It is January and this is the time to start saving early for your next vacation, be it alone, with friends or family. If you have a dream destination, but you can’t quite save up enough for travel costs. Or maybe you can get yourself there, but you’d have to live on bread and water for the entire trip.
If your vacation expenses are just out of reach, a few adjustments can help you put aside more cash and reach your goal. Jumia’s hotel & flight marketplace, shares ways to start saving early for your upcoming vacation.
How to Start Saving Early For Your Next Vacation
Figure out how much money you need
Before you can even plan how to save for a vacation, you should calculate how much you plan on spending. While you won’t be able to do an exact calculation, you will be able to estimate your average expenses by researching your destination. This can give you a good idea of what you will need to save every month. Everyone travels differently, so no two numbers will be alike. You’ll want to determine how cheaply or luxuriously you’ll want to travel in the new year in order to figure out how this will fit into your monthly budget.
Start a monthly budget
If you don’t currently have a monthly budget, it might be time to take a hard look at your spending. Evaluate how much you spend each month on necessities like rent and discretionary purchases like movie tickets. Then, set a reduced monthly spending budget and put the money you save in your vacation fund. Even after you take your trip, you might want to stick to your budget and keep saving.
Open a bank account
If your travel fund is mixed with your general savings account, you should open a dedicated savings account just for travel. It will be easier to put aside money specifically for vacation, and you’ll be less likely to dip into the fund for other expenses.
Get a side hustle
If you need to boost your vacation savings quickly, a temporary side hustle can help get you there. If you own a car, you can drive for Uber or Taxify, join the Jumia JForce or do some freelance work. Just make sure to funnel your extra earnings directly to your vacation savings.
Stay focused and inspired
Keep feeding your desire to travel. Travel planning can be daunting and a lot of work and, if your friends and family aren’t that enthusiastic about it, it can be a little depressing because the support you’re looking for isn’t there.