How to Save Thousands for your Next Vacation | Travel Money

So I’m pretty much known in my family to be one of the cheapest people ever. My mom makes fun of me because I had the same Nike slipper for over 5 years, and just clueing them whenever they broke. She had to gift me some of my birthdays.

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1. Before you Go on Vacation ( you need a personal Budget)
– A budget is going to instantly tell you if you have money or if you don’t
– So write down your income on one side and all your expenses on other side
– Then minus your income from your expenses, and if you have money left over we can use some of that money for travel, but I’ll tell you how in a few

Keep in mind: A budget has 4 walls ( Shelter, Groceries, Utilities, and lastly transportation )
– Anything outside of this is just a want, so take this time also to cut the things out of your budget that you don’t need
– And consider selling the things that you financed

2. Calculate the Cost: Then you can Budget for the vacation ( every vacation has 5 main expenses )

– Transportation ( flights, bus, car or boat – and ongoing transportation while you are there – maybe like a rental car)
– Groceries ( this is usually going to be replaced by eating out )
– Shelter ( hotel, friends house or air b and b )
– Extra Experiences ( something outside your package )
– Emergency: $500-$1000 ( or enough for a taxi and flight back home )

Instructions:
– Once you do your research and find out how much this vacation is going to cost in total
– Then we are one step closer to saving up for it

3. Saving up for the Vacation
– For this, we use something called a sinking fund
– And the way I use is simple, I just divide the cost of the vacation by how many paychecks I got left till them
– And that’s how much money I should be setting aside every time I get paid into that separate account

For example:
– If my total vacation cost is $2000
– And its 6 months until then I get paid weekly well that 24 paychecks left
– This means I have to save around 83 per week

Tip: you can always reuse the travel emergency money if you never use it ( and keep that money separate so you don’t spend it)

4. Keep in Mind
– If you have crazy debt you shouldn’t be going on vacation
– If you need to borrow the money you shouldn’t be going on vacation
– A vacation is great but its not going to fix whatever problems you have ( with hating your job or being in a bad relationship, or having a lack of all of the things )

5. Personal Advice
– I always try to stay with family
– And I don’t try to break the bank, I can always come back another time

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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