If you are planning a big summer trip, now is the time to save! Summer is just a couple months away and if you want to travel, it is smart to start putting money away so you do not have to worry about it when you get there. Here are great ways to save now, so you do not have to worry later.
Setting up a separate savings account is a great way to split up your money. Call your bank and see if you can set up a different account so you can visually see your savings pile up. This helps you keep track and stay focused on your goal. You also might want to watch out for charges and fees for minimum balances. These hidden costs can affect your savings, so make sure you look for a card that won’t take the money you put away.
Even if you budget monthly, it is smart to think about saving on weekly basis if you want to make a big trip. Consider including contributions for your vacation fun as part of your budget. If you make it a habit to contribute money for that, it might become second nature to put away your money into your savings account. Once you get use to budgeting on a certain amount, you will find that you have saved more than you expected.
Analyze your monthly bill statements and see where you can cut costs like eating out, buying lunches and impulsive shopping trips. Cutting back on small costs may help you get to big savings. A big way to save money is to cook all your food in house and bring your foods to lunch. Lunch and dinners can get expensive over time, so cutting back on those costs can be a good start for many people. Every time you are doubtful about a purchase, question if it is better than buying a meal during your big summer vacation.
If you have a hard time tracking your expenses or cannot seem to keep track of your goals, there are many apps to help you manage your money wisely. Apps like Mint.com, SmartyPig and Spendee can consolidate all of your bills, accounts and loyalty programs so you can see where your money goes in a very clear, organized format. For many people, they forget to take care of their finances by the end of the day so apps like these help create a healthy reminder.
If you have a settlement, get a structured settlement quote to see if you can trade some future payments for cash.