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Maximize your Money and Save for Vacation #AskBankrate

Maximize your money and save for the ultimate family vacation

Maximizing your money and taking control of your finances can improve your life and help you save for vacation time. One day I woke up and my status changed from careless millennial to full fledged adult with all kinds of responsibilities. Adulting is hard, but over the years I have found that we can maximize our money if we practice smart spending. It’s time to start thinking about funding our summer vacation. My husband and I have committed to turning the next 3 months into an opportunity to specifically save for a summer vacation. I headed over to BankRate to help us figure out how to best manage our money.  There are so many factors that play into our savings potential, here are the best ways to maximize your money and save for vacation.

Tips to maximize your money and save for vacation.

 

Establish Monthly Debt

We took a good hard look at our monthly bills and used the BankRate budget calculator to determine where we stood. We also added in money we needed to survive comfortably. This consists of weekly grocery shopping, gas, going out to eat. It works best if you start saving all of your receipts and keep a log of your spending. We averaged out what we spend monthly and made sure that amount went into our checking account from our pay. 

Savings Account

The most important way to maximize your money is to start a savings account. Learning to save has been the hardest lesson in being an adult, but also the most rewarding. A savings account should not be considered rainy day funds. A savings account should be for emergencies and large purchases. Saving for a down payment, large home item or even a family vacation is a great way to utilize a savings account. Consider only draining this account in an emergency situation. I used the BankRate simple savings  calculator to decide what we could comfortably add to our joint savings account. This money grows and we don’t touch it. 

Monitor Your Money

Since I share a joint account with my husband we have open communication about what is in our checking account. We both agree to let the other know prior to purchases over $100. We never touch our savings unless we decide on that purchase together. This allows us to always be aware of what our finances look like. We also monitor our bank account multiple times a week, watching what is going in and out. This helps us keep track of any discrepancies.

Have A Daily Budget

A daily budget is an important part of managing our money. This is all the miscellaneous items, eating out, etc. money we spend daily. Since we are in vacation savings mode we have significantly cut down on frivolous spending. Have a goal amount that you will save each week and move it directly over to your savings. Set a daily budget and carry a weeks worth cash with you. I physically know each week how much money I have to spend and don’t allow myself to dip into my checking. For a family of five this really helps us cut down on unnecessary purchases. 

Stop Binge Shopping 

Have a rule to not binge shop and skip shopping a little here and a little there. This leads to overspending and buying what you don’t need. Plan ahead and make a list of what you need before stepping into a store. Only shop for what is on your list and don’t stray. This goes for shopping in all aspects, from the grocery store to the mall. 

Use Money Managing Tools

The BankRate site has allowed us to plan for the ultimate family vacation without feeling overwhelmed. We have a realistic plan for saving and spending. With endless tools to help us plan for our future, I recommend you head to BankRate and see how they can help you maximize your money effectively. 

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