Summer isn’t far away. Hopefully, you have already started saving for the big trip on the horizon. Whether it’s this summer or next, it’s never too early to begin stashing money away. Having a timeline can help tremendously and will help you avoid coming up short. Use a summer vacation savings timeline to stay out of personal credit card debt.
Summer Vacation Savings Timeline Examples
Since personal credit card debt can pop up quick during vacations, the farther out you can forecast a vacation, the better. This is especially helpful if you are hoping to have a big, expensive family trip. Maybe it’s Disney, three weeks in Europe or a trip down to Australia, these adventures can be wonderful experiences. However, they require lots of planning and funding. Planning can make this kind of vacation a reality for most families without relying on credit cards.
What does a savings timeline look like for a major trip? Consider starting about 3 years in advance. Even if you aren’t entirely sure where you want to go, it should be acceptable as long as you steadily save. Therefore, the best credit card debt advice is to avoid it altogether! So here is a breakdown if you save for three years and gradually increase your savings.
Timeline #1- Easy to Moderate Savings Goal
Year 1: $100/month x 12= $1,200
Year 2: $125/month x 12= $1,500
Year 3: $150/month x 12= $1,800
That gives a total of $4,500.
Timeline #2- Moderate to Aggressive Savings Goal
Year 1: $150/month x 12= $1,800
Year 2: $200/month x 12= $2,400
Year 3: $225/month x 12= $2,700
That gives a total of $6,900.
The first timeline could be accomplished with small adjustments to the budget. The second timeline probably requires more sacrifice and cuts. If you only have two years to save or less, just run the math. Find out how much you will reasonably be able to save. Then, you can pick which dream trip you can take.
Other Summer Vacation Savings Tips
- Figure out how much you can save and THEN pick your destination. You may have ideas, but keep an open mind until you know you can afford it.
- Apply tax refunds to summer vacation savings.
- Use a separate savings account dedicated to the vacation.
- Use any connection through family and friends to save money on housing or other perks.
- Check Groupon and other deal sites for discounts.
- Book during off-seasons.
- Try renting a house or condo with a full kitchen. Making your own meals can save tons of money.
- Check with AAA or any other membership sites for discounts.
- Try a spending freeze and add extra savings to your vacation account.
- Consider a shorter trip to a more luxurious destination.
- Get a side hustle or part-time job for a while to help your saving efforts.
A vacation can be great but can also bring a lot of stress if you haven’t financially prepared. Take the time to save and avoid unnecessary calamity and consumer debt.