couple.
Since you will be traveling as a couple, you are at an advantage as you can combine your saving efforts to reach your goal faster. How do you go about saving for a vacation as a couple? Here are some ideas that can help you:
Set the Target to Work Toward
Before you start saving for your vacation, you need to figure out how much money you will need. The amount of money you will need for your vacation will be determined by your accommodation options and the kind of activities you choose to do while on vacation.
The major cost factors to consider when going on a vacation are transport costs, accommodation costs, tour guide costs, and ticket prices or entry fees. Knowing how much you are likely to spend will give you an amount to set as a target. From the target amount, you can work backwards and determine how much money you need to save each month to reach your goal by the deadline.
Open One Vacation Savings Account for Both of You
For easy accounting, you need to open one vacation savings account where you and your partner can send your savings. This provides an easy avenue to keep track of how much in total you have put aside. It is also a measure to make you accountable to your partner so you don’t slack off on your payments.
Opening one vacations savings account is as simple as opening a joint savings account. You can walk into any bank and leave with your account details in minutes.
Automate the Savings Process
After you have determined how much you will need to set aside each month to meet your desired target by the predetermined deadline, you should then contact your bank. Your bank can then automatically deduct that amount every month from your regular account and deposit it into your vacations savings account. Automating the savings process eliminates all temptations that may persuade you to skip a monthly payment.
Once the process is set in motion, you don’t even have to think about it again. Leaving it to your willpower is a recipe for failure. You will most certainly find an excuse not to make a payment even where there is none.
Opt for a Vacation Payment Plan
Some tour companies and resorts give families or couples the option of paying for their vacation in installments. The vacations are offered in packages, and you have the option of taking a prepackaged deal or designing your own package.
There are often all-inclusive deals that cover almost every facet of the vacation experience. If you book such a deal with a couples all-inclusive resort, you will know in advance how much your vacation will cost and what your vacation will look like. Be sure that you are booking at an adults-only resort and not a family-friendly one if you’d rather a more romantic vacation.
Taking this route is similar to initiating automated payments to a dedicated savings account, except that in this case you will have to fully commit to a specific tour company or resort way in advance.
Cut out Unnecessary Spending
The money you are going to put aside for your vacation will have to come from somewhere. If you’ve been spending your entire paycheck, you will have to cut back to find some money to put aside.
The most effective way to find what to cut out is to keep track of all the things you spend your money on. You will be amazed at how much wastage there is every month. Further, you will have to weigh the benefits of a vacation against the pleasure and benefits of some of things you currently spend your money on.
There are obviously some subscriptions you spend money on every month that you don’t need, like an unused gym membership. If both you and your partner faithfully keep track of everything you spend your money on, you will definitely find some things that can give way for a vacation.
Earn Extra Money on the Side
The exercise of saving money for a vacation may trigger the need to make more money to fund other things. You are in luck, as you can make a significant amount of money every month without leaving your current job. The fact that you are currently gainfully employed means that you have skills that someone is willing to pay good money for.
The internet makes it possible to cut out the intermediary and offer your services directly to clients. There are several sites such as UpWork, Freelancer, and Thumbtack that give people platforms to connect with amazing people from around the world who are looking for great people to hire as freelancers. You can work on your side-projects in the evening or on the weekends. The money you make as a freelancer will be enough to fund a good vacation.
Relax and Have Fun
Through hard work, you will be able to save for your next vacation in no time. Try using one or several of these tips when it comes down to planning a trip. You want to make sure you are having the most memorable time with your family and loved ones. Don’t let your financial issues hold you back from taking a much needed trip.
What tips do you have to save for a vacation as a couple?