5 Money-Saving Tips to Help Make That Dream Vacation a Reality

Let’s face it – the idea of a dream vacation seems out of reach for most people. Doing a basic online search for the destination you hope to visit can be overwhelming, particularly as the dollar signs start to rack up.

For millions of determined travelers, however, a dream vacation is within their grasp by saving as little as $10 a day!

That’s right, with financial planning, and a little ingenuity, even the most budget-conscious family can travel across the globe and share in exciting new experiences without stressing over cost. Here is a list of five money-saving tips any family can do every day that will ensure the trip of a lifetime can indeed be in the cards.

Set a realistic budget

One of the most important factors to take into account when planning adventures abroad has to be the budget that is instrumental in getting you there. Setting a realistic budget can make all the difference when it comes to the success or failure of any vacation. By taking into account the estimated full cost for a trip to Australia, for example, travelers are better able to get a snapshot on how that full-figure translates to incremental deposits into a savings account or dedicated vacation fund.

Save every single day

One great habit to start getting into is making small payments into your vacation fund on a daily, weekly or monthly basis. Oftentimes people look at the lump sum monthly deposit necessary and cringe, fearing they won’t be able to realistically keep up with their desired goal. It is possible, though. Here’s an example: for a trip in eighteen months costing $5,000, travelers will need to save roughly $275 dollars a month – translating to $69 a week or just under $10 a day – to reach their goal. This is a much more manageable expectation to set for yourself when planning a trip.

Cut back on unnecessary expenses

Cutting back on expenses that aren’t essential to keeping up with your home or health is a great way to build up that vacation fund in a hurry. By simply eliminating daily $5 retail-espresso drinks from your day-to-day routine, and opting into a home-brewed coffee alternative instead, wannabe world-trekkers can save as much as $100 a month or $1200 a year! With an extra $1200 in your travel fund, maybe you won’t feel so guilty about possibly upgrading to luxury hotel experiences in exotic new places.

Apply for cash-back rewards credit programs

There are so many great opportunities out there for using credit cards to your advantage. Applying for a cash-back rewards credit card, and using it correctly, can truly add up to high dollar amounts that can be applied to all sorts of goodies like airline miles or hotel discounts. Many major credit companies offer these great programs to responsible and applicable consumers.

Invest your annual tax refund

The greatest thing about working hard throughout the year is that most us get a little bit of money back in one lump sum from the government to kick off the new year. While the draw to spend that money on expensive electronics and instantly gratifying treats can be strong, why not invest it straight into your travel account? By doing this, not only are travelers boosting their vacation fund but are also building a necessary cushion just in case something comes up throughout the year that makes it impossible to put as much into the fund as they would have liked.

Where will you go on your next dream trip?

Photo by Hamza Butt via Flickr Creative Commons