3 Simple Steps To Saving Money For A Summer Trip

With summer right around the corner, going on a relaxing vacation may be on your mind. You would love to plan a trip with your closest friends to another province or, perhaps, another country. Then, you take one look at your online bank account and realize you only have $20 left. So, how do you get from broke to a dream vacation? Check out our three steps for saving below.

Come up with a plan and saving goals

The first step is figuring out where you want to go and how much your whole trip is going to cost you. Decide if you want to make a local trip or an international trip. Figure out exactly how long you would like to go on the trip (three days, a week, etc.). Go online and compare the travel fares for your destination and see if you can find any discounts. If you decide to drive, figure out the costs for gas and how you would divide cost and driving duties with your friends. If you’re heading to an international resort, look into all-inclusive packages to get the most for your money. Wherever your destination may be, budget in extra money for eating out, buying souvenirs and for emergencies.

Once you’ve figured out your destination, the duration of your trip and the overall cost of your trip, it’s time to look at your finances. How much money are you making and how much money are you spending on a monthly basis? Chances are, you are not keeping track of your spending habits nor are you keeping track of how much you make. I certainly didn’t when I was in high school. The good thing is, it’s never too late to start keeping track of your finances! If you keep a financial journal where you write in your income and expenses on a daily or weekly basis, you’ll discover where you can cut corners. After figuring out your monthly income and expenses, calculate how much you need to save each month to be able to afford your trip. If you realize that you won’t be able to save enough money in time for your trip, scale back and try planning for a smaller trip or find more ways to earn income.

Make some money

In order to save money, you must earn money in the first place. If you get an allowance, you can start saving money fright away but you can’t rely solely on an allowance. If you do not have a job, the first step is finding one! High school students can typically work in restaurants or retail. If you like have the necessary certifications you can work as a babysitter, lifeguard or camp counsellor, or if you have high grades in a subject, you can even try tutoring. There are many jobs that can use your skills and talents and even temporary jobs like cutting grass or shoveling snow can help you earn a bit of extra money.

Track your finances

Lastly, once you are content with the income you’re making from your work it’s important to keep track of your income, to see if you’re reaching your weekly and monthly saving goals. If you see that you made less money at some point, make sure you adjust your spending and saving accordingly. If you continually review, evaluate, and adjust your spending and savings, you’ll be able to save enough to go on your dream vacation!  

Written by: Maria Montemayor

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