5 Ways to Save for Your Overseas Vacation

Saving for an overseas vacation may seem daunting, but it can be achieved with a disciplined approach. Of course, doing so may require sacrificing, breaking old habits, and acquiring good financial sense. 

Looking for different ideas to save before traveling abroad? Here are five ways you can make this happen:

1. Create a Budget to Track Your Spending

Creating a budget should be the first step toward saving for your getaway. In fact, when you can see on a spreadsheet or piece of paper your average monthly costs and expenses, you can better visualize what it will take to get there. Moreover, itemizing your monthly expenses details how much money you typically spend and what daily expenses you can cut to reach your goal.

2. Eliminate Some Day-to-Day Expenses

After itemizing your monthly expenses, try to find ways to cut any unnecessary costs. In fact, you would be surprised at how you can shrink your entertainment, food, and household goods budget to make room for a vacation fund. For starters, consider the following:

• Making coffee at home rather than buying a high-priced cup
• Learning to cook at home versus always eating out
• Watching a movie at home rather than at the movie theater
• Converting from cable to streaming TV
• Downgrading your phone plan
• Buying a reusable water bottle rather than store-bought single-use bottles
• Cutting coupons to save on food and household good expenses
• Replacing your regular light bulbs with energy-efficient ones

3. Watch Your Spending on Vices

You know perfectly well eating out and going on daily coffee runs can quickly add up and wreak havoc on your budget. And while family and friends may chide you for being “wasteful,” the truth is you enjoy treating yourself every now and again. Now, these vices are nothing compared to unhealthy habits that can kill you. But they can still impact your bottom line.

As such, be mindful of your spending on alcohol, cigarettes, and snacks. When creating a budget, you likely see how much money you spend on these “extras” every month. Whether you drink at home or go out to a bar, alcohol is expensive. Likewise, if you smoke cigarettes every day, this can add up, too.

Alcohol, cigarettes, and snacks can all be deemed unnecessary, wasteful expenses that easily could be cut out of your budget. Besides being able to put that money toward your vacation fund, forgoing these vices will make you feel healthier. Not to mention, it will help you look your best in a bathing suit.

4. Earn Some Extra Money

If you’ve cut your expenses to the bare minimum but are still struggling to save money, it may be worthwhile to see if you can earn some overtime pay at work. By earning time and a half, this extra money can quickly add up. However, if overtime pay is not available, there are alternative ways to pad your bottom line. In fact, earning extra money in today’s digital age is rather easy. Case in point: Driving for Lyft or Uber, as well as DoorDash, Grubhub, or Postmates, gives you the freedom to work when you want to earn some extra cash.

5. Set Up an Investment Vacation Savings Account

Now that you’ve accomplished these prior steps and have extra money to set aside for your vacation, it’s time to put it in an account that will increase the amount, helping you save more overall. For example, the Monorail app allows you to transfer money regularly into an investment savings account to grow your money for your overseas vacation.

It’s Time to Enjoy Some Much-Needed Time Away

After reading up on these five tips, you should have new ideas on the best ways to save for your vacation abroad, the confidence and knowledge to prep, and the motivation to take action on achieving your goal. Best of luck with your money-saving and enjoy some much-needed time away!