Spring Break is probably the last thing on your mind. But the vacation you’ve been craving since the first snowfall will be here before you know it, which means now is the best time to put a plan into place! It’s never too early to start saving and with spring break only a few months away you’ll need to begin now to make the most of your efforts.
How much can you afford?
You can only save as much as your overall budget allows. While a vacation on a tropical island resort sounds wonderful, the day-to-day bills and expenses you have must be your first priority. If you have an option to cut spending from a certain area of your budget, like eating out, then that is a great source for acquiring funds for your spring break budget without changing your income. Once you have determined how much you can allocate toward spring break, then you can decide the type of vacation you can afford. Maybe it’s an all-inclusive resort or maybe it’s a stay-cation!
What is the cost?
You’ve decided on how much you can afford to spend. Now it’s time to make a plan to decide how much your vacation will cost. Think travel, hospitality, food, activities and entertainment costs that will come up during your stay. When you make a plan, you’ll be able to determine what option works with your income.
Add Spring Break Savings to the Budget
In your monthly budget, designate an amount to save each month under Spring Break Savings. If you haven’t created a budget, you can get started here. Designating an amount to a budget will prevent you from using that money for other categories.
Set up Automatic Savings
Each week, month, or paycheck, you can set up an automatic transfer of funds from checking to savings. This will ensure that you’ll stay on track with saving for spring break and won’t overspend before you have a chance to save.
Spend Less Money
There are many ways you can decrease your monthly spending to allow for extra spring break cash.
- Buy off brand products versus name brand
- Skip the lattes and make coffee at home
- Lower your thermostat a few degrees
- Pack your lunch every day of the week
- Avoid spending money on anything but the necessities
Find a Side Hustle
This option won’t work for everyone, but if you have time in your schedule there are many opportunities to get a side gig. Jobs like Shipt, Rover, and ride-sharing give you a chance to make a little extra cash on your own time.