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Pay Away the Vacay: 5 Tips for How to Save for a Vacation

Each year, South Africans take 43 million overnight trips.

The cost of those vacations can add up, especially if you are going as a family. Don’t’ sacrifice a memorable vacation because you can’t afford it.

Start planning ahead with these 5 tips for how to save for a vacation.

1. Work a Side Job

One of the best ways to save for a trip is to increase your income. Once you finish working your full-time job there are still a few hours in the day. Consider picking up a part-time job for a few months to save money.

The following jobs are a few options:

  • Freelancing – use creative skills like photography or graphic design to make money.
  • Tourism or hospitality work – have fun while making money in the tourism market.
  • Waiting tables – if you can provide good customer service, waiting tables is a lucrative side job.
  • Babysitting – many parents need a responsible adult to watch their children.

Visit here for more great side job ideas.

2. Use a Dedicated Savings Account

By opening up a dedicated savings account, you won’t have the temptation to spend the money. Choose a certain amount to deposit weekly or monthly and watch your balance grow.

Take it to the next level by setting up automatic deposits from your checks. You won’t miss the money if you never even see it.

Make sure you choose an account that will let you withdraw your balance with no penalties.

3. Take Advantage of Credit Card Benefits

Credit card benefits are a great way to save for a vacation. If you already use a credit card, learn what benefits you have. You may have racked up a few air miles or earned some money back.

You should also consider opening up a new credit card. Many credit card companies will offer sign-on bonuses which amount to free cash. Do your research to find out what card offers the best benefits for your lifestyle.

Remember to use your credit cards responsibly and only buy what you can afford to pay off.

4. Save Silver Coins

Try saving every silver coin that comes into your possession. While a single silver coin isn’t worth a significant amount, multiple coins can quickly add up.

Coins are harder to carry around in which makes it easier not to spend them. If you and your family all your silver coins you could save up R400 in a few months.

5. Streamline your Expenses

In the months leading up to your vacation, save money by not spending as much. Cut back on eating out and prepare frugal meals at home. Think about whether you’d rather have each expense or your future vacation.

Here are other ways to streamline your expenses:

  • Use public transportation or carpool
  • Unplug unused electronics
  • Reduce or eliminate your cable bill

Other Tips on How to Save for a Vacation

When you’ve done all you can to save ahead of time, consider ways to save money on your vacation. By cutting prices on certain items, like lodging, you may be able to extend your vacation.

Read here for more information on how to save for a vacation.