Budgeting Areas for Planning Summer Vacations, Part 1

At Utah Money Center, it’s our continuous goal to assist our clients with any area of expense they may have. Our car and truck title loans, signature loans and other affordable cash loans are great for everything from emergencies to temporary funding needs, and are used by clients for a wide variety of purposes.

One area you may need a few additional dollars for this summer: Your family or personal vacation. In addition to our assistance, this two-part blog will dig into several ways you can save money here – both in advance of the trip for planning purposes, and during the trip so you aren’t left short on cash when you return. Here are some areas to consider.

budgeting planning summer vacations

Advanced Planning

For starters, establish a budget for your trip in advance and begin figuring out how you will save the required money. Lay out your monthly income and expenses next to each other, giving you a basic idea of how much you might be able to put aside for the upcoming trip.

From here, consider the possible expenses that will be in play for the trip you want to take – airfare, lodging expenses, food and other important areas. Then, combine these areas for a comprehensive plan.

Cutting Expenses

If you’re coming up a bit short on the funds you need, look for little ways to cut your expenses for a few months leading up to the trip. Cut down on your meals out, for instance, or limit your recreational spending for a couple months knowing you’ll get a big reward at the end in the form of a fantastic trip.

Vacation Savings Account

We all like to think we’re perfectly disciplined with our money, but the reality is this: When money is available, it’s more likely to be spent. For this reason, we recommend setting up a vacation savings account that separates funds you’ve earmarked for the trip. Your bank should offer a simple automatic transfer service that allows this, which you can use however often you prefer.

Limit Impulse Spending

While you’re preparing for your trip, spend money only in areas of true need. When you go to the grocery store, for instance, make a specific list of items you need and don’t deviate from it, even if you see something that looks highly appetizing. Taking this same theme across several spending areas could leave you with a nice windfall of additional cash.

Pay With Cash

Both on your trip and in advance, do your best to pay with cash whenever you can. Studies have shown that those who use debit or credit are more likely to spend a higher amount – the plastic card makes many people feel like they have unlimited funds, where cash in your wallet is visible and you can see it leaving your possession. This subtle psychological change could save you more than you may have ever considered.

For more on how to save for a summer vacation, or to learn about any of our affordable cash loans for additional assistance, speak to the staff at Utah Money Center today.