You may have the perfect family vacation in mind. Maybe you’d like to explore the newly opened Galaxy’s Edge at Walt Disney World Resort, or perhaps you’d like to experience new cultures by visiting another country.
But if your finances are stretched taut, you may think that the perfect family vacation is unobtainable. But there are plenty of financial options to consider when you want to spend priceless quality time with your family!
These financial options are stress-free methods to ensure you receive the funds you need for a fun getaway.
Create a Savings Account
By saving your money, you can absolutely afford your perfect family vacation! First, open a savings account with a bank of your choice. This account should not be touched or used for any other purpose than your family trip.
Each paycheck you acquire, set aside a certain percentage to go towards your savings account. The recommended amount per paycheck is 20%. You may choose to save more or less, but the more you set aside, the sooner you may reach your financial goal.
Budget Your Expenses
If you’ve been saving your pennies but find that you aren’t saving enough, or you’re always struggling to keep up on bills, it’s time to budget.
Budgeting is a hassle, but well worth the effort. Start by making a list of every bill you have, both necessary expenses (utility bills, groceries, etc.) and worthwhile expenses (Netflix, date nights, etc.).
Determine how much you are bringing in every month after taxes. Then, calculate how much money you have left after paying necessary expenses. Of that remaining amount, only about 30% should be used on things you want, while the remaining funds should be stored away in your savings. You can also boost your savings significantly by using your tax refund since it is typically a pretty significant chunk of “found money.”
Perform Side Jobs in Your Spare Time
If you have spare time, consider picking up a side job to bring in a little more income every month. There are plenty of side jobs out there, so no matter what you are interested in or what your skill set is, there’s a job for you.
- Peer-to-peer ridesharing
- Completing surveys online
- Do grocery shopping for others
- Rent out your extra bedroom
These are just a few ideas for side jobs, there are plenty more to look into. But before looking for a job, consider how much time you would like to dedicate to a secondary job.
Acquire Funds from a Lender
Sometimes savings your money isn’t enough to generate cash within a short period of time. If you have found a good deal on a family vacation, you may need to reserve your hotel room soon.
Acquiring funds for a perfect family vacation can be easily obtained by working with a lender. For example, title loans offer quick funds with flexible eligibility requirements. Though title loans offer high interest rates, so if you decide to go this route, make sure to do lender comparisons.
Credit cards are another type of loan, and if you have a high enough credit line, you may use your remaining balance to pay for that beach vacation.
Consider Your Options
If your heart is set on walking along the sparking beaches of Sarasota, Florida, then you should know what funding options are available to you.
There are plenty of budget plans to follow, but you may need to reserve a deal on a family vacation quickly. There are various types of loans to consider, so look into your options and you could easily fund that perfect family vacation!