We all love vacations, but we all know that you have to pay for them. And it's not just about the working days through which we make our way to the desired journey, and it's also about money.
Not everyone is good at saving money, but maybe you just need to change your approach a bit.
Set Achievable Goals
Perhaps you want to travel around the world. But you need to start with something that you can at least theoretically afford if you really want to save up for it, and not just dream.
Realistic goals make achieving them more accessible and faster.
Calculate your budget
Make a preliminary travel budget. Find out how much air tickets and a hotel cost, add to this the amount for food and excursions, and put 5-10% on additional expenses and souvenirs.
Don't forget about travel expenses: buying seasonal clothes, sunscreen, and a new suitcase. It would be best if you did not focus on the lowest prices; it is better to have a small supply of money than to be in a situation where they are not enough.
Create your own "vacation fund" and contribute money to it regularly. A comfortable level of savings is 10-15% of monthly income. Set aside all additional earnings: bonuses, part-time jobs.
It is better to keep money on a bank deposit with the possibility of replenishment and partial withdrawal. In addition, a small interest will be charged on the deposit (an additional incentive to save).
The most important thing that slows down savings is loans or borrowed money. Try to pay off all debts as quickly as possible, and do not take out a travel loan.
Few people like to save and save, especially when the cherished goal is not so close. Make sure that you are surrounded and motivated by the atmosphere of travel. Hang colorful photos of the chosen vacation spot in the house, put a screensaver on your computer, and change the ringtone on your phone.
Arrange culinary evenings and film screenings on the theme of your trip. Even a small calendar with the Eiffel Tower in your wallet can cheer you up and prevent an unplanned purchase.
What to Do if You Can't Save?
Not all people can save. In addition, unforeseen circumstances cannot be ruled out, which sometimes force us to turn to already accumulated funds. But the vacation is getting closer, and you don't want to spend it at home? Then there are several ways to solve this problem.
Vacation credits are a fairly common way to pay for travel. They offer amounts from $1,000 to $50,000 for terms ranging from 12 months to 72 months. With their help, you can pay for almost any trip.
Personal Lines of Credit
Personal lines of credit allow you to withdraw funds up to a set personal spending limit. This revolving credit account will enable you to make minimum monthly payments or more. In addition, the APR on a personal line of credit may be lower than the APR on a credit card.
A credit card will allow you to use funds within a set limit.
If your credit score is above 670, then you may qualify for zero-interest credit cards on purchases during the 21 months.
Point-of-Sale Travel Financing
There is also the possibility of financing trips at points of sale. This will help cover expenses such as transportation and accommodation. Travel websites may offer point-of-sale credit, allowing you to book your vacation now and pay later. In addition, some lenders may offer zero-interest point-of-sale travel financing.