Dreaming of a getaway but worried about the cost? Saving for a vacation doesn’t have to mean cutting out everything you love. With smart planning and small adjustments, you can fund your trip without derailing your budget.
Here are eight ways you can save for your vacation this summer while preserving your finances:
1. Set a Realistic Vacation Budget
Before you start saving, it’s crucial to establish how much your trip will cost. Without a clear budget, you risk either underestimating expenses or overspending.
Will you be flying, driving, or taking a train? Look at average airfare, gas costs, or rental car prices. If flying, compare different airlines, check for hidden fees, and consider traveling on off-peak days to reduce costs. Research hotels, vacation rentals, hostels, or alternative stays like house-swapping. If staying multiple nights, check for discounts on extended stays.
Dining out can be expensive, so plan for a mix of restaurant meals, street food, and groceries if your accommodation allows cooking.
Consider the cost of museums, theme parks, guided tours, or adventure activities. Look for city passes or discount bundles. Factor in travel insurance, souvenirs, tips, parking fees, and any potential currency exchange fees if traveling abroad.
2. Open a Dedicated Vacation Fund
Keeping your travel savings separate from your regular checking account prevents the temptation to spend it. Consider the following ways to create a vacation fund:
Open a separate account with higher interest rates to grow your savings faster. If you prefer a tangible approach, put money into a labeled envelope or jar each week. Seeing the amount grow can be motivating. You could also use apps that round up purchases and save the spare change for you.
3. Automate Your Savings
One of the easiest ways to save is by setting up automatic contributions. When money moves to your vacation fund without you having to think about it, you’re less likely to skip saving. Here’s how to make it effortless:
If possible, allocate a portion of your paycheck to your vacation fund before you even see it. Or, schedule weekly or monthly transfers from your checking account to your vacation savings. Even small amounts add up over time.
Whenever you receive unexpected money—such as tax refunds, bonuses, or birthday cash—consider putting at least a portion into your vacation fund.
4. Cut Back on Non-Essential Spending
You don’t have to drastically change your lifestyle to save for a vacation. Instead, focus on small adjustments that free up extra cash without making you feel deprived.
Instead of eating out multiple times a week, limit it to once and cook more at home. Try meal planning to reduce grocery costs and avoid last-minute takeout. When going out, look for free events, outdoor activities, or local attractions instead of paying for expensive outings.
Review your streaming services, gym memberships, and magazine subscriptions. If you rarely use them, cancel or pause them temporarily. Take advantage of cashback apps, coupons, and discount codes to stretch your dollars further.
5. Use Cash-Back and Rewards Programs
If you regularly use a credit card or shop online, take advantage of rewards and cash-back programs to help fund your vacation. Many everyday purchases can earn you points, miles, or cash back that you can put toward travel expenses.
If you have a travel credit card, use it for routine expenses like groceries and bills to earn points or miles—just be sure to pay off the balance in full each month to avoid interest charges. Some credit cards offer cash back on purchases, which you can deposit directly into your vacation fund.
If you frequently fly with a particular airline or stay at a certain hotel chain, sign up for their rewards program to earn free or discounted travel perks.
Some gas stations and grocery stores offer loyalty points that can be redeemed for travel-related expenses.
6. Pick Up a Side Gig or Sell Unused Items
Earning extra income outside of your regular paycheck can significantly boost your vacation savings without impacting your daily budget. Platforms like Upwork, Fiverr, or TaskRabbit offer opportunities to make money based on your skills, whether it’s writing, graphic design, tutoring, or handyman work.
If you have the time, consider taking on a seasonal or weekend job to earn extra cash. Apps like Uber, Lyft, DoorDash, and Instacart allow you to work on your own schedule and earn money when it’s convenient for you.
Go through your closet, garage, or storage unit and sell items you no longer need. Use platforms like Facebook Marketplace, eBay, or Poshmark to turn clutter into cash.
If you have a spare room, consider listing it on Airbnb. If you have a car you don’t use often, platforms like Turo allow you to rent it out for extra income.
7. Travel Smart and Save on Costs
Once you’ve saved for your trip, being strategic about how you book and plan your vacation can help stretch your budget further. A little flexibility and research can lead to significant savings.
For example, flights and hotels tend to be cheaper when booked several months ahead. Use fare-tracking tools like Google Flights or Skyscanner to monitor price drops.
Avoid peak travel periods like summer and holidays when prices are highest. Traveling in the shoulder season (right before or after peak times) can save you money while still offering great experiences.
Instead of expensive hotels, look into vacation rentals, hostels, or even house-sitting opportunities through sites like TrustedHousesitters.
Instead of renting a car or relying on taxis, research buses, trains, and subways in your destination to save on transportation costs.
Many destinations offer free walking tours, museums with free admission days, public parks, and cultural events that can make your trip enjoyable without adding extra expenses.
If you’re open to different locations, compare costs across multiple destinations. Sometimes, a similar experience in a less touristy area can be much more affordable.
8. Stay Motivated with a Visual Goal
Saving for a vacation can take months, so keeping your motivation high is key. Having a clear visual representation of your goal can help you stay focused and excited about the process.
Draw a chart, thermometer, or checklist showing how much you need to save and update it as you progress. Seeing your savings grow can keep you motivated. Break your savings goal into smaller milestones and celebrate when you reach them.
Make a vision board, with pictures of your destination. Put this board somewhere visible, like your fridge, office, or phone wallpaper. A daily reminder of where you’re going can make saving feel more exciting.
Apps that count down to your trip can keep the excitement alive and encourage you to stay on track with your savings plan. If you’re traveling with others, share your savings progress and keep each other accountable. Having a shared goal can make the process more fun.
Enjoy Your Trip With Help From AZCCU
Saving for a vacation doesn’t mean making drastic sacrifices. By using rewards programs, earning extra income, traveling smart, and staying motivated, you can fund your trip without straining your budget. The key is consistency—small, intentional steps will add up over time.
At Arizona Central Credit Union, we can help you budget for that big vacation with special savings programs. If you have any questions, contact us online or call (866) 264-6421.
