How to Start Saving Early For Your Next Vacation

It’s March and you are probably thinking its late to start travel plans for the year however, it’s the first quarter of the year, which gives plenty of time to start saving early for your next vacation if you are a travel freak. You may have a dream destination, but you can’t quite save up enough for travel costs, or maybe you can get yourself there, because you’d have to live on bread and water for the entire trip. If your vacation expenses are just out of reach, a few adjustments can help you put aside more cash and reach your goal. Jumia's hotel & flight marketplace, shares ways to start saving early for your upcoming vacation.

Figure out how much money you need

Before you can even plan how to save for a vacation, you should calculate how much you plan on spending. While you won't be able to do an exact calculation, you will be able to estimate your average expenses by researching your destination. This can give you a good idea of what you will need to save every month. Everyone travels differently, so no two numbers will be alike. You'll want to determine how cheaply or luxuriously you'll want to travel in the New Year in order to figure out how this will fit into your monthly budget. An early planning can save all the stress of bad debts the trip might bring.

Start a monthly budget

If you don’t currently have a monthly budget, it might be time to take a hard look at your spending. Evaluate how much you spend each month on necessities like rent and discretionary purchases like movie tickets. Then, set a reduced monthly spending budget and put the money you save in your vacation fund. Even after you take your trip, you might want to stick to your budget and keep saving. Technology has made things even easier as there are a lot of online saving platforms that automate savings plans per month depending on the stipulated amount agreed upon.

Open a bank account

If your travel fund is mixed with your general savings account, you should open a dedicated savings account just for travel. It will be easier to put aside money specifically for vacation, and you’ll be less likely to dip into the fund for other expenses. You don’t necessarily have to open another account at another bank, all you need to do is create a separate plan for the purpose of this. The interesting part about this is that you can also get interest on your savings, that is if you are interested in redeeming it.

Get a side hustle

If you need to boost your vacation savings quickly, a temporary side hustle can help get you there. There are a lot of side hustle options you can choose from, just make sure they meet your needs for your savings plan. If you own a car, you can drive for Uber or Taxify, join the Jumia JForce or do some freelance work. Just make sure to funnel your extra earnings directly to your vacation savings. This way, you don’t have to worry about a hole in your bank account all in the name of saving for your next trip. It will also create extra allowance for your o make up your mind about how much you really need to save for your trip.

Stay focused and inspired

Keep feeding your desire to travel. Travel planning can be daunting and a lot of work and, if your friends and family aren’t that enthusiastic about it, it can be a little depressing because the support you’re looking for isn’t there. However, you need to keep yourself inspired with the end in mind, that way you won’t be distracted by whatever happens. When you have finally saved up enough to go on that amazing and adventurous trip, you will see that it was all worth it. The trick is to act fast and begin saving for that next trip.

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One thought on “How to Start Saving Early For Your Next Vacation

  • March 18, 2019 at 9:21 am
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    Even if I save, my bank account won’t make me live this life

    Reply

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