We are in full swing of the summer months and it may be time to start thinking about how you’re going to afford a great vacation getaway or you may be stuck feeling like there’s no way you could take a vacation. If you’re in debt it may feel suffocating but you’re in luck! There are ways to both pay off debt or loans while also saving for a fun vacation.
If you feel like you’re drowning in debt, check out our previous blog on cleaning up some of your debt in small ways to help reach your goal of paying them off. If you’ve been making strides, even small ones, there is a light at the end of the tunnel.
If you’re hoping for a vacation this summer, put as much money as you can aside over the next couple of months and create a savings account specifically for vacation funds. If you’re planning something far in advance, something extravagant, start this vacation fund now and start putting money toward your big vacation. Over the course of a year, your fund will grow if you stay committed and get you closer to your dream vacation.
Now that you have some initial saving opportunities set up, start thinking of ways to save in other areas or ways to earn additional money. This can help with long term or short term vacation goals. Sarah Kunta, an education reporter, has some great suggestions on how to make and save money for vacations. Cutting back on your food budget is one idea she details. There are a lot of ways to save with food, such as buying in bulk and going out to eat less. You wouldn’t believe how fast those cost savings can add up for over time.
Kunta also mentions picking up a side job where that money can go straight to vacation savings without taking from your current paycheck that may be going toward your debts or other expenses. Another suggestion by Kunta is making your credit cards work for you. Credit cards may be the reason you cannot currently afford a vacation. If you have a credit card make sure it is one that gives you traveling perks, like airline miles. This could really benefit those travel goals in the long haul.
Overall, we want you to feel like your debt is not inhibiting and destroying you. According to CNBC, 8 out of 10 Americans are in debt. You’re not alone! This is not something that has to hold you back from doing fun things with your earnings. For more tips and tricks visit Sarah Kunta’s blog here. Keep paying off that debt but don’t forget to enjoy yourself this summer!