You could be soaking up the sun on an exotic beach without a care in the world. Once you get home, however, stress could pile up as you wonder how you’ll pay the bills.
Whether you just had a vacation that emptied your wallet or have one on the horizon, here are ways to replenish your savings once it’s all said and done.
By knowing how to stack cash quicker, you’ll be able to enjoy your future vacations without feeling so frustrated over your finances.
1. Try a no-spend challenge.
Almost every vacation can seem like a spending spree as you fork over cash for:
- Rental cars
- And more…
What’s the best way to counteract all of that seemingly non-stop spending? By cutting your spending as soon as the vacation is finished.
A no-spend challenge can help you achieve this goal, and there are many ways to try it. For example, you could make it a goal to cut online spending entirely for a full month after your vacation. This means no Amazon purchases and the like.
Since you were just enjoying outings probably every single day, you could pledge to avoid spending on eating out and other forms of entertainment for a month too.
Regardless of how you format your no-spend challenge, instituting some form of saving will help you rebuild your depleted bank account.
2. Make a strict budget.
One of the best ways to save and see where your money really goes is to make a budget and stick to it. By having such a plan in place, you’ll avoid impulse purchases that can pack a wallop on your wallet.
3. Use only cash for a month.
It’s easy to lose control over your spending via credit and debit cards. By sticking to a cash-only system, you’ll have to be more picky about your purchases to ensure you can buy all of your necessities.
Make your budget for the post-vacation month and get enough cash to cover it. Keep it in an envelope, knowing that will be your only form of payment for the month. By limiting yourself in this way, you’ll automatically instill financial discipline that will help you cut spending.
4. Use direct deposits and automatic transfers.
The less accessible your cash is, the better. You can make it harder to access by setting up a direct deposit that will move a portion of your paycheck into your savings account. You can do the same by creating an automatic transfer from your checking to your savings once payday hits.
5. Eat what you have.
What do most people do as soon as they get home from vacation? They hit the grocery store to start spending once again.
You can avoid this by trying some form of the pantry challenge. As its name suggests, you use whatever you already have and make meals out of it.
You’ll probably have to be creative here, but by using what’s in your kitchen, you’ll be able to save while slowly eliminating clutter as well.