Many of us have dreams and plans, such as going on that dream vacation that you have always promised yourself, but it never seems like you can save enough money to be able to make that dream a reality.
There are ways to save for a big event and reach your target quicker than you anticipated, it just requires a few minor adjustments to your spending habits and a bit of forward planning.
Here is a look at how setting up a specific savings fund can help, how dining at home will boost your bank balance, and ways to stay fit for less. There are also some tips on how to make money from your car and get better credit card deals.
Vacation savings account
There will be times when you might run low on funds and may need to visit KingofKash.com/payday-loans to give your bank account a temporary short-term boost, and it is probably at these points that saving for a dream vacation seems a tall order.
There are bound to be peaks and troughs with your finances but the key to reaching a savings target is to set up automatic payments to a dedicated vacations savings account.
If you work out your budget and calculate a minimum figure that you can afford to set aside each month towards your target, this will be a great starting point. The regular payment from your main account to the dedicated savings account will become a habit and you will start to accumulate a decent amount quicker than you think.
You can also transfer other amounts of money to your savings account when you have spare funds or make some savings elsewhere.
Cut down on a few restaurant trips
Family meals out at your favorite restaurant are often great fun but the cost of these trips can soon add up.
It is estimated that many of us have about four meals out a week. If you are a family of four and hitting that number of dining out trips on a weekly basis, you will be spending about $200 a week on average.
Take a look at your weekly dining habits and see if you can cut down on restaurant trips and arrange to eat at home for a couple of those times at least. If you could change your habits and eat at home more, you could be saving about $100 a week, which could go towards your vacation fund.
Get fit for less
There are plenty of us who pay for a monthly gym membership but haven’t used it for a while or not enough to justify the cost.
You can easily spend less on your workout and save some money towards your savings goal, by doing some free workouts at home or in the park.
There are loads of free YouTube workout videos to follow and a run around your local park doesn’t cost anything either.
Save on gym membership costs and get fit for less. If you really can’t give up the gym, search around for a discounted deal or free classes, so that you still make some sort of saving.
Use your car to generate some extra cash
You might need to have a car but it is an expensive item to buy and maintain, which is why you should look at ways of making it earn its keep.
There are several viable options when it comes to using your car to earn some more money.
You could make some extra cash working as a Lyft or Uber driver, or there are even some schemes to rent your car out when you are not using it.
There are a number of websites that help you to rent your car out for an average return of at least $10 per hour. Have a look at sites like GetAround.com and RelayRides.com to see how the scheme works.
These rental companies do the advertising for you and perform security checks as well as producing a rental agreement.
Whichever option appeals to you, it makes sense to use your car to try and earn some extra money towards your vacation savings target.
Review your credit cards
It is always a good idea to regularly review your credit cards and see if you can get a better deal elsewhere, especially if you are trying to save money and get help with planning a vacation.
You might be able to find a credit card that lets you accumulate air miles for every dollar you spend. These air miles could come in handy if you need flights for your dream trip.
There are also plenty of sign-up bonuses around, which means you might be able to get some cash back when you switch over, adding some more money to your savings pot.
Lucas Allan shares his tips on personal finance using his own personal experiences; successes and failures! He is a Father of college aged kids and younger and writes about everything from savings to investing.
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