Best Practices to Save for that Dream Vacation

Posted - April 7, 2021

If a year could give you cabin fever, it’d be 2020. From pandemics to social unrest, we could all use a vacation right about now. The only problem? If you’re not financially secure, you’ll likely be doing more dreaming than you are vacationing.

The good news is that you can turn things around and start saving for that dream vacation if you follow a few financial wellness best practices. It might be this year, or it could be a year or two down the line. Either way, it’ll be worth it. Let’s go over some money-saving techniques.

Set A Budget

First, decide how much you want to spend. (Or calculate how much you can save over the next one to three years.) If you have a budget of $5,000, for example, you’ll need to set aside $208.33 each month for two years. How aggressive you want to budget is up to you.

Pick An Affordable Spot

A dream vacation doesn’t have to be an expensive vacation. That $5,000 is going to go farther in a place like Thailand or Vietnam than it will in a place like France or Japan. Narrow down your list of top destinations and then sort it by affordability. 

Look for Deals

Consider signing up for airfare and accommodation notifications, as good deals can pop up suddenly and sell out quickly. For example, trips to Iceland recently went on sale for less than $350 and entire vacation packages were offered for $599. If you’re not set in stone about where you want to vacation, this technique can give you more financial flexibility.

Start Making Your Own Lunch

While it’s true that many of us are working from home, it’s also true that many of us are still ordering out for lunch or dinner. If you want to start saving for that dream vacation, consider making your own lunch, whether you’re at home or the office. You can save $1,222 a year, if your eating habits are like most Americans. 

Use a Payroll Card

Your employer can also help you save for that dream vacation by adopting a payroll card like the Spentra Solution. With our proprietary Money Earned® feature, you can access up to 50 percent of earned net wages at any time before payday. That means you can stay on top of bills and expenses, avoiding late fees and missed payments. Your Spentra payroll card will help you create better financial habits and set you up for the vacation of your dreams. 

Interested in seeing how Spentra can help employees at your company improve their financial wellness? Contact us for a demo today.