Ways To Fund Your Family Summer Vacation Without Using Credit Cards

Summer vacation is one of the greatest times of the year for a couple, families or friends to enjoy each other’s company away from the stress of everyday life. But your ideal vacation can be expensive, and for many people, that means racking up more credit card debt. But can you fund an amazing summer vacation without tapping into your credit at all? You can, and here’s how.

Create a Plan

Step one for any event where you expect to spend money is to develop a plan. This means tracking everything that goes into your vacation from the flights or drive to get there to the hotel where you’ll be staying and all the meals and souvenirs in between. 

Once you know how much money your trip is expected to cost, you can create a plan to save that money ahead of your trip. One important tip: start early. Don’t assume you can save for a vacation in July when you start putting away your pennies in June. Keep a vacation fund available that you can deposit money into throughout the year.

Save Money

Every penny counts. A current trend in personal finance is zero balance budgets. This means that every dollar you bring home is given a job. You may pay a certain amount each month to your rent or mortgage. You also pay for utilities, groceries, other bills, and consumer debt. 

You can also portion out your money, just a little each month, that can go into a fund for vacations. One simple way to do this is to round up for your other calculations. If paid $145 for groceries, round it up to $150. That extra $5 can be put away immediately into your vacation fund.

Get Creative

You don’t have to just save for a year and take your vacation. There are other ways to pay for the added value of your next vacation. Some individuals, families or couples will take out a personal loan to pay for their trip, or you can use a title loan on your car to help. A title loan allows you to use your car as collateral and the money you receive doesn’t have to be restricted. You can use it for anything, including your summer vacation.  

Another way is to take advantage of special perks. For example, get a credit card that offers miles or rewards for purchases. Over time, as you buy things and pay off your card, you will earn points that can give you access to discounted flights or hotel stays.

Set Limits

While it’s certainly okay for you to see something on vacation and buy it on impulse, don’t allow yourself to spend too much more than your budget allows. In fact, giving yourself an additional buffer can help you avoid overspending. 

Be willing to set limits. For example, book flights using discount booking agents to save money. Be willing to stay at a less expensive hotel further from your ideal destination to save money. Don’t give into the temptation to splurge on too many additional luxuries. 

Vacations should be indulgent, but they don’t have to break the bank. By following a few simple tips, you can maximize your vacation budget and have an amazing time.