Here’s How to Save Up for Your Ultimate Dream Holiday

July 8, 2019

Certain days of the year are much more important than others because they are special. These days may include your anniversary, Christmas time or your birthday. In fact, a lot of people spend these going on a holiday they have always dreamed of. Are you planning on having your ultimate dream holiday soon? Money should not be a problem if you plan it out well. Here’s how:

Devise Your Plan

The first step to saving up for your dream holiday is creating the vision. Decide where you want to go and what you want to do your special day. Once you decide on the place and activities, you need to estimate the costs so that you have a clear idea of how much money you need. Let’s say you want to go on a cruise to the Bahamas for your birthday. Check out the costs if you join the cruise. How much extra money do you need to bring along for shopping? Once you have an estimate, calculate the amount you need to save each pay cycle for you to reach the goal in time for your birthday.

Review Your Budget

Calculate your income and regular monthly expenses. Note the amount of money that you have left after each pay cycle. Decide on a percentage of that money that you’ll use for your holiday savings. Make sure it’s an amount that you can commit to that won’t hinder your week-to-week survival.

Grab Hold of Your Debt

The next thing you’ll need to do is to start managing your debt to ensure that you have an excellent credit rating in case you need to use credit cards. Order copies of your credit reports. Pay your debts as much as possible and dispute erroneous accounts and incorrect balances.

Take Your Savings off the Top

The key to saving money for your dream holiday is to take your savings off the top. That means that you need to put money away into your savings account before you spend it on anything else. The amount that you save each pay cycle depends on what you calculated when you were looking at your budget. It’s up to you. Do what seems plausible and keep your efforts up until vacation time.

Save Money in a Special Account

You need to keep your dream vacation money separate so that you don’t mix them and spend the wrong cash. You can join a credit union that has a specific holiday fund, or you can open a savings account at your regular bank. You can direct deposit the money right into your account from your employer. Most employers allow their employees to send their funds into at least two separate accounts. You can have most of your money sent to your checking out and route a portion of it to your savings account.

If you use this plan, you will have the money you need for your vacation. Stay committed to saving, and you will see your dreams appear before your eyes.

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