Saving enough money to go on vacation can be a challenge for many of us. Add in the fact that unemployment rates are at an all time high due to the Covid-19 pandemic. I can honestly say saving money for a simple trip has never been more difficult. While it sounds all doom and gloom, I’ve come up with 4 tips exploring ways to save money for that vacation you’ve been wanting to take.
1. A Side Hustle
Making extra money is often a lot easier than saving what you already have, and there are more ways to do this than ever before. Becoming a personal assistant/shopper to someone who’s sheltering in fully due to a pre-existing condition could bring in some much needed extra cash.
Working freelance jobs can be a good route for those who have a lot of spare time, but you could also consider the idea of getting into stock or crypto trading. Finding a good algorithmic trading platform can make this process much easier, providing you with everything you need to get started.
2. Make Sure Your Saving Account Makes Cents
People often choose to use their regular bank account when they are trying to save money, though this can be a bit of a mistake. While you will be able to store as much as you want in an account like this, they usually have lower interest rates than proper savings accounts.
This makes it worth looking for a savings account that has a high-interest rate but also enables you to withdraw money when you need it, giving you a little bit extra on top of the savings you’re already making. Savings accounts with higher interest rates makes your money go further than normal.
3. Consider Late Bookings
People often book vacations only to cancel them later down the line. This can be for a number of reasons, but it means that travel companies will usually have incredible savings on vacations that can be booked late. This option comes with a little risk, as you may find that you can’t get a vacation that you like when the time comes, but this is a small price to pay for the vast savings that you can get from this. This is an excellent way to make your vacation much cheaper.
4. Save Money Right From Your Phone Using A Saving App
There are countless saving apps on the market, giving you the power to turn your smartphone into your own personal banking machine. This sort of tool can automatically put money into your savings based on what you have and what you usually spend, taking the money out of your normal bank account so that you can’t spend it by accident. This is perfect for anyone who is willing to handle their finances through their phone, though you can also find similar options for desktop computers. My personal favorite savings app is Digit.
Saving for the vacation you have had your eyes on can be a big challenge. This sort of product is never cheap, and this means that normal people usually have to work very hard to be able to afford them. Of course, though, this is something that you can easily overcome if you take the right action.