How to Save Up Money For a Family Vacation

Ways to Save Up Money For a Family Vacation

family vacation sunset
Family Vacation

Saving up for a family vacation is no easy task. Chances are, you already have enough on your plate: a mortgage or rent to pay, school necessities for your kids, food, and various other bills. After all, the average American family has a household debt of almost $140,000.

With such a high amount of money you need to be paying back, it’s hard to imagine going on a family vacation. Of course, there are the obvious tips, like getting rid of unwanted things in your life. You can sell your clothes on Poshmark or even sell a damaged car online. One thing is clear: with the right amount of planning, you should be able to achieve this. Here’s how you can save up for a family vacation:

Open a Separate Bank Account

It can be tempting for you to spend money when you see it in your bank account—even if you know that money is supposed to go to a family vacation. If you’re someone who can benefit from not seeing your vacation money mixed in with your bills and spending money, consider opening up a family vacation account.

With a dedicated vacation account, you can set up automatic payments to it and won’t confuse it with your regular account. You can also choose to open an account that offers a sign-on bonus, or an account that’s interest-bearing. With an account that accrues interest, you can actually end up with more money than what you put in. And lastly, with a vacation account, you can better keep track of what you’ve spent on your vacation, which allows you to set more realistic goals in the future and make better spending decisions based on your history.

Take on a Side Job

Similar to driving for Uber or Lyft, you can take up a side job, like dog walking or house cleaning. Use apps like TaskRabbit or Wag to manage your various side jobs. With TaskRabbit, for example, there are many types of side jobs you can take on: from decorating at events to delivering different items and even waiting in line, there’s over a dozen categories of projects you can work on.

To boost your odds of scoring a side job, you can even relate it to your field. For example, “Marketing” is a section in TaskRabbit, and if you have marketing-related responsibilities at your current job, it helps to add it to your TaskRabbit portfolio. Lastly, you can use platforms like Fiverr and UpWork to add some freelancing gigs to your portfolio. If you’re great at graphic design, for instance, start applying to a few graphic design side jobs to gain an additional income. And you never know, a side hustle could eventually turn into a part-time or full-time job.

Choose The Right Credit Cards

If you plan on using a credit card for your vacation, then you should stick to a card that works for you. For example, there are many airline credit cards that offer impressive sign-on bonuses and travel perks.

You should look into these cards at least six months to a year before your trip, as many credit cards don’t hand over the sign-on bonus unless you spend a certain amount of money within an allotted amount of time. Once you’ve accrued your sign-on air miles, you may even be able to take your vacation flight for free. You can also earn frequent flier miles by doing everyday things, like shopping and dining out.

Work For Your Vacation

If you’re open to having a less traditional vacation, you should consider applying for jobs in other countries using Workaway or WWOOF (Worldwide Opportunities for Organic Farming). These work-exchange platforms allow you to work a few hours per work day (usually 3-5 hours, Monday-Friday) in exchange for free accommodation and, in some cases, meals.

Because accommodation is often the priciest part of a trip, these programs help rid you of this cost. You’ll still have the majority of your work day free, and almost always have off weekends. It also allows you to immerse yourself in a culture by working for a local business.

You might find yourself working on a farm, at a hotel, or at a restaurant. And depending on the job, you might even be able to add it to your resume. This way, not only are you on a vacation, but you can stay somewhere for free and boost your professional experience.

Drive for Uber or Lyft

You can earn a great side income by driving for Uber or Lyft during your spare time. According to Lyft, the average driver makes around $16 per hour. At this rate, driving just two hours per day could yield around $225 per week, and close to $1,000 per month. You could even opt to put this supplemental income towards your vacation exclusively, so that your vacation money doesn’t make a dent to your average income.

Comments are closed.