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Saving for a vacation on a tight budget could be a bit stressful, however, if you have simple principles to achieve it easier will be a perfect idea.
Vacation has always been a normal routine for people who want to relax enjoying themselves along with their relatives. Therefore, it is a good idea.
Sometimes, we want to make things big, we don’t want to repeat the same old story, therefore we decide to take a bigger move. How do we do this? Simply by savings, we can achieve our goal. If you have not read my article on how to save for a trip to Europe, kindly follow the provided link to read.
I have read some articles on how to save for your vacation on a tight budget. I saw a lot of points but seem too similar to the normal advice anyone can give you. Now, I decided to come up with a unique approach on how to save for your vacation.
How to save for a vacation on a tight budget
1. Reduce your food intake
From personal experience and observation of others’ attitudes towards food intake, I discovered that it hinders their ability to save for any future purpose. If you are a stomach administrator, believe me, you can’t save enough. This is because your food will always demand even when you don’t need to eat.
Mostly, what hinder men from achieving dreams in life is their personality habit and attitude towards what they pursue. As a candidate who is planning to travel or go out for a vacation, you must firstly, understand the art of discipline. Discipline yourself to control food intake so that it will not serve as a barrier to your goal.
Reduction of food intake is automatically synonymous with savings Why did I say this? Most of the time, food has been one of the challenges that take away our money because you can’t even do without it for too long.
2. Learn to Sacrifice one thing for another
You may be the material things kind of a person, definitely, you already not giving it up will hinder you saving for a future purpose.
For this reason, you will have to choose between what you are addicted to, and what matters to you.
For instance, if you do buy ten T-shirts a month, you will have to reduce the number to 5 a month, so that you may be able to save for your vacation. The same thing applies to any other material things you love buying in bulks.
3. Don’t Be a Spendthrift
A spendthrift does not understand how to money works, he buys whatever comes to his mind without a good reason. He has a constant urge to satisfy his addiction to buy things unnecessarily. If this is your habit, you need to work on it. Learn how to control your urge when the gratification comes to spending money.
This is one reason why Bryan Tracy advised that when the gratification to buy something comes to your mind, delay your decision for a week to see if truly it is for real or a mere lust. To be honest, how will you ever be able to save when you have this kind of addiction? It is left to you to give up this habit so you may save for your vacation.
4. Turn yourself into a good manager
We often repeat the statement “A good housewife is a good manager”. Have you ever thought of what this statement means? Have you ever reflected on it deeply to understand what it stands for?
A manager traditionally ensures he does everything in his capacity to regulate the affair of business. As for a good housewife, when given a small amount to prepare a meal knows how to manage the money to get it done.
If you adopt the lifestyle of these two people mentioned above, you will learn how to manage your money and resources to save for a future vacation. If there is any goal you intend to achieve, try to manage your way up until you finally achieve it by ensuring that you save some little amounts for your vacation.
5. Work Hard to Earn Enough for your Vacation
If you are a laborer who works per hour before being get paid, say, for instance, laying bricks for a new building. You know you can’t earn a penny sitting down or working less. After all, you are paid per the number of bricks you can lay per hour.
Honestly, you need this vacation so badly and you are not sure if you could ever gather money for it through any other means, then you have to work hard as a laborer.
Remember, the cost of the vacation must have been determined before now, therefore, it will be easy to know your stand on how to raise the amount needed for the vacation.
6. Increase Your Earning Ability
Perhaps, you are only a carpenter or a Fashion Designer, and then, you need to go for a big vacation this time around. The current Handjob you have may not be enough to achieve such a goal for you, therefore, you need to increase your earning ability so that you can save enough money for your vacation
If you are earning N2,000 daily, as a fashion designer, you can go further to learn other things such as computing, or website design to increase your income to N5,000 daily. This is a smart way to save money for your vacation.
You can make your vacation a big achievement by being smart enough to increase your income this way.
7. Open a Vacation Savings account with a Microfinance bank
Microfinance banks may lend a specific amount to you to be returned at a specific period as may be Agreed upon during the loaning period. Micro Finance will give you enough time to return the borrowed amount, although with some interest attached.
The point here is that you will be able to achieve your vacation dream within the period it falls into. After vacation, you can then settle down to pay your debt as may be convenient for you.
8. Sign Up for Auto Savings
Set your account to automatically deduct from your salary account into your savings account. The amount to be deducted has to be specific to meet up with the cost of your vacation. Do not allow any expenses to push you to remove from the money. If possible, tell your bankers to set your account not to be able to remove any cash until a specific time is set for it. This is how you will be able to save money not only for a vacation but also for other reasons.
9. Be a disciplined person
I have never seen a person with a nonchalant attitude achieving any good thing in life. You have to be disciplined. How do you come about being disciplined? It is by understanding that the goal before you is very important. Failure to do it will bring shame to you. For this reason, psychologically speaking, your motivation will increase, and then you will gather the zeal and confidence to achieve your goals in life.
Saving will not be hard for you, because now, you have defined the purpose of your dream. This method will also go a long way to help you save for a vacation.
You will be able to manage your income wisely. The unnecessary spending will be drastically reduced and besides that, you will be to feel okay about yourself. This is because you have adopted a new lifestyle that aids your ability to save.
10. Don’t Waste time at all
We often use our time for many things, it could be for sleep, food, making money, or wasting it on unnecessary things that will not benefit us. There are times you need to use your time wisely when thinking, when making money and when managing the money for a specific purpose. You are willing to throw a big vacation this year, what is your financial plan for it? This is a good question to ask.
Take, for instance, the time limit to achieve your goal is ten days, one hour, don’t even joke with that one hour. It matters to achieve that goal.
The time used in making the money too is important because if you don’t do your job at the right time, you will not earn money at the right time. So, what is your time management level? You need to work on managing your time, it is part of the leadership in life and as such is very effective in achieving a specific dream.
Some people are busy that they can’t even find the time to think of how to solve their problems. If you are the thoughtful one, you will find out how to save money for your vacation, this will automatically give you a signal that a specific expense is not necessary for now, therefore, save this penny for your vacation.
Honestly speaking, no one cannot save money, all you need is to have these three strategies in your head. They work. They work for almost anyone. The truth is that these strategies are connected with our brain, and therefore make it easier to be serious about achieving a goal.
When next you want to save for a vacation, try this method and then see the magic.
11. Stop Gambling or Clubbing
I don’t know your opinion, your belief, or whatever, however, if you are the gambling type, and you are planning for a big vacation, honestly, you are a joker. Don’t Just waste your time, because you are not going to do anything about your goal. In other words, the goal is unrealistic.
You hardly do the right thing while you are addicted to something such as gambling or clubbing. Clubbing, as a whole, may take much of your time, especially when you like women or men a lot, half of your money will always go into it. You may not be able to save at all. You can take this method as a memory verse to conquer your inability to save.
12. Spend Less and Clear your Debt
I have not even seen a hook that hangs the throat more effectively as debt. If you are the shameful type, you will not be able to do any other thing until you can pay your debt. Are you that righteous? If yes, this method is for you.
Ensure that you clear your debt and also find a way to spend less. You are now in a tight corner common sense should tell you that it is high time to spend less. Spending less will be the solution. You may like eating three times a day, it is time to reduce it to two or once a day just to achieve your vacation dream.
We make a lot of sacrifices depending on how important a goal is. How important is your dream, does it warrant you giving up anything for it? If so, why then are you hesitating to do so? Keep giving priority to what is more important to you than what is less important. This will be discussed in the next step.
13. Set a standard preference to what is more important to you
Most of us don’t know what to do when it comes to giving preference to what we need. The problem is that most of us don’t even know what is more important to us. Thanks to economics, it taught me how to make a scale of preference. We all have a lot of desires running on our minds, however, we can’t achieve them at once, one must come before the other.
If this is the case, it means you have to draw a scale of preference to achieve a goal at a time. Your vacation is fast approaching, and you still need to enjoy your normal football match, and doing so will affect your vacation financially, you should sacrifice it to achieve your goal.
These steps should be followed properly to save for a vacation on a tight budget. They can always be applied to every life situation that may involve finance.